A Guide to Starting a Home Based Business
If you are thinking on starting a home based business, there are many things to consider. An internet based online business will require different items than a craft home based business. Today we will focus on items that are specific to starting a home based business that involves the use of the Internet, and what skills may be required.
There are several areas that anyone starting an online home based business may want to consider before deciding to start.
1. What is your product? It is important to decide on a niche.
2. Who will be your customer?
3. Will you have to produce and stock your product?
4. What equipment do you need?
5. What are the costs to setting up an online marketing business?
6. How will your product be delivered?
7. How will you handle payments for your products?
8. How will you advertise?
9. What resources do you need?
All of the above questions need to be addressed whether you are starting a business that is more physical or traditional venture or an online internet related business. When you start a more traditional business, you need to decide on a product, stock that product, and arrange for the shipping of that product, not to mention the advertising. You also more than likely will have to have some help in the packaging and shipping departments, even if your business is home based. You will still need a computer, website, and hosting for advertising your business, and taking orders. Your costs of running a more traditional business can be quite high.
An online internet business that is home based still needs to have all of the above questions answered. You will of course need a computer with an internet connection, and you will need a phone. If you decide to market your products through a website, you need to decide on a domain name, and hosting for your website and email. You need to decide on a payment engine when you sell your product. Usually, you don’t need to worry about shipping because most of the opportunities on internet marketing are digital, or drop shipped. You probably won’t need to hire anyone to help you in your business, and you won’t have to worry about buying inventory. The costs of running a home based internet marketing company are really very low.
There are many different areas of online marketing, and you will need to do a fair amount of research to decide which way is best for you. You do need to find a niche that that you are interested in and feel comfortable building. After you have been at it for a while, you can comfortably expand your horizons.
Is a home based internet marketing business the right move for you? It does take time to build a successful internet marketing business, but there are many excellent tools out there that can help. With a lot of research, and the right niche, your chances of starting a successful home based business are excellent.
Please visit us at http://www.internet-opportunities-from-home.com for a more comprehensive guide to starting your own home based internet business.
Janette Craig
http://www.articlesbase.com/internet-marketing-articles/a-guide-to-starting-a-home-based-business-664134.html
How can I roughly estimate my taxes if I'm starting a home-based business?
I’m considering a home-based business and I’m wondering how the taxes will differ compared to my current salary, assuming all other elements are remaining the same. (Please note, I’m not asking about the forms to use, how to submit tax information, or taking obscure deductions into consideration; I have already read up on all of these items.)
I currently have a salary of $80,000. Based on what I actually bring home, roughly 35% of my paycheck currently goes to taxes (ridiculous, isn’t it?). If I were to stop my corporate job and do a home-based business full time, what % increase or decrease could I expect in taxes for a sole proprietor that makes enough money to qualify as income. Again, I’m not considering deductions like running a business out of my primary residence, business travel expenses, etc. I’m strictly comparing taxes to taxes.
It may not be possible as there are tons of factors to consider, but if anyone has insight, personal experience, or even a rough idea to guide me, that’d be great!
When you are self employed, you pay the "employer’s share" of fica/mc, so our tax bill will go UP 7.65%.
References :
As an employee you are paying 6.2% for Social Security and 1.45% for Medicare. Those will double when you become self employed, but the additional amount you pay is deductible for income tax purposes.
As for your income tax there are too many variables to consider. The primary variable would be your income from the business. You do need to consider those deductions you call "obscure", because they could be significant. In my business they are significant and make up for the extra FICA taxes I pay.
References :