101: Home-Based Business
More and more people are fleeing corporate America for the freedom of entrepreneurship. But having a home-based business comes with its own set of complications.
Here are some tips from SCORE (Service Corps of Retired Executives) if you're thinking of hanging a shingle outside your home:
Follow The Rules
Determine local and state requirements for licensing and zoning regulations and be sure to check with your local zoning office to find out how the zoning regulations in your area may affect your business plans. Determine if your business requires any licenses and file the necessary forms.
Go Postal
Rent a post office box and use that address on your promotional mail and stationery, doing this will make it less obvious that you are working from home. The professional image you portray is very important to your clientele.
Space Concerns
When scheduling appointments with clients, consider meeting at your client's office or renting a conference room to maintain a professional image.
Network
Establish contacts with your competitors and join associations pertinent to your business. Have your clients suggest possible new clients and ask if they will recommend you.
Be Meticulous
Keep excellent records of entertainment and travel expenses. The Internal Revenue Service (IRS) tends to audit home-based businesses more frequently - especially when they are writing off a variety of expenses, including the percentage of the mortgage or rent for your office space. n
Source: SCORE, www.score.org.
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