Q:

What are some tips on starting a home business?

A:

Quick Answer

Before starting a home business, do research on the existing market for your product or services, and create a business plan according to the research to ensure your business is viable. To find information on how to write a business plan, visit a library, and read books about how to write a business plan.

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Full Answer

Decide whether your business would require the help of employees or if it is a service that you can provide alone. If you start a one-man business, visit the IRS website to learn about sole proprietorship. If you are in need of employees, apply for a business license by contacting your state's department of licensing or department of professional regulation. In addition, the IRS website offers information on applying for a federal tax identification number.

When starting your own business, taxes must be paid to the IRS, so consider the amount required to pay annually, or try to pay taxes quarterly to keep better track of business expenses. To understand this better, visit the IRS home page, and search “estimated taxes.”

When working from home, create a separate space strictly for your business, whether it is an office or a sectioned-off room. The work area should be comfortable with a decent office chair, computer, Internet, and a printer or fax machine. If there are other people living in the home, set times when they are not allowed in the room, or create rules on how others should behave while you are working.

When advertising your business, make sure your website is professional and that the domain name works with your business name. Have business cards made that represent the quality of your business. VistaPrint.com offers customizable business cards.

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