The economy is in a tizzy. Home-based entrepreneurs are feeling the pressure. In the past, the home business crowd was considered an insular group with little influence. Today, however, many of those perceptions are changing. Business Week recently ran an article on the home based business boomers titled “Boomers Know Their Business,” which offered some well received insights into what’s new for the home business owner in today’s economy.
The good news: Starting a home based business is now within the reach of just about anyone who wishes to take a chance and work really hard, just as are a host of other low-priced ideas. Training, experience or licensing might be required. Create a flier detailing your services. If you’ve created something that others want, find out how to get it to them at the best price. Use the internet and local chamber of commerce to find potential customers.
Next, decide whether you need a license, certification, training, or experience to do what you’re doing. Check with the state you live in or consult a business plan consultant if you have questions about the legal environment where you live. The same goes for international business. You’ll probably need a passport and business insurance. Ask your accountant what the applicable tax laws are in your country.
Consider business expansion possibilities. If you have experience, training or licensing, consider outsourcing your work. There are lots of opportunities in the solar energy field, especially with advances in battery technology. Solar installation and maintenance aren’t the only things that could grow your business; consider other activities such as catering or event planning.
Many home-based business owners have a problem deciding where their business should start. Some entrepreneurs start small, working out of their homes. Other entrepreneurs start large, using marketing strategies that require buying new vehicles or equipment. Home-based business owners can choose from several small business ideas – from selling jewelry and electronics to tutoring and childcare. But many entrepreneurial home-business owners find that they have more success marketing their home-based ventures than they do running their businesses out of their homes.
Entrepreneurial home-business owners should always include business finance in their small business plan. Research the competition. Find out what’s working in your area and around the world. Think about the financial needs you have and what resources you have at your disposal. Determine where you want to expand and how your product or service can help you reach new geographic markets.
When you include a home-based business in your business plan, take time to research tax benefits that you and your business may qualify for. The home-based segment of the U.S. economy has been growing at a rapid pace, but this growth has not been fully tax-free. It is still important that you understand the difference between home-based business income. Consider a situation where your home-based business lets you work part time and saves you money while you continue to earn a salary. You can write off as much as 50% of your home-based business income when you file your income taxes.
Your expert witness will be able to give you honest advice and recommendations on which business expansion possibilities are best for you. Your financial planner can help you make sound business decisions based on your investment analysis, financial statements and projections. In addition, both these experienced professionals can advise you on what steps you should take to protect your business in the event of bankruptcy or other financial difficulties. Whether you are just starting out or have been in business for years, you will find that the financial needs of your business will be greatly enhanced by hiring an expert witness to represent you in court.