How To Discover If Working Your Own Business Is The Right Choice For You

If you are thinking of getting into your own business

, then you aren't alone. Plenty of people would love to have the freedom of time and income to do what they please. Not having to clock in at any certain time, not having a boss looking over your shoulder, and being able to have much more control over your salary are things that many people dream of. But, of course, it's not that easy.

If it were, then everybody would be doing it. Running your own shop is difficult, and risky. Two thirds of new businesses fail after the first two years. Before you go plunging head long into the darkness, read this article and go through some the steps listed herein. If you still feel up to it, then go full speed ahead into your new life.

The first thing you'll need is a solid business plan. You'll need to know what you will be selling. Is it a physical product, or a service? Is it an electronic product that you've created? How will you get the product? How much does it cost? How much will you sell it for? How many do you think you'll sell per week? How much profit does this give you? What will you do if sales aren't as much as you'd hoped? The answers to these questions should all be spelled out in your business plan.

One thing that may make things awfully confusing is taxes. Be sure to understand how tax law works in your areas. These days, the tax laws are so confusing that many people are running their business as a sole proprietor, but this may not be possible where you live. Talking to a tax consultant can definitely help.

Do you have enough space at home to work from? Will it interfere with the rest of your life? Can you keep it separate from your home activities? For example, you'll need to keep a separate computer and printer from your home computer and printer. And it would be a great help if you had your own room for your business.

Health insurance is also an issue. Buying health insurance on your own is much more expensive than participating in a group plan. While other group plans are available, even if you are self employed, you'll need to check them out yourself.

When you think through these issues, you'll have a better idea if it really is in your best interest to start a home business. If so, then good luck, and go make some money.

by: Winston Takeda

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