In today’s modern world, the rise of new trends and technology has continuously grown in an exponential level. Humans as we are, we have learned to adapt, evolve and dance to the rhythm of the changing world around us. Nowadays, the idea of starting up your own business at your own home is becoming more and more achievable by the average person. Home based business opportunities can become as lucrative as you imagine them to be- for as long as you have the head for numbers, an eye for details and an appreciation for the trade-driven world.
Technology has introduced us to the power of the internet and welcomed us to the embrace of the World Wide Web. From social media to business advertisements, the internet has not only made life easier, it has made people able to connect with different parts of the world with a single click of the button. These connections give us, the users, the opportunity to interact and mingle with people from different culture-people with different tastes and beliefs, people we can be friends with and people we can transact business with.
Working at home makes life so much easier-what with all the stress you can avoid out of your daily journey to your workplace. A home based business gives the owners an income opportunity with the chance to work within the comforts of the four solid walls of their home, saves on the daily expenditure for transportation, saves the time spent traveling to and from work every day, utilize the mental and physical energy for other rewarding activities, and adds a boost to your ego as you are your own boss.
There are a handful of factors affecting the type of business an individual should put up. The first and most important factor is the budget for the capital and other expenses that are necessary for business start up. The budget determines the initial size of the business. The second factor is the target market for the proposed business. If you plan to build a small laundry business, you must make sure that the nearby residents of your home are individuals who could not or choose not to wash their clothes at home, i.e. students residing in dormitories where washing of clothes are not allowed. Other factors that are also considered in putting up a small business are the facilities available, establishments nearby and the target date for the return of investment.
Home businesses are classified under a number of categories. An individual can choose from micro businesses to big scale businesses, from ice shaving franchise businesses to home-based online tutorial and call center agencies. Whatever the type of business a person wishes to establish, a general flow of the business start up process that involves a combination of personal planning and a series of legal actions is observed. The typical steps to this process are as follows:
- Prepare a Business Plan. A business plan serves as a guide and shows the projected pathway for the next few years of the business. It is basically the whole business in a nutshell. It consists of several parts, namely: Executive Summary, Company Description, Market Analysis, Organization & Management, Service or Product Line, Marketing & Sales, Funding Request and Financial Projections.
- Formal or informal business training and assistance can be online modules related to the business type or informal conversations about what-to-do and what-not-to-do advices from fellow businessmen who have tackled the same endeavour.
- Finance the business and find the source of funds for start-up.
- Decide on the Legal Structure of the Business. This means deciding whether the business will be under sole proprietorship, partnership, Limited Liability Company (LLC), corporation, non-profit or cooperative.
- Register a Business Name
- Register for both State and Local Taxes
- Secure Business Licenses and Permits from the different departments of the government that are involved in the type of business you wish to establish.
- Study on the responsibilities of being an employer
Businesses can be established by anyone, anywhere. The key to making any business last is learning to innovate, adapt and keep up with the changes in your market.
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