Home-Based Business Opportunity For Professionals

If you are a professional who works for a company but wants to have your own business, then you may start by building an office right at your home.

Having an office at your own home to start up your business is a practical way to jump on your dream of having your own venture. This saves you from costly rent and fixtures and other expenditures if you put up your business inside a building or in other office blocks.

It is a home-based business opportunity that is advantageous in many ways, and one of them is not running out of customers. It is because your own neighbourhood consists of different types of people and it is very likely that quite a few of them need your service.

If, for example, you are an IT specialist, every house in your neighbourhood owns at least one computer. You may offer troubleshooting for any sort of computer technical problems. You may also offer computer tutorials. You can offer data programs if you know anyone from your neighbourhood that has a business, too, like an accounting system program so as to ease their tasks in managing their accounting records.

If you are a fashion designer, you can also have your own office at home and you can offer your service around your neighbourhood, especially if there are occasions like weddings, special birthday parties and other events. You may turn a certain space of your home into a fashion gallery where you can put mannequins that will showcase your designs. You can also offer costume rents for all sorts of occasions.

If you are an art painter, you may also occupy a space at your own house where you can display your art gallery. You may also provide an art digest to interested customers who do not have the time to visit your art gallery at home and have the painting be delivered to them instead.

If you are a CPA or a lawyer, you may also have your own office at home if you want to go freelance or if you want to have an extra stream of income.

You can turn your professional expertise into something that can be a home-based business opportunity. If you want to have your own business, you may always start at your own home if you do not have a big budget yet. Even professionals nowadays are looking for a home-based business opportunity to create another stream of income prospect, and you can have your own, too.

Tax Strategies for Home-Based Businesses

Why start a home-based business

Although the primary reason for starting a home-based business is to make money, there are a number of other reasons for starting your own business including:

Freedom

You have the ability to make your own schedule and not live by a time clock or be subjected to working hours that are not conducive to your family life.

No bosses

You never have to answer to anyone but yourself so no bosses will be hounding you or threatening you with your job if you don’t perform to their expectations.

Mobility

You’re never chained to a desk or stuck in some cramped cubicle.

Earnings potential

You get out of your business what you put into it, so your earnings potential is only limited by you – not the whim of the company or employer that you are working for.

Just be aware of the fact that owning your own business involves a great deal of discipline, maturity, and responsibility. The freedom involved with creating your own work schedule could also be a double-edged sword if you aren’t careful.

IRS and tax considerations

Despite the above advantages of having your own home-based business, there are other important aspects that need to be taken into consideration, namely tax planning. Taxation is a completely different animal when you own your own business because unlike having an employer that makes the deductions for you, you are accountable and responsible for handling this issue on your own. If you want to minimize your annual tax bill, tax planning is critical and needs to be an ongoing event.

Understanding the tax write-offs involved with home-based businesses The biggest mistake that many new home-based business owners make is that they focus on whether to start up that business inside or outside of the home. What they should be focusing on is the tax advantages involved. Surprisingly there are tax advantages when owning a home-based business that you wouldn’t be able to enjoy in a different endeavor. Learning more about your allowable deductions and the numerous write-offs you can take advantage of is the key. Here are a few aspects to consider:

To take or not to take the home office deduction – of all the allowable deductions and other numerous write-offs, this is probably the biggest decision that you will need to make. Even tax accountants debate over whether or not this is a smart idea. This deduction covers both the depreciation and the operating costs associated with maintaining your home office. The percentage of your home’s square footage that is dedicated to your office is normally deductible.

Maximizing the deductibility of your expenses – there are numerous legitimate expenses that may be considered for deduction over and above the ones mentioned in the prior paragraph. Home-based business overhead typically includes a variety of expenses such as advertising expenses, travel expenses, office supplies, equipment depreciation, etc. Chances are, you’re going to be surprised when you realized how many of your daily expenses are actually tax deductible.

Plan your errands with your taxes in mind – the first mile that you travel away from home is deductible so you want to incorporate a component of your home-based business into every trip you make away from home, even if you are running personal errands. For instance, if you have a PO Box set up for your business mailings, make sure that you fit in as many business cold calls as possible when travelling from your home to the post office and back.

Remember, the key to allowable home-based business deductions as well as any brick & mortar business deductions is thorough record keeping. I recommend consulting with your accountant.

3 Benefits to Using a Newsletter For Your Small Business Marketing

Your small business can reap many benefits from having a newsletter to offer to your current customers or potential clients. See the top three reasons why you should offer an ezine (electronic magazine) to your mailing list subscribers to help increase your profits and utilize this effective form of small business marketing.

Continued Contact

Without your customers, you would have no business. Keeping in contact with your clients enables you to continue your relationship with them. You will also have the opportunity to easily offer discounts, coupons, special subscriber only sales, introduce new products or services, and encourage referrals.

Gain New Customers

Using an ezine can assist in turning a one time visitor to your web site or store into a client for life. People tend to shop around and compare companies, products or services before deciding to purchase. If these same people see that you offer a free newsletter, you are giving them an opportunity to learn additional information about your business and products or services. Once you have shown them how great your company is, you will have them hooked.

Show Your Expertise

You know your business inside and out. No one else knows more about this than you. You are the expert. Grow your relationship with your clients by sharing some of your knowledge and win over potential clients by showing you have the answer to their problems.

Running your business does not leave you with much time for an additional marketing technique; however, offering an e-zine for your subscribers can be very profitable. Just keep in mind the following tips:

  • Keep it short – include a tip or two, some information about a product or service, and offer a coupon or discount.
  • Send it out weekly, bi-weekly, or monthly. More often than that will tend to aggravate your subscriber base and possibly cause them to unsubscribe.
  • Write several ezines at one tip and set them up to be sent them out automatically on your desired dates. You could even write a year’s worth at one time.
  • Offer easy sign up form on your website for your subscribers.

Begin using this effective small business marketing technique and realize the potential increased profits you could be receiving.

Online Network Marketing – Home Business For Baby Boomers

The time is right for baby boomers to embrace their new home business. The baby boomers have been a major force to be reckoned with ever since the first one was born in 1946 and until the last one came along in 1964. If you were born during this time period, then you are a baby boomer. There are about 80 million of us and we represent about one third of the U.S. population. It’s estimated that we control 65% of the money.

If you were in the right industry (or picked the right stock) as the wave of boomers grew, then you could have enjoyed a ripe harvest. While the first wave may be retiring, the rest of us need to make sure that we are positioned correctly to enjoy our turn when the time comes.

Year of the Entrepreneur

Entrepreneur magazine says that 2010 is the year of the entrepreneur. And I want to challenge you to claim your spot as a new home business owner. Are you ready to stretch and grow into a business model that’s a perfect fit? We have tons of experience and a lot to offer. Have you ever thought about starting your own business? If you genuinely want to help people, a home based business works well because you can start it part-time with less than $1,000.

What would it be like being the boss? Would you work harder for yourself than you have for your employer? Are you ready to start building the life you see when you close your eyes and dream? We were taught to go to school, get a good job, work hard, and then retire to do the things we always wanted to do. How is that working out for you? The old way is broken and doesn’t work anymore. Putting your future in your boss’ hands just doesn’t make sense – emotionally or financially.

Four Keys to the Right Business

But how do you decide to start a business? What should you consider before you begin your new enterprise? Let me give you four essential keys to help put the odds in your favor. There’s nothing fancy or mysterious about them. They are just common sense.

1. The first key is to look for a market that is growing. Being part of the baby boom generation, you’ve had a huge impact on markets throughout your life. Ask yourself, ‘What is important in your life, right now?’ What kinds of products and services will you be looking for and buying over the next ten to fifteen years?
2. The second key is to look for something that is purchased over and over again. If you market a product or service that is used rarely or doesn’t run out, then your next paycheck will depend on finding a new customer. If you offer a widget that gets used up on a regular basis, you will build up a steady clientele that will buy from you on a consistent basis. Which would you rather have?
3. The third key is finding a product that cannot be purchased just anywhere. Most commonly available products are purchased on either convenience or price. People will pay more for something if it’s something they need right away and they don’t want to run all over town to get it (e.g., convenience stores). If price is important to them, then they will buy what they need at the lowest cost (e.g., Walmart). You want to make sure that you are not competing on either of these levels.
4. The fourth key is to find a business model that allows you to leverage the efforts of other people. There are only so many hours in each day. If you are the sole worker in your business, then your business will grow only as fast as eight hours each day will allow. However, if you train others to build their business inside of yours, then you will benefit from the efforts of others in addition to your own.

Carpe Diem

The time is now. It’s important to understand the four keys to choosing the right business in order to set yourself up for success. Decide today that this will be your year. Isn’t it time for you and your family to win? Seize the day and create long lasting prosperity in your home business today.