Becoming Your Own Boss – Some Words to The Wise

Whether you are still in college or you have just graduated, now you have to put this valuable education to good use. You Gotta Get A JOB! You can either go the route of sending out your resumes to hundreds of companies that may or may not hire you. Or you can become an entrepreneur and start your own company. And in order to keep your initial costs down, the best way is a Home based business. Having a home based business is a great way to set out on your own. To make your own living in the world, without the high costs of a lease, and extra utilities as well as staff costs that a normal business would require sounds like a dream come true. While it can be lucrative, it requires a lot of hard work. These tips might help you to avoid making some disastrous mistakes when just starting out.

  1. Make sure that you do not keep all your eggs in one basket; always have a second source of income. Have contingency plans in place for major disasters, such as losing your website hosting or not receiving a product shipment. Planning for the worst means you will be able to handle it smoothly if it occurs.
  2. Set up a separate email account for your home business, and stay on top of any email received. You should immediately respond to potential customers, being professional and polite. Email should be checked frequently. If you ignore inquiries about your products or services, customers will buy what they need from your more attentive competitors.
  3. Keep up to date business records. While you might think that the IRS isn’t interested in someone’s small home business – they are. In fact, one of the things that the IRS monitors closely is business income. Keep a daily log of all purchases and income. Buy a folder and keep all receipts and update your information weekly, whether using software or manually writing it in a ledger. When tax time comes around, you will be happy that you did this, as your tax return will be that much easier to prepare. And if you get audited, you will have everything you need to sail thru it.
  4. If you are going to splurge on any home office furniture, splurge on a very comfortable office chair. You are going to spend many, many hours in this chair and if it is uncomfortable, you will not be as productive as you could be and you could technically, do damage to your body.
  5. Don’t get caught up in multi-level marketing and get-rich-quick schemes. Your home business should be a legitimate idea, that sells a product or service. If you start gearing yourself towards what seems too good to be true, then you are spinning your wheels. Devise a solid business plan of your own and attain the resources to make it come to life.

Knowing what you can and can’t do with your home based business, as well as the best ways that you can make it a success will give you the edge in your business. Be fearless and take charge has always been the guiding force behind success.