As profitable as home based business can be there are still many who have the dream but never make it fruitful. Why? Generally the answer to that lies in the person themselves. Many time when people set out to start a home based business they think their worries are over and that in no time flat they will be reaping the big reward. Overnight success is not realistic and one has to realize that with any business, home based to large corporations, failure can strike as fast as success can be had.
The truth of the matter is this, if you do not start a home based business with a strong foundation for success, put a lot of hard work and long hours in to it, take the good along with the bad, you will fail. There are other aspects that make the difference between a successful home based business and a failure as well that if you are not aware of them can bring your business to a screeching halt.
Demand and supply: If you are just yet another one in a million offering the same type of service/product with nothing special to add, guess what? You will be lucky if you even have minimal success. Before even considering taking a business plan solo check the supply of business that also offer the same thing. Check if the demand for the service or product his higher then the supply. If it is not, you are wading into troubled waters. You need your business to be one that stands above the rest. Ask yourself why your business plan, product/service is any better then anyone else in the market. That will give you a marketing angle to build off of. However if it is just the same as the hundreds of others out there draw up a plan B.
Marketing: If you do not have a clue how to market your product how the hell are you suppose to sell it? If you can’t afford to market your product or service, how the hell do you expect to move it? Before starting any business make sure you have a solid feel for how the marketing process works. Familiarize yourself with the various ways you can get your product out there. Promotion is everything but at the same time you have to keep an existing client base happy as well by throwing them a nugget from time to time too.
Supply and Demand and Marketing are the two biggest home based business killers out there other then a lazy owner. Educate yourself first. It will pay off in the end.
Friday, July 31, 2009
Thursday, July 30, 2009
More on Taxes - Deductions
In keeping with the tax deduction theme of the previous blog, I thought it would be good to share with everyone typical things one can deduct at the end of the year. It is always wise to check with a tax adviser for specific deductions for your type of home based business.
If your home based business is a franchise such as Avon, Mary Kay, Watkins, etc. where you have to purchase a kit or it involves franchise fees, the materials and or fees required to start up business can be deducted from your taxes.
Any supplies you use for your business also are tax deductible. This includes business cards, paper, receipts, physical advertisement, etc. These are tangible items, not services. Save all receipts for any purchases of anything tangible that you use that is business related. This also includes all postage used to perform business including shipping fees and supplies such as boxing and filler.
Non-tangible items are services. When you enlist the services of others that is business related, for example, if you hire someone to design an advertisement layout, run a newspaper ad, help in marketing, repair work, etc., those are non-tangible services that are tax deductible. Make sure when you save the receipts they specify exactly what services were provided.
Donations are also tax deductible. If you give away promotional freebies you can write that off as well as if you perform a service for free as a promotion or charity. Items donated in the name of your business for charity of any form or money are also tax deductible.
If your home based business is based off the internet or phone or both, the phone line used for business as well as the internet bill are tax deductible. If you use a cell phone for business, it too can be written off. Make sure you can document such and save all receipts. Any long distant calls that are business related also can be deducted from your taxes. Your computer as well as any software you purchase also can bring a tax deduction. After the purchase of a computer, you can claim depreciation for up to three years.
It is obvious tat your home based business is based out of your home; however, many do not realize that the space they use to perform their business is also tax deductible. I have changed my family den into my “business area” or office. It is where I perform all my functions within my home and is typically off limits from family use.
Okay, say you have a problem with customers who enlist your service or purchase your product and their checks bounce. First off, as many know, bad checks can hurt you two folds, loss in pay as well as extra charges incurred through the bank. Id you know that these bank charges as well as your loss can be deducted from your taxes? Keep documentation of bank charges and returned checks and make sure you claim them at the end of the year.
If your home based business is a franchise such as Avon, Mary Kay, Watkins, etc. where you have to purchase a kit or it involves franchise fees, the materials and or fees required to start up business can be deducted from your taxes.
Any supplies you use for your business also are tax deductible. This includes business cards, paper, receipts, physical advertisement, etc. These are tangible items, not services. Save all receipts for any purchases of anything tangible that you use that is business related. This also includes all postage used to perform business including shipping fees and supplies such as boxing and filler.
Non-tangible items are services. When you enlist the services of others that is business related, for example, if you hire someone to design an advertisement layout, run a newspaper ad, help in marketing, repair work, etc., those are non-tangible services that are tax deductible. Make sure when you save the receipts they specify exactly what services were provided.
Donations are also tax deductible. If you give away promotional freebies you can write that off as well as if you perform a service for free as a promotion or charity. Items donated in the name of your business for charity of any form or money are also tax deductible.
If your home based business is based off the internet or phone or both, the phone line used for business as well as the internet bill are tax deductible. If you use a cell phone for business, it too can be written off. Make sure you can document such and save all receipts. Any long distant calls that are business related also can be deducted from your taxes. Your computer as well as any software you purchase also can bring a tax deduction. After the purchase of a computer, you can claim depreciation for up to three years.
It is obvious tat your home based business is based out of your home; however, many do not realize that the space they use to perform their business is also tax deductible. I have changed my family den into my “business area” or office. It is where I perform all my functions within my home and is typically off limits from family use.
Okay, say you have a problem with customers who enlist your service or purchase your product and their checks bounce. First off, as many know, bad checks can hurt you two folds, loss in pay as well as extra charges incurred through the bank. Id you know that these bank charges as well as your loss can be deducted from your taxes? Keep documentation of bank charges and returned checks and make sure you claim them at the end of the year.
Wednesday, July 29, 2009
Home Based Business and Tax Deductions
One nice thing about having your own home based business is the tax deductions that come with it. When working a nine to five job you may be able to claim a few work related deductions, however not anything like you can with a home based business. Almost everything is tax deductible from your office supplies right down to the pen you are taking notes with to the space you use for your office. If you perform any of your work via your phone, that is also tax deductible as well as your internet expense and even the paper you use. Let’s not forget your marketing materials and cost as well as a portion of your networking.
If you attend any type of seminars in order to advance in your home based business you can also deduct the expense incurred for that as well. Should you have to travel away from home to do so, that too is tax deductible as well as any hotel or meal cost you should incur.
If you are not aware of the numerous things you can write off on your taxes with a home based business, you could very likely end up paying into the government come tax season. If you do not work with an account or a tax adviser through out the year paying in estimated taxes possible due come the end of the tax season, knowing the possible deductions you can claim can eliminate a huge payment owed.
Another important reason in knowing what deductions you can claim for your home based business is to be able to be better prepared when it comes time to file your income tax return. It will help you keep track of expenses as well as know which receipts are important to keep. Best rule of thumb is to keep every receipt of expense that has to deal with your home based business in any fashion.
By keep concise records you will be pleasantly surprised come tax season owning a home based business. Instead of paying taxes at the end of the year, you could easily get a refund that will pay for a nice vacation for you and your family.
If you attend any type of seminars in order to advance in your home based business you can also deduct the expense incurred for that as well. Should you have to travel away from home to do so, that too is tax deductible as well as any hotel or meal cost you should incur.
If you are not aware of the numerous things you can write off on your taxes with a home based business, you could very likely end up paying into the government come tax season. If you do not work with an account or a tax adviser through out the year paying in estimated taxes possible due come the end of the tax season, knowing the possible deductions you can claim can eliminate a huge payment owed.
Another important reason in knowing what deductions you can claim for your home based business is to be able to be better prepared when it comes time to file your income tax return. It will help you keep track of expenses as well as know which receipts are important to keep. Best rule of thumb is to keep every receipt of expense that has to deal with your home based business in any fashion.
By keep concise records you will be pleasantly surprised come tax season owning a home based business. Instead of paying taxes at the end of the year, you could easily get a refund that will pay for a nice vacation for you and your family.
Tuesday, July 28, 2009
Do you have Money Saved for Your Children's Future?
The economy has brought hard times on to many households. Those households, like mine, that have children can suffer worse then single individuals. You want the best for your children and part of that means starting a college savings to ensure a successful fture for your young. However, with the economy the ways it has been can make that need now a dream rather then a reality.
You cannot start to early saving for your children’s ongoing education. The sooner you start saving the better even if that means your child has just begun to crawl or are only in preschool. Nevertheless, when the paycheck is just covering necessary essentials to survive with nothing left over for a college nest egg the youth of the nation are missing a future.
That is the great thing about a home based business. Rather then putting out good money for high cost daycare, that same money you would have been paying can go to your childs future. In a typical nine to five job, you would be paying for childcare to some level. Even if you childcare is as low as 50 dollars a week, that is 200 a month that can be going into a nest egg for your childs college education.
Now days, working a nine to five job just doesn’t cut it for daily living expenses and bills, little lone starting any form of savings. Even if you cannot afford to work just a home based, a home based business like my home based business can bring you in big figures with little effort. You can definitely bring in enough money to open a nice savings account for your child’s college education, plus more. Don’t let today’s economy effect your child’s tomorrow. Consider starting a home based business to supplement your current income so you can have a nice nest egg to ensure your child’s success.
You cannot start to early saving for your children’s ongoing education. The sooner you start saving the better even if that means your child has just begun to crawl or are only in preschool. Nevertheless, when the paycheck is just covering necessary essentials to survive with nothing left over for a college nest egg the youth of the nation are missing a future.
That is the great thing about a home based business. Rather then putting out good money for high cost daycare, that same money you would have been paying can go to your childs future. In a typical nine to five job, you would be paying for childcare to some level. Even if you childcare is as low as 50 dollars a week, that is 200 a month that can be going into a nest egg for your childs college education.
Now days, working a nine to five job just doesn’t cut it for daily living expenses and bills, little lone starting any form of savings. Even if you cannot afford to work just a home based, a home based business like my home based business can bring you in big figures with little effort. You can definitely bring in enough money to open a nice savings account for your child’s college education, plus more. Don’t let today’s economy effect your child’s tomorrow. Consider starting a home based business to supplement your current income so you can have a nice nest egg to ensure your child’s success.
Monday, July 27, 2009
Home Based Businesses makes Good Business Sense
There are many great things to having your own home based business. If you know what you are doing, have a good business sense, and a solid business idea the benefits of having a home based business can far out weigh working a typical 9 to 5 dealing with risks of corporate downsizing, business foreclosures, lay offs and numerous other instabilities of working for another.
The personal freedom you gain alone cannot even be measured. The typical drive at five is eliminated and you set your own hours. Simply eliminating the daily commute back and forth to work saves big bucks as well as wear and tear on your vehicle and added miles to your vehicle. You can take your ties, dresses, skirts, heels, and dress shoes and toss them to the back of your closet. You are in control and you decide what the dress code is.
Your income potential is entirely up to you. As long as you are willing to work, what you make is yours, no having to share the cut of a sale or a deal made. Starting a homes based business is a wise move financially. To start a business off site you have extra expenses that you do not have when starting a home based business plus there are many tax advantages of starting a home based business.
My home based business made it possible to spend more time with my wife and children, took tons of stress off my shoulders, and gave me unlimited professional growth while giving me a creative outlet. As long as you have the motivation and determination to want to make your home based business a success nothing can stand in your way.
The personal freedom you gain alone cannot even be measured. The typical drive at five is eliminated and you set your own hours. Simply eliminating the daily commute back and forth to work saves big bucks as well as wear and tear on your vehicle and added miles to your vehicle. You can take your ties, dresses, skirts, heels, and dress shoes and toss them to the back of your closet. You are in control and you decide what the dress code is.
Your income potential is entirely up to you. As long as you are willing to work, what you make is yours, no having to share the cut of a sale or a deal made. Starting a homes based business is a wise move financially. To start a business off site you have extra expenses that you do not have when starting a home based business plus there are many tax advantages of starting a home based business.
My home based business made it possible to spend more time with my wife and children, took tons of stress off my shoulders, and gave me unlimited professional growth while giving me a creative outlet. As long as you have the motivation and determination to want to make your home based business a success nothing can stand in your way.
Friday, July 24, 2009
When the Internet Interfers with your Home Based Business
When your home based business requires you to be on the Internet it is easy to be caught up in other activities other then work related business. With the vast social communities such as Facebook, MySpace, Multiply along with numerous chat avenues, game sites, stuff to read and yes, even blogs, a person can get easily side tracked. Like right now – are you on the “clock” as you are reading this? I am just as guilty. In the early days of my home based business the freedom of not working under someone and all restrictions lifted made surfing the net so attractive. I could get by with it without getting into any trouble. It was great, but my work productivity suffered. However, if you are reading this right now, you are forgiven, as it can help to build home based business work ethics. Think of it as continuing education.
However, while on the “clock” instead of being sucked into the endless amount of surfing at your fingertips, when possible, disconnect and deal with emails off line, and shut down the chat features! Instead, schedule break times as if you were working a normal 9 to 5 job. During those break times feel free to surf to your hearts desire!
Don’t try to claim that you are multi tasking successfully when you are chatting with your friend while working. There is a time to multi task and when doing so it should not be recreation and work. Multi tasking is when you are on hold on the phone and shoot off an email to a potential lead while waiting for example. If you do not want your work to suffer, stay focused on the task at hand and your home based business will be a success like my home based business.
However, while on the “clock” instead of being sucked into the endless amount of surfing at your fingertips, when possible, disconnect and deal with emails off line, and shut down the chat features! Instead, schedule break times as if you were working a normal 9 to 5 job. During those break times feel free to surf to your hearts desire!
Don’t try to claim that you are multi tasking successfully when you are chatting with your friend while working. There is a time to multi task and when doing so it should not be recreation and work. Multi tasking is when you are on hold on the phone and shoot off an email to a potential lead while waiting for example. If you do not want your work to suffer, stay focused on the task at hand and your home based business will be a success like my home based business.
Thursday, July 23, 2009
Home Based Business and Fun?
When running your own home based business one of three things can occur depending on the type of person you are. If you are a procrastinator more then likely your business will fail. If you are a work alcoholic, your family will crumble around you, however, if you have a healthy balance of work and play, you will succeed!
The saying “all work and no play makes (insert your name here) a very dull (boy or girl)”. It is true. Not only will it make you a dull person to those around you, you can also burn out! In order to maintain a healthy level of sanity you have got to schedule time for play if you operate a home based business.
Home based business owners who truly want to bust through all glass ceilings have a tendency to get into the mindset “just one more hour” before they do this or that – that hour becomes two hours, to three hours, to four hours and so on with no real end in site. It becomes easy to often feel like you are never caught up and if you stop for a minute you act like the sky will fall! I know! I was there in my home based business. If I stopped long enough to run with the family for ice cream, I just knew in my mind that I would miss a profitable lead, or so I thought. This was not an easy habit for me to break, or should I say, for my wife to break. If it was not for her and that cast iron skillet she held over my head I just might still be in that same frame of mind. Just kidding of course, she didn’t use a cast iron skillet to my head, but she made some very valid points. I was missing out on so much of my children’s lives and hers as well.
I learned I needed to schedule fun time, not just for my family’s sake, but for my own sanity as well. You have to give your mind a break off work. If you do not, your productivity level will suffer. Now this doesn’t mean that every other day you should call a vacation day but do schedule a day off a week away from work totally! Trust me, scheduling some "me" time or "fun" time has been essential in keeping my sanity and aiding in the success of my home based business.
The saying “all work and no play makes (insert your name here) a very dull (boy or girl)”. It is true. Not only will it make you a dull person to those around you, you can also burn out! In order to maintain a healthy level of sanity you have got to schedule time for play if you operate a home based business.
Home based business owners who truly want to bust through all glass ceilings have a tendency to get into the mindset “just one more hour” before they do this or that – that hour becomes two hours, to three hours, to four hours and so on with no real end in site. It becomes easy to often feel like you are never caught up and if you stop for a minute you act like the sky will fall! I know! I was there in my home based business. If I stopped long enough to run with the family for ice cream, I just knew in my mind that I would miss a profitable lead, or so I thought. This was not an easy habit for me to break, or should I say, for my wife to break. If it was not for her and that cast iron skillet she held over my head I just might still be in that same frame of mind. Just kidding of course, she didn’t use a cast iron skillet to my head, but she made some very valid points. I was missing out on so much of my children’s lives and hers as well.
I learned I needed to schedule fun time, not just for my family’s sake, but for my own sanity as well. You have to give your mind a break off work. If you do not, your productivity level will suffer. Now this doesn’t mean that every other day you should call a vacation day but do schedule a day off a week away from work totally! Trust me, scheduling some "me" time or "fun" time has been essential in keeping my sanity and aiding in the success of my home based business.
Wednesday, July 22, 2009
Tips in making a home based business work for you.
Here are just a few tips I have picked up along the way that may just help you overcome some of the more common obstacles in home based business.
Time management
Daily planners are a life saver! I cannot express enough on how important it is to schedule your time. Schedule everything that is sitting as high priority to be tackled first and then schedule the rest in accordance to their priority level. Having them written down suits two purposes – it keeps you on track – and it is encouraging when you are able to cross something off the “Too do” list.
Daily Goals
Falls in with the whole daily planner thing in a sense, but I look at it as a weekly thing. I ask myself on Sunday evening “What goals to I want to achieve this week?” If I respond with “ I want to solidify 10 new leads” then that will be my weekly goal.
Family Management
Although my wife totally “gets” what I do for a living of course, my children are not always as forgiving and can cause disturbances along the way. After all, they are still young and still at the age they actually still like mom and dad. In the beginning, I have to admit, the amount of time I spent working my home based business left me feeling guilty at times. My wife was left to deal with a lot and my children missed out on a lot of dad time. However, now that my home based business has taken off like wildfire I have more time to spend with my family and the interferences, although far less then the beginning, are not as big of a deal.
Be prepared to WORK
I am not even sure I even thought I would have to put as many hours into my home based business when I first started as I did. I guess I just thought, I am sure like many, that it would be like what you read on the internet. Seal a deal and be an overnight success! That could not be further from the truth. We did not get rich overnight and I work more long days to where I was making it to the bed if I was lucky by 3 AM then I did days where I would actually see the bed by midnight. In the beginning, you had best be prepared to work and by work I mean plan on working overtime and a lot of it! No business, regardless if it is home based or not requires work and dedication to get it up and running and then, although both requirements stand, the work load will drop some once you have a solid working foundation.
I look forward to sharing more tips in how I made my home based business a success, but now I would like to hear your gems of home based business wisdom!
Time management
Daily planners are a life saver! I cannot express enough on how important it is to schedule your time. Schedule everything that is sitting as high priority to be tackled first and then schedule the rest in accordance to their priority level. Having them written down suits two purposes – it keeps you on track – and it is encouraging when you are able to cross something off the “Too do” list.
Daily Goals
Falls in with the whole daily planner thing in a sense, but I look at it as a weekly thing. I ask myself on Sunday evening “What goals to I want to achieve this week?” If I respond with “ I want to solidify 10 new leads” then that will be my weekly goal.
Family Management
Although my wife totally “gets” what I do for a living of course, my children are not always as forgiving and can cause disturbances along the way. After all, they are still young and still at the age they actually still like mom and dad. In the beginning, I have to admit, the amount of time I spent working my home based business left me feeling guilty at times. My wife was left to deal with a lot and my children missed out on a lot of dad time. However, now that my home based business has taken off like wildfire I have more time to spend with my family and the interferences, although far less then the beginning, are not as big of a deal.
Be prepared to WORK
I am not even sure I even thought I would have to put as many hours into my home based business when I first started as I did. I guess I just thought, I am sure like many, that it would be like what you read on the internet. Seal a deal and be an overnight success! That could not be further from the truth. We did not get rich overnight and I work more long days to where I was making it to the bed if I was lucky by 3 AM then I did days where I would actually see the bed by midnight. In the beginning, you had best be prepared to work and by work I mean plan on working overtime and a lot of it! No business, regardless if it is home based or not requires work and dedication to get it up and running and then, although both requirements stand, the work load will drop some once you have a solid working foundation.
I look forward to sharing more tips in how I made my home based business a success, but now I would like to hear your gems of home based business wisdom!
Tuesday, July 21, 2009
What is your Biggest Benefits of Having a Home Based Business?
How many of you have a home based business? What type of business do you operate from your home? How has you success been and what do you see as your biggest benefits of running a home based business?
For me, the benefits of running my home based business have far out weighed any of the potholes I have stumbled upon along the way. As a father of three young children and a husband to a wonderful wife, family responsibilities can cause a distraction. That obstacle I have overcome by making sure I am always well organized and schedule my time accordingly. Our three young children do go to day care for half a day. My wife takes them in the morning and when I break for lunch, I pick them up. I make a point to schedule any phone business during the time my kids are at daycare and do my networking in the afternoon.
I remember when I first started working my home based business. It was full of long, long hours, chaos, and a wife that was dang near ready to strangle me at times I believe. However, I was dedicated it making it work and I did. I have to give a huge part of that credit to my family for making sacrifices of their time as well. The first year vacation time was limited, but now we are able to take extended and more frequent vacations and weekend excursions.
What did it take to make my home based business successful? It took prioritizing my time, setting daily goals, setting work boundaries with my wife and children, a whole lot of hours, missed favorite TV programs, movies, family outings, and recreational outings, and learning how to be an excellent multi-tasker! Now that my home based business has a solid foundation though I am able to schedule fun outings with my family and friends, watch my reality TV, and get 8 hours of sleep a night and even get a nap in!
So, share with me what has been your biggest obstacle in your home based business and how you overcame it or what you think your biggest obstacle could be if you start a home based business. What has been your biggest benefit of owning your own home based business?
For me, the benefits of running my home based business have far out weighed any of the potholes I have stumbled upon along the way. As a father of three young children and a husband to a wonderful wife, family responsibilities can cause a distraction. That obstacle I have overcome by making sure I am always well organized and schedule my time accordingly. Our three young children do go to day care for half a day. My wife takes them in the morning and when I break for lunch, I pick them up. I make a point to schedule any phone business during the time my kids are at daycare and do my networking in the afternoon.
I remember when I first started working my home based business. It was full of long, long hours, chaos, and a wife that was dang near ready to strangle me at times I believe. However, I was dedicated it making it work and I did. I have to give a huge part of that credit to my family for making sacrifices of their time as well. The first year vacation time was limited, but now we are able to take extended and more frequent vacations and weekend excursions.
What did it take to make my home based business successful? It took prioritizing my time, setting daily goals, setting work boundaries with my wife and children, a whole lot of hours, missed favorite TV programs, movies, family outings, and recreational outings, and learning how to be an excellent multi-tasker! Now that my home based business has a solid foundation though I am able to schedule fun outings with my family and friends, watch my reality TV, and get 8 hours of sleep a night and even get a nap in!
So, share with me what has been your biggest obstacle in your home based business and how you overcame it or what you think your biggest obstacle could be if you start a home based business. What has been your biggest benefit of owning your own home based business?
Monday, July 20, 2009
Welcome to My Blog
Hello and welcome to my corner of the world in blog land. My purpose in starting a blog is to share with you as many home based business tips and ideas with you to help anyone who is considering opening a home based business or currently has one that could use a little boost.
One of the biggest issues with home based businesses today is financing - keeping a steady stream of money coming in. This can be difficult in these times the way the economy is going. It doesn’t look like there is going to be much relief in sight any time soon. This is making many people have to resort to taking on second and third jobs, either part or full time. Prices are not going down, yet many are losing their jobs due to cutbacks or businesses closing. Economically, this spells disaster.
Due to this, I thought this would be a great time to share with others how I have managed to make ends meet quite successfully in these troubled times. No family should be doing without, little lone sitting on the edge wondering from one day to the next if they are going to loose their job. Once the job goes, many families face foreclosure on their homes or have vehicles repossessed. I am here to tell you, this does not need to be you if you plan now. There are many great online opportunities available to help off set your current income and even set you up for a complete replacement for your existing job financially should you ever be cut in a lay off or a business closure, or simply just because you see the profit you can make by working from home.
I look forward to interacting with all of you reading - sharing our successes, ideas, and tips for home based businesses. So grab a cup of coffee, pull up a chair, and let’s share.
Feel free to call me by my name, Gerry. I intend on posting blogs daily with insight I have come across through out my years as well as interesting things I read regarding home based business. In the midterm, feel free to take a look at how I support my wonderful family from home in my home based business.
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