subject: A Top Home Based Business: Do You Have One? Want One? [print this page] If you are looking for a top home based business, starting a home based internet business, or considering a small home based business opportunity, there is one thing that you will want to consider seriously when setting up your business.
Focus on the fact that you are running a business. This is not a hobby. Although it will be extremely fun (probably not what you think of work right now), it needs to be treated like a business to perform like a business.
Mentally, it is very simple to convince yourself you are running a business because you are doing something with the expectations of making money. However, actually performing the tasks necessary to BE a business is something entirely different.
Quick test.
Do you have an LLC? Is it taxed as an S-Corporation?
Do you keep Profit and Loss records?
Do you even have a business checking account?
Did you know that the structure of your organization and record keeping will significantly impact your chances of being audited?
Did you know that the right structure can save you thousands of dollars each and every year?
The point here is deliver the message that there are a lot of things to consider when running your business, whether you are making money or not. This actually accomplishes two very significant tasks.
Running it the right way will make/save you a lot of money. What business cannot use more money?
The formation of some of these pieces will help establish your mindset that you are in business. Even though you may feel like you are running a business, actually signing the documents forming your entity carries a more significant meaning.
Start treating your small home based business opportunity like a business and it will pay you like a business. If you keep treating it like a hobby and it will cost you like a hobby, not a top home based business.
by: GripofDough
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