Part 2 of 5 On The Home Business Set-Up Guide
Dear Reader,These articles will provide a step by step guide on how to start and run a home based business based on my experiences and other home business owners.
This is part 2 in a series of 5 articles.
They are written in a basic format and where possible main points are summarised in an attempt to be understood by all.
I have tried to minimise the technical jargon as much as possible.So lets jump right in and see what we need to know about starting and running a home based business.Regards,Alvinhttp://www.parttimeincome.orgLegal StructuresThe legal structure of your business is very important as it is a function of liabilities and tax deduction.
The most common structures are:
- Sole trader
- Partnership
- Company
- Trust
Commonly you may start out as a sole trader, and as you expand, you will need to seek out partners or investors.
Your accountant is the best person to advise you if this is the best structure for your business.PartnershipThis arrangement is where you and your partner are liable for anything related to your business.
It is a very good idea to get a solicitor to write up a partnership agreement to avoid disputes down the track.CompanyThis is a legal entity liable for the debts it incurs and paying tax on income.
Your accountant can help you set a company up, or you can buy one off the shelf, which may be more cost effective.TrustDepending on your personal circumstances, and the country you live in, trusts can be useful in business and estate planning.
They can be quite complex, and again, your accountant is the best person to speak too.Registering Your Business NameYou can operate a business under your own name or register a business name.
Registration of a business name allows you to operate under that name.Select a name for your business that describes to your customer what you do.
A descriptive name promotes and advertises your business more effectively.Licences And PermitsDepending on your municipality, you may need licences and permits.
Do the right thing and check with your local council.
Doing the right things now will save you a lot of unnecessary leg work later.InsuranceOften overlooked, insurance is an important part of your risk management plan.
There are two types of insurance: general insurance for loss/damage of assets and risk insurance which is your personal insurance cover.Ensure your business insurance is separate to your personal insurance.To establish the type and amount of insurance you need for your home based business, check with an insurance broker.Managing RiskYou must have a risk management strategy for your business.
Your SWOT (Strengths, Weakness, Opportunities, Threats) analysis from article one, will show what could expose your business to loss and what actions to take to reduce that loss.MarketingAs a home business entrepreneur, you must understand what your customers want and give it to them.
You must strive to have a service or product that meets and excels your customers needs and expectations.
This is what makes them come back to buy from you, and this is how you grow your profit.
Try and think like your customers and you will find they want:
- Satisfaction
- Value for money
- Performance
- Reliability
- Presentation
In a home based business, marketing is much much more and involves all aspects of the business- pricing, advertising, customer service to sales.Marketing MixCommunication with your customers is essential and develops the framework for your marketing strategy.
You must tell your customers these important bits of information
- Product- describe it in full detail, its special features and of course how it will benefit the customer
- Price ? explain your pricing strategy, don't forget to consider your costs, discounts you will offer, payment policies
- Promotion ? choose the most effective for your type of business.
If you don't know, think about what you would prefer if you were the customer.
Eg: telemarketing, flyers, e-mail campaigns - Place ? what place will your product be so customers can find it and contact you.
How will you deliver the product to your customers?
You may need to consider getting a website.
Your website also needs to project the same kind of professionalismLocationYour home based business needs its own dedicated area.
Very often the living and working areas muddle into one, not allowing you to distinguish which is for work and for play.
Keeping these separate is essential for running a home business.
You must ensure that all family members understand this too.A telephone is essential in your home office as it will be the first point of contact with your clients.
Installing a second phone line separate from the personal line is essential along with a cell phone, answering machine and a pager.
Talk to your telecommunications company, very often they have some great packages suited to small businesses.Furniture And EquipmentChoose furniture that is comfortable and professional.
This helps distinguish this area from the rest of the household.Your office needs equipment and here are a few to get you kick started
- Computer
- Chair(S)
- Desk
- Fax machine
- Filing cabinet
- Mobile phone
- Telephone
- Heating/cooling
- Lighting
In the next article, I will cover some of the ins and outs of operating a small business from home.Click Here To Get Other Resources On Home Based Business Ideas & OpportunitiesI Am Making As Much Money Part Time From My Home Business As I Was Working Full Time In My 9-5 Job.
Want To Hear My Story?http://www.parttimeincome.org. I publish Home Business Tips, a fresh and informative newsletter dedicated to supporting people like YOU! If you?re looking for the best rated home business opportunities, latest time saving tools and helpful support from a friend in the business, come by and a grab a F-R-E-E subscription today at: http://www.parttimeincome.orgparttimeresidualincome@yahoo.com.au
Foreign Dentists on New Portal
(ContentDesk) August 15, 2005 -- Since 2001, an increasing number of Danes have travelled abroad to have their teeth done. They find the dentist on a Danish website which is now available in English. OuchMyTooth have visited and approved dentists in several countries. Several clinics are visited, but only the best are selected to the site. Cheap and still qualityThough OuchMyTooth focuses on cheap dentistry, a low price is not the only parameter.
The clinics must fulfil certain criteria concerning sterilisation of equipment, guarantee, insurance and personal service. The prices are low due to lower wages and running costs in the countries. Moreover, regular visits at the clinics and patients' feedback ensure that OuchMyTooth can keep an eye on the dentists and their performance.Further information can be retrieved at e-mail protected from spam bots or (0045) 98 15 22 10.
Foreign Dentists on New Portal
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End Fear of Death
Fear of DeathThe medical or scientific name for this fear is Necrophobia. This is an astonishingly common phobia with millions of sufferer's world wide. It is an impractical and unreasonable fear, no one wants to die but we can not allow ourselves to be overcome with this fear and not live our lives to the fullest. There is nothing we can do about death, it is inevitable, and as such this fear is of no value to us.There are many kinds of phobia, fears and anxieties, but the fear of dying is particularly troublesome so millions of people world wide. Fear of death has been treated successfully in the past and you will be able to overcome your anxieties and fear of death.The only realistic fear related to this would be to be afraid of dying from things we can avoid, such as lions, tigers, or war.
We can prepare and make plans to avoid such things, to increase the time we have left on this planet. We must live out each day free from the fear of death but still plan to avoid the factors...
End Fear of Death
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Commercial Real Estate ISV RE3W Secures Additional Funding from the First American Corporation
RE3W World Wide Limited (www.RE3W.com), the independent software developer of the Internet-based RE3W commercial real estate application, announced today that it has received an additional $1 million in investment funding from The First American Corporation (NYSE: FAF), the nation's largest data provider and a premier service provider to the commercial real estate industry. The cash investment will enable RE3W to further develop and market its revolutionary commercial real estate technology, which integrates Internet functionality with Microsoft Web services to reduce the time and expense for those participating in commercial real estate transactions.
First American has served as a principal investor in RE3W since the company's establishment in 2000, providing an initial investment of $1 million to help RE3W founder and industry veteran Richard "Dick" Frost bring his idea to life.
"Unlike traditional Internet companies,...
Life insurance > Commercial Real Estate ISV RE3W Secures Additional Funding from the First American Corporation
California Home Building & Reconstruction Costs at an All Time High
Salt Lake City, UT (ContentDesk) July 14, 2004 -- Castle Data Services, the nation's premier provider of residential replacement cost data, today announced the results of a comprehensive statewide review of California building costs.
The results showed that while demand for housing in California has already been driving high inflation trends in the area, other factors such as the short supply of materials and labor are driving costs up as well.
One example of material cost increases, plywood, a major component of residential construction, was reported by The Bureau of Labor Statistics to have experienced a 53% average nationwide increase over the last year.
In addition, labor costs, while they have not skyrocketed to the extent of wood products, are also on the rise.
Castle's local cost experts have conducted more than four hundred contractor interviews throughout California in the past six months.
Sources also include numerous real-world property...
California Home Building & Reconstruction Costs at an All Time High
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Self Responsibility Drives Dahn Yoga Member to Healthy Living
(ContentDesk) November 10, 2005 -- With Dahn Yoga, Im convinced Ill live to be 150 and my kids are worried sick.
Thats the humor of Bea Sheridan of Albuquerque, New Mexico whose new passion is yoga.
A registered nurse for 48 years, Bea also holds a doctorate degree in Counseling and Health Education.Having a strong belief in self responsibility and naturopathic medicine, this 68 year old mother of three grown children has never carried health care insurance. Instead, she has always sought natural means of healing.It was at a Deepak Chopra seminar where she spotted a booth for Dahn Yoga. Chopra is widely acknowledged as one of the world's greatest leaders in the field of mind body medicine. The Dahn Yoga booth there offered aura readings -
the electromagnetic field surrounding objects.
Some people refer to this field as a bio-energy field. My aura reading was right on in terms of who I am and it compelled me to look into Dahn Yoga class offerings...
Self Responsibility Drives Dahn Yoga Member to Healthy Living
Life insurance > Self Responsibility Drives Dahn Yoga Member to Healthy Living
Secrets of Creating Success with Ease
Do you ever strum your fingers on the desk top as you look down at your work and think, ?Right, how can I do all this lot without really working?'Brought up in an era with a clich? that went: ?You must work hard for a living' my attitude to work conflicted with what I'd learned from my elders and peers. I felt ?wrong' because I wanted to be lazy. I felt ?guilty' for wanting to do as little as possible and ?unworthy' in my role as office manager for an insurance brokerage. But I tell you I've cracked it! I've discovered how to maximize my results without working like a dog.When I tell you how easy this is, you might not believe me. When I tell you how easy this is you'll probably think that the idea is so alien to your ?work hard for a living' ethics that you won't want to believe me, so before I share my secret to success with you, let me first tell you something worth bearing in mind?Every day doctors prescribe more and more anti-depressants,Every month more and more couples separate...
Secrets of Creating Success with Ease
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How To Answer Your Call In Mid-Life
Hank Bochenski's story proves it is never too late to walk away from a life you feel trapped in and do something that you really love. Hank spent 30 years in demanding senior positions at large high-tech companies. By the time he went home each day, he felt like all the blood had been drained out of him. Hank's real passion was his collection of more than 1,000 movies. He had recently spent hours converting the collection from VHS to DVD, a process he enjoyed.
One day his wife walked by as he worked on this project and said, "It's too bad you can't make money doing this." Before his wife's offhand remark, he hadn't considered that he could do this full time. He did some research and found a company called Home Video Studio Inc., in Indianapolis. HVS offers 21 services, including DVD transfers, DVD duplications, home movie transfers, photo-video keepsakes, sports scholarship videos and videotape repair. Hank and his wife did some due diligence and decided that this was a perfect...
How To Answer Your Call In Mid-Life
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