Starting a Home Based Business

There are so many benefits to starting a Home based business. Firstly the costs will be lower, there are no travel expenses and you can work in the comfort of your own home. Technology becomes more advanced each year, which means that it is easier than ever to run your business from home. Of course there are many legal issues to take note of, and pitfalls to avoid.

Remember This IS a Business!

Numerous home businesses fail because the owners don’t have the self-discipline it takes to work for themselves. Although you will have more freedom running your own business, it is still a business at the end of the day and needs to make money. Having set working hours and good head for business are two of the most basic skills you will need when starting out.

Depending on the type of business you are setting up, a huge start up capital is not a necessity. There are plenty of web-based ventures that cost very little, and providing you have sufficient computer skills, can be highly lucrative. If you choose to start up an Internet company, it should be treated exactly like any other business, regarding the amount of effort you put in and the legal issues involved.

Is Your House Suitable?

Before you even entertain the idea of starting a home based business you will need to establish if you neighborhood is zoned for home-based businesses? Some municipalities do not allow home businesses at all, whilst others have strong restrictions on them. If you set up a business without ensuring it is legal then you are asking for trouble. It is best to check the zoning bylaws in your area before doing anything else.

Secondly how suited to a business is your home? You will need a decent amount of space for all the equipment and paperwork. Do you have a room you can dedicate to your business? If clients will be visiting your home it needs to look professional and presentable. It is also essential you have an area free of distractions such as pets or other household members.

Legalities

When you are starting a home-based business, the legalities become your responsibility. Firstly you will need to decide whether you business is a sole proprietorship, partnership or corporation and then register your business name.

Depending on what sort of business you have, you made need a business license. There are many resources online that can provide you with further information on this.

Finally you must run your business according to provincial and federal laws, and that includes registering for workers compensation insurance.

Starting a home-based business may be daunting and seem incredibly complicated. However there are free, government run organizations that will give you advice and guidance. Anyone can start up their own business, with the freedom to work for themselves and the potential to earn a much higher income. There is nothing stopping you from taking your future career into your own hands and starting a home-based business.