Starting a Legitimate Home Based Business

Anybody can start a small, small business by just rooting through their garage to find some collectibles, and then posting those items on an auction site. This is a good way to make a little extra money, and do it sort of “under the radar”, where you’re not really running a business so much as just supplementing your income on the side. But, if you want to build a real business, if you want to make a living on it, if you want to be financially independent, you need to build a legitimate home based business.There really is a big difference between making some extra money on the side, and building a real business that you can use to build real wealth. Maybe, just maybe, you can JUST squeak by selling some stuff on auction sites and making sure you’re not making enough to interest the IRS, but it’s not a safe bet. If you want to make a living with your own business, there are three things you need to learn…Liability and LegalityYou need to know everything there is to know about liability and legality in relation to small (and large) businesses. You need to know what sort of licenses and permits you’ll need based on how much money and inventory you’re moving around or based on what sort of services you’re offering. You need to know all about legality and liability in terms of what’s legal in what state. Maybe you sell exotic fantasy weapons, well, that’s not legal in every state, so do your research.TaxationYou’re going to be paying business tax, sales tax, and self employment tax, and those are just the taxes you KNOW you’re going to have to pay. That might not be all there is to it. Depending on what you’re selling, you may have to pay a broad range of other taxes as well. As a general rule of thumb: If you’re making enough to pay for your groceries with your business income alone, you can’t fly under the tax radar any longer.ExpansionWhenever you take the next step, take it carefully. Every single move towards expansion will need to be coupled with a whole new gauntlet of reeducation, research and paperwork. Nobody said it was easy. But, it CAN be easy once you get the education you need in order to do everything on the up and up. In the internet age, the big investment you make in your small business isn’t money, but time.One Final ThingYou should probably take a moment to consider actually learning how business works in a real, academic setting… Now, this doesn’t mean going and getting a bachelor’s degree after several years in a business academy, but you might want to consider getting some guidance through an online course or a seminar in driving distance. Just be on the lookout for scams. Basic rule of thumb here: If they promise you’ll get rich quick, you won’t. If they promise you can become financially independent through lots of hard work and smart investing, you will.Find out about the benefits and advantages of starting your own home based business today! When you begin your legitimate home based business you will start generating an income quickly!

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