Starting a Home Based Business

Posted: November 19, 2011

It's virtually every 9-to-5 worker's dream - to give up the shirt and tie, ditch the cubby, and start a business where you can be your own boss. Unfortunately, it's not nearly that easy! But if you're serious about starting a home based business, take advantage of these 4 tips:

Create a specific office area

You can't be your own boss on the couch - at least, not successfully. If you're serious about working from home, you need a designated office space. Ideally, you should have a separate room - like a guest room - that you can convert into a home office. That way, you will have 4 walls and a door to separate "work" from "home". If you don't have a spare room, consider buying a partition. There are decorative ones that will block off part of your bedroom or living room, while still looking great and matching your decor. That way, you'll have an area that's just for work - which makes getting work done a whole lot easier. Without a partition, you'll probably feel like you're just hanging out in your bedroom all day - and you probably won't get as much done.

Maintain a schedule

You don't necessarily have to work 9-to-5 at your home based business, but you do need to create and maintain a schedule that allows you to work 8+ hours per day. Otherwise, you'll wind up working out, running errands, and doing household chores while you should be working! When you run a home based business, time really is money. Every minute you spend distracted equals profits out of your pocket!

Understand all of the applicable tax laws

A home based business can enable you to take advantage of some great tax deductions - like deducting part of your mortgage as office space or deducting the cost of your new computer. Understanding all of the necessary tax laws can help you save a ton of money - but only if you know where to look. So, before you get to be your own boss, you should talk to an accountant who can make sure you're deducting everything that you can.

Stay positive

In order to be your own boss, you have to have the right attitude. You won't get rich overnight. Instead, you'll have to work hard to build a successful home based business. It's like any other new start-up; you need to build up momentum before you see big money. In the meantime, though, you have to stay positive. If you have a good, solid business plan - and the expertise to carry it out - believe in yourself. By drowning your sorrows in every hiccup you encounter along the way, you'll only make your home based business more likely to fail.