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If you’re looking for a career that allows you freedom over your work, where your voice will always be heard, and the personal satisfaction that comes from making your own decisions, you may be a good candidate to start a home-based business.
According to the U.S. Small Business Administration, half of all small businesses are home-based. The internet makes operating a company from anywhere easy and less expensive than in the past. However, the popularity of home businesses has also led to increased scrutiny from local regulators.
Are you thinking about hanging your own shingle? Check out our step-by-step plan to jump headfirst into the gig economy.
If you’re traveling to a location you’ve never been before, would you just jump in your car and start driving? Of course not!
The same holds true for starting a business. While you could just hang a shingle and start working without any idea what you’re doing, chances are you won’t make it too far. That’s why you need a business plan.
If you’ve never created a business plan before, you may want to start by taking a free or low-cost business planning class sponsored by the Small Business Administration. These courses offer step-by-step instruction on creating a formal business plan that will allow you to secure financing or plan your next steps.
Even if you’re not looking for financing, creating a business plan will help you figure out how to achieve your financial goals. You can also write an informal business plan to get you on the right path.
No matter what kind of business plan you choose to create, it should have at a minimum:
Many home-based business operators are surprised to learn they need approval from their local zoning department in order to do business out of their house, even if you are working primarily online.
You’ll need to check with your state and locality to find out about licensing and permit requirements. Failure to do so can result in your business being shut down by the city or county.
Here are some of the most common business licenses you may need to obtain:
You need to determine the right legal structure of your business. The business structure will not only affect the amount of taxes you pay each year, but it also affects the protection of your personal finances in the event of a lawsuit or other serious matter.
Many business owners choose to start as a Sole Proprietor because it’s convenient. But this is not always the right structure for your business.
If someone sues you and you are a Sole Proprietor, you have may have to pay money out of your own pocket. If you were an LLC or Corporation, only the business assets would be at risk,
It’s true that Stephen King’s first home office was nothing more than a kitchen table and an old manual typewriter. But today’s work from home environment has changed drastically.
Even if you don’t meet clients in real life, you’ll likely participate in video chats and phone calls that require distractions be kept to a minimum.
Here are some suggestions for an efficient work environment:
Starting a business can be overwhelming. But don’t worry. With careful planning and flexibility, you’re well on your way to enjoying the benefits of a self-employed lifestyle.
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CT is dedicated to making business easy so you can focus on doing what you love while leaving the rest to us. For more information check out our Incorporation Options or contact us today.
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