Home Business Ideas and Opportunities

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Setting Goals for Your Home Business Plan

It is important to have specific goals and tasks. When you are creating your plan, don’t use vague references like ‘eat breakfast’ – make it specific: ‘eat eggs, toast and bacon for breakfast’. That way when you sit down to actually accomplish the necessary tasks to run your business, you know exactly what you need to do.

It is also when you are creating the plan that you will set your goals and make sure you are able to perform whatever you need to without being interrupted or having everything in ‘pending’. For example you can’t have eggs for breakfast unless you first go to the store to buy the eggs. So take some real time on the details to create your plan so that it will run smoothly and you can actually do what you need to do rather than to keep going back to the planning stage.

Lists are great but if you have too many things to do they can actually make it worse for you psychologically in that for one thing you may not have everything you need in place yet to accomplish something on the list. Or you may even react negatively to having a big scribbled mess with some things crossed out that are done, some things crossed out because they are cancelled, notes here and there about the status of various tasks, etc. It is just adding more chaos to your day.

The purpose of having a plan is to be organized and methodical so that you don’t miss any details. The main reason not to have a scribbley mess in your directions, however is that you may start to feel guilty or like you are falling behind when you do not accomplish what you set out to. There is so much to learn and to do that it is important to stay positive and not let any obstacles stop you from your progress to develop your business.

This is why it is best to have a couple different lists with your goals being defined between those that are needed and possible right now, (today) those that can be done in the near future, (this week or month) and then long-term goals which might cover as long as a year. Keep clear notes here about the status or things that may be pending and why – know what you need to do in the meantime to be able to eventually do what is needed.

So start with 3 pieces of paper or online documents to begin your planning. Don’t put anything on your ‘To Do’ list for today unless you are absolutely sure you can do them today. Should something happen unexpectedly that keeps you from doing it, then cross it off and start a new list for tomorrow – or add it to the near future list with exact date to be determined. Be sure to note anything that is keeping you from actually doing the task and what you need to do to eliminate that so you can finish what you need to do.

It is sometimes difficult for people to be their own boss. We are mostly used to going into a company that will tell us what our job duties are and show us what that involves, including orientation and training, etc; they will tell us what time to show up and what time to go home. So they are creating the foundation for us and we just need to go in and do it. When you are starting your own business you will have to do all of this yourself including motivating yourself to follow your own directions!

It is very easy to say ‘not now’ or ‘maybe later’ when you are in charge of yourself; however you can’t allow this to be the case. You have to somehow force yourself to treat your business just like you would a job. Of course we are free to set our own hours and etc., but if we are seriously hoping to start a business that will provide a full-time or substantial income down the line, we need to actually follow a plan and do the work on a consistent basis. Work at midnight if that is what you prefer but just be sure you get everything done, no matter what.

Take a few days off if you need to, but again, make sure everything that needs to be done, gets done before you leave or after you return. You might even want to build this in to your plan as it is very important to take breaks and have time away as in a weekend or vacation that you could expect from a regular job.

When people first start out it seems to be extreme in one way or the other; either they take it for granted and think there is some magical process that will create traffic and sales just because they joined a program, and there is no necessity to actually work it; or they will work 15-hours a day until they completely burn themselves out and can’t figure out why nothing is working for them. The truth is it takes time either way.

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Why Do You Want to Start a Home Business?

Most people likely would just say they want to start a home business to make money. To what degree depends on the individual circumstances. It could be extra money to pay bills because the regular paycheck is not ‘stretching’ as far as necessary. It could be extra money for some special thing like a vacation or a new car for example. It could be extra money to create some savings or investments for retirement or a ‘safety net’.

Money could be needed more critically if someone has lost their job and has been unable to find another one, and need to replace their salary. This is the scenario where they would be better off if they had started something part-time that they could capitalize on where ‘spare time’ is all they have right now! It is important to plan for the unexpected just like we should do for earthquakes or hurricanes, etc. Once the emergency hits, it is a little late to prepare.

Although when we are doing well and don’t think we have any problems it is normal to not worry, if somebody reads the news for the past few decades they should realize that ‘only by the grace of God go I’ is a real, true statement. It could happen to anyone. Don’t get complacent because you know you do your best to do a good job, and often ‘go the extra mile’ to exceed expectations; however that is no insurance at all. When companies make decisions to eliminate jobs, it is positions that they are looking at, not people. Be prepared. Save your money, start building something on your own to increase your security. Do it now before it is critical.

There are blogs and other social network communications from people who call themselves the ‘used to haves’ – these are people who used to have good jobs and enjoyed a good salary and all the things you can buy; they are people who are educated and skilled. Yet they lost everything through no fault of their own. They lost their jobs and their salary because their company merely wanted to make more money and so they moved their operations ‘overseas’ where they do not have minimum wage laws or taxes. The ‘used to haves’ are now struggling to pay their bills, have no prospects for jobs and are every day becoming more and more depressed and deeper in the hole.

It is therefore surprising that more of them to do not arrive at the possibility of starting a business online from home. They do have for the most part education and skills – they must know how to do quite a few things that could be ways to earn money from home. Of course many are willing to make less money or work longer or just to do anything out of desperation. Another option they have is to apply at temporary agencies to get assignments that can just help to tide them over until they find permanent work.

Yes, for the most part wanting to start a business from home is mostly about money – but there is a lot more to it as far as feeling strong and feeling good about yourself because you are doing more than what is expected – because you always feel you can accomplish more, and because you are going to be prepared for the unexpected (and if it never comes you will find something to do with a nice chunk of money you have saved!)

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Self-Employed – It’s Tax Time!

Naturally if you owe money it is not your favorite time of year and if you are owed money you can’t wait to file. You can file any time after January up until April 15. Actually if self-employed you are expected to file quarterly estimated taxes. What you may not realize is you can get around this by paying a small fine each year. Some people would rather have the money on hand for emergencies and don’t mind the fine. Probably best if you can pay quarterly as you always want to save money wherever you can.

You would need to file form 1040 with Schedule A to itemize deductions. You also need to include schedule SE for the special tax they have for self-employed people. Then there is Form 8829 for use of your home for business, with which you can deduct a percentage of expenses such as utilities, rent or mortgage, etc. This all goes with Schedule C, Profit and Loss from Business.

Always consult with the IRS website (irs.gov) to be sure what is required for the tax year, as things change including allowances, requirements, etc. It really pays to have a professional prepare your taxes as they are up on all the rules, and the cost is tax deductible. If you are also employed outside the home you are paying some taxes through deductions on your job and this makes things a lot simpler as far as the schedules above. So again, it really is worth it to consult a professional tax preparer.

It will be a big help if you keep track of your receipts all year just by virtue of having a folder labeled ‘taxes’ – Some things will be online and some will be hard copy as far as expenses you may have for business. Your bank statements and statements from your online payment companies will be a big help and you should print them out for documentation in any case. Be sure that you have documentation for any deductions you take and of course your income. You can be audited for several years and are required to keep financial records for 7-years.

Since you want to figure a percentage of expenses to maintain your home office, it would also be very helpful if you had a spreadsheet where you record your utility bills, rent or mortgage costs, insurance, security, Internet/communications, medical expenses, etc. The thing is however, they give you a large standard deduction and often times you do better just paying your tax based on that. Still, you should have records for all your business transactions and file all the necessary papers for your home-based business.

Some home business models have more items that can be deducted than others – but in any case equipment, (computers, office furniture, etc), office supplies etc., are deductible. Keep in mind if you are paying dues or membership fees for your income opportunities, that these costs may also represent deductions for you along with any expenses you incur advertising or marketing your business.

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Home Business Ideas and Opportunities

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