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If you\u2019re considering starting a home-based business, you’re in good company. According to the U.S. Small Business Administration, more than half of all businesses are run out of the owner\u2019s home.<\/p>\n
If you\u2019ve already weighed the pros (flexible lifestyle, lower operating costs, increased tax benefits, no commute) and cons (hard to separate work\/home life, loneliness, business viewed as unprofessional), and decided a home-based business is right for you, here are the top-three things to consider as you get started.\n\t\t\t\t<\/p>\n
1. Setting Up Your Workspace<\/b><\/p>\n
Setting up your home office<\/a> is priority No. 1 for your home-based business. Without a doubt, having a dedicated office space equipped with everything you need to run your company efficiently and professionally will be key to your success.<\/p>\n Now, you don\u2019t have to necessarily create a new office, but rather a workspace that’s set up solely for business purposes, a setting where you feel comfortable working \u2014 and that’s relatively free from distractions.<\/p>\n Keep in mind you can deduct any expenses related to the setup and ongoing use of your home office on your taxes. What are some necessities for a home office? Typically, that’s largely industry-specific, but in general, you will need the following:<\/p>\n
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\n<\/ol>\n 2. Establishing Sound Budgeting Principles<\/b><\/p>\n Developing a realistic budget for starting and running your home-based business is essential to its success. While you’ll no doubt save money on renting office space, you’re still bound to incur a wealth of one-time and recurring expenses.<\/p>\n With that in mind, research how much money you\u2019ll need to set up your home office, market your business, secure licenses and permits, and pay any employees or contractors. Find accounting software you feel comfortable using. For small businesses, Business News Daily recommends QuickBooks Online and Zoho Books.<\/p>\n 3. Developing a Proper Marketing Strategy<\/b><\/p>\n One of the biggest challenges for home-based businesses is marketing a product or service. This is one area where you don’t want to cut corners, especially if you have plans for growth. By working from your home, you\u2019ll need to work harder to market yourself as a professional and reputable business.<\/p>\n At minimum, you\u2019ll need a website, cohesive social media presence and professional business collateral (business cards, brochures, fliers) to get your name out there. Ideally, you\u2019ll work with a marketing expert to create a comprehensive marketing plan \u2014 an expense that will pay big dividends down the road.<\/p>\n<\/p><\/div>\n [ad_2]\n
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