Thursday, December 13, 2007

Is Running A Home Business All That And A Bag Of Chips?

Of course it is! Running a home business is one of the great ways a person with little or no business experience can build a great financial future for themselves and their family. Think about it for a small fee you can become licensed to sell a product and receive all the advantages big corporate businesses have. That is what I call leverage. Home businesses give any person, anywhere, a chance to create a better life for themselves. Home businesses also give you great tax deductions and incentives. Any person can start and build successful home business for themselves. You do not need a college education, or even a high school education for that matter. No matter what sex, race, or religion you are a home business opportunity can be taken advantage of by anyone.

Think about it. To start a traditional business your costs will be in the thousands. If you wanted to start a restaurant you first need the startup money. So you would have to apply for a business loan or you may have the money but you are looking at least 30k just to start the restaurant up. Then you would have to setup all the legal paperwork, insurance for employees and customers, find a location, and other business expenses. And all of this is before you have even made your first dollar. It would at least take you 1 to 2 years to begin to have a return on your investment. with a home business you have none of that stuff to deal with. You sign up, setup your marketing campaigns and start selling.

Next if you want to start a franchise you will first need them money. Like for instance a McDonald's franchise/restaurant sells for about 1 million. And most major franchises will not even talk to you unless you have a certain number of years running a successful business.

The tax advantages of running a home business are awesome. First did you know whether or not you are earning money with your home business you can still write off losses with your home business . And save money on your earned income(the income you earn from a job). The next thing to realize is running a home business is different than being a employee or self employee. I'd hate to break it to you but there are different tax laws for the different types of income you make. As an employee or self employee you are highly limited to what you can write off. But as a home business owner the sky is the limit. Get this a majority of your expenses as a home business owner will be paid with pretax dollars, the government does not take taxes out like they do from your paycheck. And if you're incorporated you even get to decide when you want to pay taxes for the following year. Also be sure to hire a good CPA to prepare and file your taxes, and get this the cost for your CPA is a tax deduction.

Starting a home business makes complete sense. These are just a few of the reasons why running a home business can be so lucrative and profitable.
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Anonymous said...

Interesting post. I want to become an entrepreneur and run my own business, so this will come in handy. I know it'll be tough, but I'm ready for the challenge. I've been looking for businesses to buy, but I haven't had much luck. Do you have any suggestions? Thanks.

Anonymous said...

Doug -- Have you looked into small business groups in your area? They might be able to help you.
I would also look into, which is this online global marketplace where you can invest in, buy, and sell a business. There's a pretty wide selection, so I'm sure you'll be able to find what you're looking for. Check it out and good luck!