Saturday, April 14, 2007

Work From Home Business Requires Serious Effort

There are so many different circumstances that prompt people to start working from home ... and there are just as many of those businesses available.

What you need to ask yourself is whether you want a work from home business or a work at home business. The difference is the type of work you will be doing, but either way it should be something you are good at doing as well as something you enjoy doing. I can't underscore the importance of enjoying your choice. Lets face it: most people won't do things they don't want to do ... we will find a million excuses and other things to do instead and sure enough, the business will fail from neglect. Don't let that happen when making your choices.

Typically, most work from home business operations involves service-related jobs such as plumbing, electrical or some other form of home improvement. Consultants often develop a work from home business and this type of work can be done through telecommuting while working for someone else. While salaried work from home positions are few and far between, they are available on a very limited basis.

There are many advantages to a work from home business, beginning with a low overhead and being able to use a portion of your home’s operating expenses as a tax deduction. There are specific rules governing business use of your home so be sure to check with a tax advisor before claiming it on your income taxes. If you end up being ineligible for this deduction it could cost you dearly in the form of penalties and interest.

Robert Kiyosaki talks about building a business team and your account or tax advisors are critical members of your business team. They are worth the investment, and often the costs of their services are business deductions.

By working from home you can usually establish your own hours and your own dress code. This is great when you are sitting at the computer, but when you are out networking or meeting with clients, a professional appearance is a must.

Motivation is another must ... which ties back into the need to enjoy what you are doing.

You will also have to have the motivation to get up and work from home even on those days you really do not feel like it, just as though you were working for someone else in their office. You have to show up in order to get your work done.

If you are thinking of working from home, and you still have a full-time job, you should consider starting your business on a part-time schedule to get started. This will involve giving up some of your spare time to start building a business that will earn you more money. As the business establishes, you can then decide to walk away from the full time job. It's a less risky way to start, but again, requires motivation and dedication to go to work when others are playing!

You will also have to remember that when you work from home you are generally treated as a contract employee and all matters pertaining to taxes will be your responsibility. Money paid to your self will require certain tax forms and your income taxes will have to be paid on a regular basis, just like any other business does for their employees.

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Working from home shouldn't be a distant dream. Make it a reality: