So you want to get out on your own, dip your toes into the waters of being an entrepreneur, Sole Proprietor? Good for you. Below I listed 5 things you should do before starting your Home Based Business. we will talk about actually picking and starting a business on a later podcast
Personally, I believe everyone should have some sort of home based business in order to have a secondary income just in case your primary job goes away. It also helps you expand your view on the world, gives you something from your hobbies or your passions. Who knows, you may find your true calling in life!
This is not Professional Advice or Counsel. I am not a lawyer or a tax accountant. These are opinions based on my experience and those of the people i have worked with and what we would offer if asked by a friend who wanted to become a business owner.
Before you start, familiarize yourself with two books. Ernst & Young Tax Guide and Making a Living Without a Job by Barbra Winter. Listen to the podcast to learn why I highly recommend these books.
- Get a “Doing Business As” (DBA) and an EIN or Tax identification number. These begins to tell the world you are serious. You want a business, not a hobby.
- Get a Business Bank Account. You will need this to deposit affiliate checks or payments and to make payments int he name of the business. You want people to know you are a business.
- Make yourself an office in your home. “Visually separate” from the rest of the home. An area that means business. No family stuff or storage for the Game-Boys’.
- Start to identify yourself as a business owner. This is you, this is your passion, what you want people to know you for. Not that 9-5 job, but you want people to see you are a business owner.
- Do something and fail! Yes, I said to fail. Failure is a great educator and motivator.
If you treat your business as a business, it will reward you as a business. If you treat it as a hobby and it will reward you as a hobby!
I talk a lot about the mental side of binge a business professional. The mindset. The mindset is especially important as a sole proprietor or an entrepreneur because you are fighting long held beliefs that you have to have a “real job” to be an adult. That work can not be fun and you can’t make money doing something that you like.
These are beliefs many of us grew up with or are being pushed on us by well meaning friends and family. You need to fight against that by remembering you are a business owner. You are doing what you love and yes you may fail a few times. You may also find ultimate success no matter how you define success.
I hoped this helped
- DON’T Forget to leave me your comments and questions. Either on here or call our feedback line at (702) 751-7958
- Like me on FaceBook