Starting A Home Based Business ? How to Get It Right
So you've thought about Starting A Home Based Business? In
truth , who hasn't ? The more people I talk to the more I’ve
realized this is a common dream. The chance to be around those
you care about more, set your own schedule, and not answer to a
boss is quite appealing to most- but most people never really get
started - get started on the right foot anyway, and their venture
often falls flat.
So what if I told you it was costing you more money to NOT have a
home business than to be operating one? Well it is- and I'm going to
show you how, why, and what you can do to do start a home based
business and earning money from home immediately.
Normally I don't go into what I did before working from home
but in this case it's relevant-I'd actually had my own business
since I was 24 prior to working from home ,and this experience
lent me a decent understanding of different corporate structures
and how the benefits of owning a business are one of the
primary reasons people desire to go into business for
themselves in the first place: to shield more hard-earned income
from taxes and keep more in their pockets.
Take a minute and read that sentence again before continuing.
Because that’s the first thing you’ll want to know about starting
a homebased business.
After doing my research I was positively shocked at how
many home business owners don’t take full advantage of
the assets that a home business opportunity presents. In
fact, the minute you open a home business opportunity,
you become privy to a number of benefits you didn’t have
Currently most people ACTUALLY pay about 40% of
their income back to the government instead of getting to
keep it . It's actually your biggest expense- more than rent,
power , transportation and food combined in most cases.
This is why business owners often get ahead of people
that work for themselves- even if they don't make more
money , they hold onto more of it .
"Come And Take It."
But guess what ? A home business can offer you many of
the identical perks of traditional business ownership at a
fraction of the costs. In fact , you can even take home an
extra $200-$600 /month from your CURRENT JOB by
starting a home business and beginning to earn money
from home. ( You can find out more about this in a
section from my book "How To Get A Raise This Week"
at How To Get A Raise or clicking here . )
Even if you’re not making any money in your business, if
you apply proper techniques available to a business
owner, you will be saving money you otherwise would
have given back to the government.
How To Earn Money From Home Even When You
Don't Know What You're Doing
One head’s up first: everything here is merely a
suggestion and I highly recommend you stay within your
limits and do not exaggerate anything. The IRS is just
looking for people these days to mess with their taxes and
then audit them .
Now we're going to look at the essentials everyone skips
when they decide they want to earn money from home or
start a home business. What do I mean by this ? You need
to start thinking like a business owner.
Forget those paid survey sites and data work entry jobs -
almost every one of them ( if not all ) are just programs
where you pay someone else for the chance to make
money- but it's not really a business . Plus they make
money off of you ! Don't believe me ? Just go to
clickbank and check out "survey sites" or something
similar - you' ll find numerous choices of these types of
"opportunities" to sell to others !
So why would I reveal that? Because I'm tired of earnest
people believing they have a shot at earning money from
home and not really getting a fair chance at it .
So What Should You Do If You Want To
Earn Money From Home ?
First commit to it. Having a home business is the way
99% of people earn money from home -and below I'll
give a few more reasons why… but first decide you're
either going to do it or not. Too many people give
something half a chance and then decide it's too difficult.
Then they also assume making some extra money from
home is just too hard when it is actually a different
situation for everyone . For some it is too hard.
If you sign up for some program that has no follow-up
and no real training - what kind of results would you
This is the difference. Everyone - and I mean everyone,
even if they tell you differently, who has made money
from home got some sort of coaching and training to help
them earn money from home; and most often it was
personal coaching as well.
So where to start ? Make up your mind to do this all the
way and then get to work . Set your goals firmly in place
and then begin to view your business as a business, not a
Pictured : Hobby
What would a serious business owner do for scheduling,
budget, work space? Marketing ? How do you plan to
scale your business ? Most people don't even consider
these things then are surprised when they lose money.
If you want to know about other subjects mentioned
above you can simply search this blog for more tips on
how to earn money from home or follow the link at the
bottom of the page to find out about personal coaching ;
this article is going to focus on the subject of work space
and how it saves you money.
Home office- If you're going to work form home and
you're serious you need a home office. This doesn't have
to be anything fancy however, only a personal space that
can be as simple as a desk and a computer - but you
WANT it to be bigger. Let me show you why: say you’re
using a spare bedroom, you can take your office space
and measure it -typically you can deduct somewhere
around $1.75 per square foot, so if you have an office
that is only 120 square feet, you can deduct around $210.
But that’s every month. Ok, off to a good start.
Or you can say if you have 5 rooms which are all
approximately equal size , ( discount bathrooms ) you can
then take the percentage of the 1 room you use as an
office - 20% and deduct that from both your rent or
mortgage interest AND power.
While these are two huge deductions that should get you
some leeway when trying to earn money from home- here
are some more:
Computer-You are allowed to write off around $25,000
annually for equipment and business assets, so a new
computer, printer , fax , modem , etc. all fit into this
This makes much more sense than paying for stuff with
after tax dollars.
Start-Up Expenses and Marketing-covers both our
initial costs for whatever venture you pursue and also
continuing costs of running your home business.
Meals-you have to eat right?
And sometimes have business lunches. A word of caution
with this one: don’t overuse it by claiming an inordinate
amount of meals eaten were business related. When
traveling one can only write off 50 % of meal costs as
Telephone- this is only related to a separate business line,
not your regular home phone; but you can write that
second line off, along with internet too.
Auto –It is important to keep good records with this one,
but your home business can pay an monthly auto
allowance according to how many miles each month the
car is driven. Right now I believe it is allowable to around
50 cents/mile; this means anything you can turn into a
"business trip" (i.e. Have a purpose every time you go
somewhere that is business related- supplies, etc. ) ,you
are then entitled to chalk up as business miles and thus
deduct in the end.
The great thing about this is you really only need to keep
notes on this deduction for 3 months in a row and then
you just multiply it by 4 to get your deductions for the
year- though you'll definitely want to add business trips
There are even ways to actually turn your daily commute
to a traditional job into a BUSINESS TRIP but you'll
have to check out my book for that.
Other things like business trips, meals , subscriptions ,
etc. are also covered and can be written off if you know
what you're doing. This is one case where a little bit of
research can pay off in in a big pay and (warning :
shameless promotion ahead ) my book is among the
resources out there that will certainly help one, but a
simple visit to a tax specialist should suffice as well, or
simply find a resource online that focuses on this area.
What's the best way to start a home business ? Follow
the link to find out what is making more millionaires than
both the sports and entertainment industries combined or
check out our personal training site here.