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29 Replies Last post: Jan 27, 2009 3:04 PM by SBOCTeam

Event: Starting your home-based business

Mar 12, 2009 11:23 AM

Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
Interested in making extra money, escaping the corporate rat race, or just taking more pleasure out of working from home? Small business guru Barbara Weltman shares best practices in starting your home-based business.

A tax and business attorney since 1977, Barbara Weltman has the knowledge entrepreneurs need to get ahead and stay ahead. She is a respected corporate speaker, contributing editor, author of more than a dozen books from major publishers, sought-after expert media source, newsletter publisher and more than ever a trusted advocate for small business owners. Check out http://www.BarbaraWeltman.com for more information.

Post your question for Barbara here and then check back on January 27th at 2:00PM EST, or any time thereafter for her reply. You can post a question any time during the event hour. However, she may not have a chance to answer all of them.

Ask Barbara questions like:


  • What additional expenses should I have to take into account? (e.g. health insurance)
  • What savings can I immediately see when working from home?
  • If I have more than one great idea for a home-based business, how do I choose which one to go with?
  • How do I separate business from my personal life?

Prior to relying on any legal, tax or financial advice or recommendations provided herein, you are advised to consult with your attorney, financial adviser and/or tax professional to verify the information provided and to determine the applicability of any federal, state or industry specific laws and/or regulations that may apply to you. Bank of America or Barbara Weltman shall have no liability for legal, investment, finance and/or tax decisions based on the information provided.
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Click to view BlueRidgeJR's profile Start-up BlueRidgeJR 1 posts since
Jan 8, 2009
1. Re: Event January 27: Best practices for starting your home-base Jan 8, 2009 4:33 PM

Having this type of forum is terrific for a home-based business owner! Right now, I'm still working full-time and working from home on a part-time basis; obviously time is as precious for me as it is for all entreprenuers.
I'm interested in learning the best techniques for keeping personal and business accounts separate and the organizational tips.

Thanks!
Click to view boconiva's profile Start-up boconiva 1 posts since
Jan 11, 2009
2. Re: Event January 27: Starting your home-based business Jan 11, 2009 6:05 PM
What is the best way to advertise your business. My sister and I have started a business, but need idea's for advertising our service. This service is based on performance not on cost. Thanking you in advance, for any help you may give us!
Click to view tashmaxx's profile Professional tashmaxx 4 posts since
Sep 17, 2008
3. Re: Event January 27: Starting your home-based business Jan 12, 2009 6:15 PM
My husband and I are wanting to start a home based business as Process Servers(Legal Document Assistants). We plan on running the business out of our home as long as possible and once we have enough clientele we may then get office space. Do you have any advice at all about running this type of business?
Click to view solDesigns's profile Start-up solDesigns 2 posts since
Jan 12, 2009
4. Re: Event January 27: Starting your home-based business Jan 12, 2009 8:21 PM
Hi Barbara,

I just started working full-time from home and wanted to find out if there was a list available of items that are tax deductible for a home-based business. What kind of things can we claim?

Also, when working from home, what are your recommendations in terms of setting up a corporation, and how will that affect my personal taxes at the end of the year?

If you have any tips for helping with keeping track of your expenses, it owuld be greatly appreciated!

Thanks,
Sol
Owner
SolDesigns.net
Click to view revvin's profile Start-up revvin 1 posts since
Jan 15, 2009
5. Re: Event January 27: Starting your home-based business Jan 15, 2009 2:17 PM
How can I access gainfull procurement opportunities in my geographical region that pertain to my court reporting industry? CART Services, Closed Captioning, etc.
Click to view KyAnnadesigns's profile Start-up KyAnnadesigns 1 posts since
Jan 18, 2009
6. Re: Event January 27: Starting your home-based business Jan 18, 2009 1:43 AM
Hi Barbara!
+ I currently run a home-business, am a mother of two, plus a foster child currently, and I am a full time student who struggles greatly with time management, organization & sticking with one main idea....... So the questions I have are............+

A) what suggestions might you have for someone like me who really struggles with staying focused and on track?
B) What organizational tips & tools might you suggest for running a home-based business with very little space & who can never find anything? &
C) How do I figure out which direction to take my business when I have too many ideas, & too much I want to do!

Thanks so much, I can't wait to hear what wonderful advice you have for us!

Rachael Johnson
Click to view Interpreter's profile Mogul Interpreter 27 posts since
May 29, 2008
7. Re: Event January 27: Starting your home-based business Jan 22, 2009 10:08 AM
Hi Barbara,

Thank you in advance for reading. When I prepare to file this year, what in my home office can I write off? Is there a point where small business owners go overboard with write offs and sets off red flags with the IRS?

Interpreter
Click to view Elite1's profile Mogul Elite1 64 posts since
Nov 14, 2008
8. Re: Event January 27: Starting your home-based business Jan 26, 2009 1:17 AM
Barbara,

Could you outline some of the advantages/disadvantages of the various legal entities for those considering a new business start-up or a change in business structure. There seem to be a lot of posts in this forum regarding which entity to choose as well as the differences in taxation for them. Perhaps if you provide a foundation, these individuals will be able to prepare for their meeting with their accountant and attorney. Thank you.

Tanya
Elite Financial Services, LLC
Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
9. Re: Event January 27: Starting your home-based business Jan 27, 2009 2:00 PM

Community,

Please join me in welcoming Barbara to the SBOC. She will be posting as BigIdeas4Biz.

Barbara, take it away whenever you're read!

The SBOC Team
Click to view BigIdeas4Biz's profile EXPERT BigIdeas4Biz 50 posts since
Feb 7, 2008
10. Re: Event January 27: Best practices for starting your home-base Jan 27, 2009 2:02 PM
in response to: BlueRidgeJR

Businesses are required to keep books and records. It is essential to separate your business from your personal finances so you'll be able to complete your business tax return and take full advantage of write-offs to which you are entitled. Good recordkeeping will also help you determine profitability, stay on top of cash flow, and maintain a handle on your finances.

Here are some ways to optimize your business finances:

  • Keep a separate business bank account and use a business credit card. Do not use business money to pay for personal expenses.
  • Use accounting software or online solutions to keep track of your income and expenses. For example, accounting products from QuickBooks and Microsoft can get you up and running in minutes. Back-up your financial data to keep it safe (you don't need to back up if you use an online solution that stores your data at the solution's site).
  • Set up a file system to store business receipts need for your taxes.
Click to view SBOCTeam's profile sboc SBOCTeam 328 posts since
Jul 27, 2007
11. Re: Event January 27: Starting your home-based business Jan 27, 2009 2:05 PM
Community,

Remember to refresh your browsers often to view Barbara's latest responses.

Other than that, have fun and get those questions in!

The SBOC Team
Click to view BigIdeas4Biz's profile EXPERT BigIdeas4Biz 50 posts since
Feb 7, 2008
12. Re: Event January 27: Starting your home-based business Jan 27, 2009 2:05 PM
in response to: boconiva

Businesses, whether home-based or not, need to let potential customers know they exist. The challenge is to do this on a budget, especially in these tough times. Here are some suggestions:

Have your own website where you can publicize your business (whether or not you sell products or services there).
Network, network, network. Build relationships with other business owners to maximize word-of-mouth advertising.
E-mail marketing (permission-based contact with potential and existing customers through newsletters, etc.).
Seek referrals from existing clients.
Brand your business-with a name, a logo (where important). Use this on business cards, letterhead, brochures, and other marketing materials.
Participate in social networking. Online communities such as SmallBusinessOnlineCommunity can help you spread the word.

Click to view BigIdeas4Biz's profile EXPERT BigIdeas4Biz 50 posts since
Feb 7, 2008
13. Re: Event January 27: Starting your home-based business Jan 27, 2009 2:09 PM
in response to: tashmaxx
As with any business idea, it's a good idea to write a business plan. This will serve as a roadmap for your activities. Writing the plan helps you determine whether your business idea is viable as well as think through who is responsible for doing what in the business, what the start-up and ongoing costs will be, how you'll market your business, and other key points. The plan doesn't have to be a best-seller to be an effective tool for you. There are business plan tools available for free from the SBA at www.sba.gov and click on "Small Business Planner."
Click to view BigIdeas4Biz's profile EXPERT BigIdeas4Biz 50 posts since
Feb 7, 2008
14. Re: Event January 27: Starting your home-based business Jan 27, 2009 2:13 PM
in response to: solDesigns
Being in business, you can deduct ordinary and necessary business expenses (although tax rules place a number of limitations and conditions on write-offs). This includes a home-office deduction for the personal expenses related to the portion of your home used for business (if you qualify for the home office deduction). You can find the most complete listing in my book, J.L. Lasser's Small Business Taxes 2009. You can also find help in IRS Publications 335, Tax Guide for Small Business (for Schedule C filers), 535, Business Expenses, and 587, Business Use of Your Home, which are available at www.irs.gov.
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