What Business Can I Run From Home – Almost all success stories start small. This means that if you have a budding small business idea to pursue, you shouldn’t be afraid to start working from home.
In fact, both Amazon and Apple got their start in the home garage. In addition, the Small Business Administration (SBA) found that 50% of all businesses in the United States are home-based.
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If that’s not enough motivation to start a small home business, read 30 Business Tips for Success.
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You believe in your business idea. Your motivation is unwavering. All you need is a place to channel your efforts. If you’re like many small business owners, the ideal location might be your own home. To ensure your success, consider these tips for running a home-based business:
To be successful, you’ll want to invest time in finding tools and furnishings that you like. Important considerations when setting up your environment include:
When setting up your new small business, excitement can get the best of you. It can be easy to invest in expensive technology, equipment and even marketing materials now. But before you spend too much money, remember that overspending can make your business fail. Invest only in what you need to get started and keep all fixed costs as low as possible. Common costs include:
If your business is not going to be an individual effort, start identifying potential team members. When interviewing candidates, explain the company’s vision. See if candidates match your values and expectations. Consider talking to each candidate:
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You don’t want to waste time, energy and money on an idea that will never get off the ground. To test the strength of your small business idea, consider these steps:
If you can easily follow these steps, your product or service idea is probably worth it.
There is no successful small business without a strong brand. To do this, you need to create a brand strategy or plan. As you develop your plan, you will develop:
No matter where your small business is located, you want the right business insurance for your home. Home-based businesses typically require professional indemnity insurance and general liability insurance. Depending on how you work and what industry you’re in, you may need more coverage. In some cases, a business owner’s policy (BOP) is a good idea.
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In most cases, small businesses need at least a general business license. It allows you to track your income for tax purposes. This is especially true if you plan to sell products or services to customers. Check to see what your local town or city requires.
Before you start a small business, you need to be aware of the tax laws that may affect your home-based business, including which business expenses are deductible and which are not. Under the new tax law, effective for 2018 taxes, many pass-through businesses, including sole proprietorships, partnerships and limited liability companies, can now take a 20% qualified business income deduction.
The world is always changing, and that means you have to change with it to stay relevant. Just because you’ve figured out a business idea doesn’t mean you don’t have to change based on new technologies that emerge. Being alert and adaptive can help ensure that your product or service does not become obsolete in the market.
Starting a small business from home may seem like the safest and easiest option to achieve success. However, this is not the norm everywhere.
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Operating a business from home may be illegal in some areas. This may depend on your lease or the area’s zoning regulations. For example, suppose your house is in a residential area. Commercial activities are prohibited in many residential areas.
But if that’s you, don’t be discouraged just yet. Check out these tips to build your dream business while complying with the law:
If you discover that operating a home-based business is illegal in your area, a business conversion is your beacon of hope. You will receive a variance if the local authority makes a special exception for your business. Small business customers who don’t visit their premises are more likely to get a variation. Other factors that may prevent your small business from diversifying include:
Leases usually outline what is and isn’t allowed in your apartment or rental property, so read the lease carefully to see how it affects starting a home-based business. For example, suppose you have a silent lease. This means that you cannot have a business that makes noise and disturbs the neighbors. In this case, you may be able to run a business as long as you don’t make noise.
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If you have a powerful new business idea or your current home-based business is thriving, don’t give up just yet. If zoning or leasing prohibits small business ventures and limits their growth, it may be worth moving.
It gets even better if you’re excited about the flexible work hours and low costs that come with a home-based business.
Home-based businesses may also be entitled to tax benefits, such as the home office tax deduction. Under IRS rules, this deduction allows you to write off:
Note that you can only remove these items if you use parts of your home “exclusively and regularly” for business. This exemption can be applied to homeowners and renters living in single-family homes, apartments, condos, or even on a houseboat. It cannot be used for temporary accommodation situations such as hotels.
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Home office tax deductions are based on the amount of your home devoted to your business. To figure this out, you need to calculate the percentage you are using. One way to calculate this is to find the square footage of your area.
For example, let’s say your home office is 100 square feet and your total home area is 1,100 square feet. Your trade percentage will be 9% or (100/1,100).
While a home-based business may come at a low cost, that doesn’t mean it’s cheap. Fortunately, there are a number of ways you can get financing to start your home. These include:
The Small Business Administration’s Microloan Program () provides up to $50,000 to small businesses. Accordingly, the average microloan amount is $13,000 You can avail these loans:
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Note that you cannot use these loans to pay off your debt. You cannot use them to buy property.
This includes selling unpaid bills to small businesses for cash. For example, suppose you sell invoices totaling $15,000 to a factoring company. This company will then charge you a fee and give you a cash advance.
In this scenario, let’s say they charge a 4% fee; 4% of $15,000 is $600. Then they will give you the initial cash advance. This advance will be a portion of $15,000. Once they collect their unpaid invoices from their customers, they will pay you the remaining $15,000. Your small business will end up with $15,000 minus $600, which is $14,400. The biggest advantage of factoring for small businesses is getting cash quickly when you need it.
Equipment can be expensive, but that doesn’t mean it should be out of reach. You may be able to lease expensive equipment for your small business needs. Equipment can be rented on a monthly basis with less expensive monthly payments. As with other leases, you may have the option to purchase the equipment at the end of the lease. Types of business equipment you can lease include:
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Instead of getting a loan from a bank, you can go to a peer-to-peer lending company. These companies match borrowers with investors. Through this matching process, investors can choose which loans they want to finance.
You can use your home equity line of credit to get a loan for your small business. This option is cheaper than other options, but carries significant risk. For example, if you default on a loan or the business fails completely, you could lose your home.
This is an option that countless small business owners turn to. As you probably already know, if you don’t pay off your credit cards on time, you risk high interest charges or even ruining your personal credit.
Asking family members for a loan is an option. But if you default on the loan, you risk damaging your relationship. This can be especially true if it is a loan of thousands of dollars.
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To establish your brand, get the word out, and build a reputation, you’ll want to start marketing your home-based business. Getting started is easy. Check out these tips and ideas:
Technology has become an integral part of our society and things aren’t changing anytime soon.
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