If you dream about launching a home-based business, you’re not alone.
Home-based business owners enjoy:
√ More time with their family
√ Financial freedom
Launching your own business from home is an attainable goal and you can increase your odds of success (significantly!) if you have three key elements in place before you take the plunge:
1. Support: Having a mentor to help guide you through your business start-up is a valuable asset for new business owners. Researching and establishing a new business can be time-consuming and overwhelming without the guidance of “someone who’s been there”. Seek out an expert who can give you the support you need.
2. Plan: Operating procedures are key for businesses to run smoothly. Liability issues, operating systems, invoicing, customer service, etc. must be in place before you open your doors so that you use your time efficiently and present a professional image to prospective clients. Be sure to have a plan for how your business will operate on a day-to-day basis (not to mention how it will make money!) before you start.
3. Discipline: Unlike traditional offices, there are always distractions when you work from home. Plus, your working hours aren’t defined for you so you need to be clear on how many hours each day will be devoted to your business. Even if you’re only able to commit 15-20 hours per week, it’s important to use that time as efficiently as possible.
Taking the first step is the hardest part but with the right elements in place, you can turn your home business dream into a reality!
New Year’s resolutions tend to fall off of our priority list not long after the holidays have ended and our Christmas dishes are put away. But, if one of your goals for 2015 is to finally launch the home based business of your dreams, below are five easy-to-follow tips to help make that dream a reality:
- Set specific, measurable goals. A vague goal is easily broken. If one of your reasons for not launching a home based business in the past is a lack of funds, decide on a precise dollar amount each month and stick to it. Detailed goals help you focus and accomplishing each one will encourage you to keep going.
- Envision your goal. Positive visualization will motivate you. Envision yourself in your home office on the phone with clients or receiving your first commission check!
- Don’t do what you’ve always done. As the expression goes, “Only a fool keeps doing the same thing expecting different results.” Try something new, especially if what you’ve been doing (or not doing!) hasn’t worked in the past.
- Use other people to hold yourself accountable. Whether that means that you enlist the help of a home business coach, partner or friend, find someone who will keep you on task and motivate you.
- Don’t be afraid of failure. Businesses take time and we learn from our mistakes. Just because one business you may have tried in the past didn’t work out, it doesn’t mean that the next one won’t turn out to be your big success story!
It’s a new year, a fresh start and an ideal time to start your own business!
That means that if you decide to launch a home based HRN® business this year, you may be able to deduct up to $5000 as a start-up expense.*
Not only that, if you use a portion of your home to operate your business, you may be able to deduct expenses for the business use of your home.
There are two basic requirements for your home to qualify as a deduction:
1. Regular and Exclusive Use:
You must regularly use part of your home exclusively for conducting business. For example, if you use an extra room to run your business, you can take a home office deduction for that extra room.
2. Principal Place of Your Business:
You must show that you use your home as your principal place of business. If you conduct business at a location outside of your home, but also use your home substantially and regularly to operate your business, you may qualify for a home office deduction.
Generally, deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room as your office, you need to figure out the percentage of your home devoted to your business activities.
So in addition to flexibility, financial independence and a better work-life balance, you can add a tax deduction to the long list of rewards you’ll gain from running your own home based business!
What are you waiting for?
*Please consult a trained tax professional for up to date tax advice.
That’s how much I made my first year operating my Homeowner Referral Network (HRN) business. I worked about 15-25 hours each week in the early morning, when my daughter napped, in the evenings after dinner and on weekends.
My goal in the beginning was to bring in a few hundred dollars each month to help make ends meet but word about my business spread and soon I went from one or two job referrals each week to ten!
And, as homeowners began to know and trust me and my business, they started to request contractors for larger jobs. For example, my first job referral was for an exterminator, a $30 commission. That same homeowner called me a few months later looking for a contractor to build cabinets in her playroom, an $800 commission.
That’s what it’s like to build a business. It’s not overnight riches or instantaneous success. In fact, if someone promises you that you’ll make six figures in your first year, you should run the other way!
Solid businesses (like houses;) are built on a strong foundation with good materials, patience and some hard work. That’s how my Homeowner Referral Network (HRN) business was built and that’s why it’s still standing 18 years later!