Starting A Home Based Business :The First Thing You Should KnowDocument Transcript
Starting A Home Based Business ? How to Get It RightSo youve thought about Starting A Home Based Business? Intruth , who hasnt ? The more people I talk to the more I’verealized this is a common dream. The chance to be around thoseyou care about more, set your own schedule, and not answer to aboss is quite appealing to most- but most people never really getstarted - get started on the right foot anyway, and their ventureoften falls flat.So what if I told you it was costing you more money to NOT have ahome business than to be operating one? Well it is- and Im going toshow you how, why, and what you can do to do start a home basedbusiness and earning money from home immediately.Normally I dont go into what I did before working from homebut in this case its relevant-Id actually had my own businesssince I was 24 prior to working from home ,and this experiencelent me a decent understanding of different corporate structuresand how the benefits of owning a business are one of theprimary reasons people desire to go into business for
themselves in the first place: to shield more hard-earned incomefrom taxes and keep more in their pockets.Take a minute and read that sentence again before continuing.Because that’s the first thing you’ll want to know about startinga homebased business.After doing my research I was positively shocked at howmany home business owners don’t take full advantage ofthe assets that a home business opportunity presents. Infact, the minute you open a home business opportunity,you become privy to a number of benefits you didn’t haveavailable before.Currently most people ACTUALLY pay about 40% oftheir income back to the government instead of getting tokeep it . Its actually your biggest expense- more than rent,power , transportation and food combined in most cases.This is why business owners often get ahead of peoplethat work for themselves- even if they dont make moremoney , they hold onto more of it .
"Come And Take It."But guess what ? A home business can offer you many ofthe identical perks of traditional business ownership at afraction of the costs. In fact , you can even take home anextra $200-$600 /month from your CURRENT JOB bystarting a home business and beginning to earn moneyfrom home. ( You can find out more about this in asection from my book "How To Get A Raise This Week"at How To Get A Raise or clickinghere . )Even if you’re not making any money in your business, ifyou apply proper techniques available to a businessowner, you will be saving money you otherwise wouldhave given back to the government. How To Earn Money From Home Even When You Dont Know What Youre DoingOne head’s up first: everything here is merely asuggestion and I highly recommend you stay within yourlimits and do not exaggerate anything. The IRS is just
looking for people these days to mess with their taxes andthen audit them .Now were going to look at the essentials everyone skipswhen they decide they want to earn money from home orstart a home business. What do I mean by this ? You needto start thinking like a business owner.Forget those paid survey sites and data work entry jobs -almost every one of them ( if not all ) are just programswhere you pay someone else for the chance to makemoney- but its not really a business . Plus they makemoney off of you ! Dont believe me ? Just go toclickbank and check out "survey sites" or somethingsimilar - you ll find numerous choices of these types of"opportunities" to sell to others !So why would I reveal that? Because Im tired of earnestpeople believing they have a shot at earning money fromhome and not really getting a fair chance at it . So What Should You Do If You Want To Earn Money From Home ?First commit to it. Having a home business is the way99% of people earn money from home -and below Illgive a few more reasons why… but first decide youreeither going to do it or not. Too many people givesomething half a chance and then decide its too difficult.
Then they also assume making some extra money fromhome is just too hard when it is actually a differentsituation for everyone . For some it is too hard.If you sign up for some program that has no follow-upand no real training - what kind of results would youexpect?This is the difference. Everyone - and I mean everyone,even if they tell you differently, who has made moneyfrom home got some sort of coaching and training to helpthem earn money from home; and most often it waspersonal coaching as well.So where to start ? Make up your mind to do this all theway and then get to work . Set your goals firmly in placeand then begin to view your business as a business, not ahobby. Pictured : Hobby
What would a serious business owner do for scheduling,budget, work space? Marketing ? How do you plan toscale your business ? Most people dont even considerthese things then are surprised when they lose money.If you want to know about other subjects mentionedabove you can simply search this blog for more tips onhow to earn money from home or follow the link at thebottom of the page to find out about personal coaching ;this article is going to focus on the subject of work spaceand how it saves you money.Home office- If youre going to work form home andyoure serious you need a home office. This doesnt haveto be anything fancy however, only a personal space thatcan be as simple as a desk and a computer - but youWANT it to be bigger. Let me show you why: say you’reusing a spare bedroom, you can take your office spaceand measure it -typically you can deduct somewherearound $1.75 per square foot, so if you have an office
that is only 120 square feet, you can deduct around $210.But that’s every month. Ok, off to a good start.Or you can say if you have 5 rooms which are allapproximately equal size , ( discount bathrooms ) you canthen take the percentage of the 1 room you use as anoffice - 20% and deduct that from both your rent ormortgage interest AND power.While these are two huge deductions that should get yousome leeway when trying to earn money from home- hereare some more:Computer-You are allowed to write off around $25,000annually for equipment and business assets, so a newcomputer, printer , fax , modem , etc. all fit into thiscategory.This makes much more sense than paying for stuff withafter tax dollars.Start-Up Expenses and Marketing-covers both ourinitial costs for whatever venture you pursue and alsocontinuing costs of running your home business.Meals-you have to eat right?
And sometimes have business lunches. A word of cautionwith this one: don’t overuse it by claiming an inordinateamount of meals eaten were business related. Whentraveling one can only write off 50 % of meal costs aswell.Telephone- this is only related to a separate business line,not your regular home phone; but you can write thatsecond line off, along with internet too.Auto –It is important to keep good records with this one,but your home business can pay an monthly autoallowance according to how many miles each month thecar is driven. Right now I believe it is allowable to around50 cents/mile; this means anything you can turn into a"business trip" (i.e. Have a purpose every time you go
somewhere that is business related- supplies, etc. ) ,youare then entitled to chalk up as business miles and thusdeduct in the end.The great thing about this is you really only need to keepnotes on this deduction for 3 months in a row and thenyou just multiply it by 4 to get your deductions for theyear- though youll definitely want to add business tripsas well.There are even ways to actually turn your daily commuteto a traditional job into a BUSINESS TRIP but youllhave to check out my book for that.Other things like business trips, meals , subscriptions ,etc. are also covered and can be written off if you knowwhat youre doing. This is one case where a little bit ofresearch can pay off in in a big pay and (warning :shameless promotion ahead ) my book is among theresources out there that will certainly help one, but a
simple visit to a tax specialist should suffice as well, orsimply find a resource online that focuses on this area.Whats the best way to start a home business ? Followthe link to find out what is making more millionaires thanboth the sports and entertainment industries combined orcheck out our personal training site here.