Did you know that your Internet is tax deductible when you own your own home business? You can write off the Internet costs, but if you use it as a home connection as well, you cannot claim more than 50% the cost on you taxes. Read the rules on the IRS website.
You must keep separate phone lines for business and home use. Your business will need a professional recorded message for off-hours as well as a company greeting when you are there to answer. Also, you don't want to run the risk of other family members picking up the phone when customers call.
It is essential to know the cost of production for any products that you sell. Two times the cost price is the basic mark-up for wholesale. Two times the price of the wholesale cost equals the standard retail markup. Your price-point should work for your customers and you.
If at all possible, you should start a home business while you still have employment. A new business takes a long time to generate any profit; so if possible, keep your current job going. You will need to have money when you are waiting for your business profits to come in.
Join home business forums and discussion groups online. This lets you network, learn and share your expertise. You don't know where a certain contact can take you or how many sales you can make through a connection.
Offer referral incentives to customers for sending friends and family to you. Word-of-mouth advertising is powerful since friends' recommendations are more reliable than flyers. This will also help your customers stick with your business.
Do you want to establish a home business but don't know what will work? The Internet is a great resource to help you find business plans that have been successful for others. Make sure you avoid home business scams advertised on the Internet. You might pay for access to information that is common knowledge or readily available for free. Some scams are more convoluted and ask you to pay for access to high paying jobs, or tuition for classes online that are irrelevant. When it doesn't sound plausible, it probably isn't.
Use home business forums to get support from home business owners. There are countless forums and websites dedicated to the owners of home businesses, and the information and support that can be gained there can be invaluable. Here, you can find people who are going through the same issues as you and you can share and learn from them as you navigate your way through the business world.
You might be under the impression that you are putting way too much time into your home business, but remember that all successful businesses began like that. No one gets rich overnight because if they could, everyone would be rich. Hard work and knowledge will get you to your goals, over time.
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