Protecting Personal Business, Marketing Entrepreneurial Character. PROMOTE ENTREPRENEERSHIP: For entrepreneurs who don’t have time to read business news or economics, they’re at risk of losing customers or clients, or losing the will to keep going. With just so many hours in a day, busy entrepreneurs might find it hard to stay up to date on ever-shifting rules and emerging opportunities for their companies.
The New Economy pushes the entrepreneurial spirit. Entrepreneurship is a broad term that covers a wide range of activities. There are always new opportunities and laws that affect entrepreneurship. These factors impact entrepreneurs differently. Some are more motivated than others to seek out new opportunities, while others have more intrinsic motivation.
Home-based business owners have a unique situation because they are considered self-employed, which renders them exempt from all business laws. Self-employed individuals have a unique legal status because they are considered the “entrepreneur” with no assets or employees to protect. Entrepreneur means, “one whose business is the activity of earning profit”. Business law refers to this as the “personal property of the entrepreneur”.
Self-employed entrepreneurs on their business but also have the same rights as any other business owner, including personal liability, business taxes, and Social Security and Medicare obligations. Many self-employed individuals are sole proprietors, although there are many examples of partnership relationships where two or more business people are financially involved. This form of business structure is common with home-based small business owners. The IRS defines a sole proprietor as anyone who owns a business but has no employees and is not publicly traded.
Home-based home business entrepreneurs have specific legal responsibilities and risks. A home business should be established to provide an income that can be supported by the owner’s physical presence. In general, a home business must be operated in a place that has adequate access to water, electricity, and reasonable transportation. It may be convenient to conduct business at home but this may not always be the case. Business owners should consider establishing a home office if it will make life easier for them and their family members.
It’s also important to consider the importance of hiring a business attorney if your home business grows to a certain size. The Internet allows entrepreneurs to set up websites quickly and inexpensively, but without good business plans, a business can fail in its early stages. When a business is being launched, it’s a good idea to enlist the help of an attorney to write a business plan. The business plan will provide a map of the company’s future success. A business plan for a home business should include goals, market research, business operations, financing options, and strategies for marketing.
The business plan will also outline the company’s financial position and any possible problems that may arise. It will outline how much money the business will need to operate profitably and how it plans to obtain this money. The business plan is essential to getting a loan from a bank or other source. Without a business plan, investors will have no way of knowing if the company is viable. Many banks require a business plan before giving money to a new business startup. Without a business plan for a loan will almost certainly be denied.
There are also many other benefits to incorporated business owners. Because they pay taxes at the corporate level, they are less likely to be harassed by government authorities. They also tend to have a built-in support network that helps them overcome challenges. Homeowners can also enjoy many of the same benefits as incorporated entrepreneurs, including lower taxes, a comfortable lifestyle, and plenty of work.