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Home Business Article:

Starting A Home Business: Step 1

Starting A Home Business: Step 1
Copyright 2005 Ken Leonard Jr
KLJ Online
http://kenleonardjr.com

People often ask me, "exactly what do I do first to start a home business? I have an idea for my business, but I don't know what to do first, then what to do next." Getting started can be the hardest part for some. The articles in this series will take you through the first steps needed to start a home business.

Setting up a new home based business is simple if you know what to do. Today you will learn how to create the business entity, legally register it with your local government or tax collector and be able to pay for services and get paid for yours.

First of all, your business must have a name. Check with your local government for their policies regarding fictitious business name registration. You can create your business as a sole proprietorship to make this set up process as easy as possible. In the future you will want to consider incorporating your business for liability and tax reasons. Get a qualified professional to help you when you decide to incorporate.

Now that you have a registered name to operate your business under, it is time to get the required licenses for running a small business out of your home from your local government office. An occupational license or business permit may be required by your city, county or state, possibly by all three. Make sure you satisfy all of your legal obligations with local government before continuing with your home business set up.

With your fictitious name registration and business licenses in hand, it's time to visit your local bank. Set up a small business checking account under your business name with you as a registered signer. Get a starter account for now, then upgrade later when you need more features. Make the initial deposit from your personal checking account and label the check "loan to (your business name)". To process incoming checks you will need an endorsement stamp to mark the back of each check for deposit. Go to your local print shop and order a self-inking endorsement stamp that prints this information:

- For Deposit Only
- (your business name)
- (business account number)

Following Step 1, you will now have set up your home business and can process payments. If you will be operating on the internet, go to PayPal.com and set up a business account. You can use your business checking account and a company credit card as payment sources for your PayPal account. Then you can accept PayPal payments from others and make purchases online without having to give out your credit card or bank account information.

In Step 2 of this series, you will learn how to set up a simple internet marketing system that will include a web site, lead generation and email follow up, as well as a credit card processing system for your sales.



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Ken Leonard Jr. publishes New Marketer Ezine weekly. Get the advice and direction you need so you can make a living working from home. If you are serious, see what others are saying about New Marketer here... http://www.kenleonardjr.com ------------------------------------------------------------------------------------------
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More Home Business Articles:
  • Starting A Home Business Step: 1 - People often ask me, "exactly what do I do first to start a home business? I have an idea for my business, but I don't know what to do first, then what to do next." Getting started can be the hardest part for some. The articles in this series will take you through the first steps needed to start a home business.
  • Starting A Home Business Step: 2 - If you put Step 1 of this series into action, you now have a licensed home business with a registered name and active bank account. Today you will see how simple it is to set up the marketing tools you will need to do business on the internet.
  • Starting A Home Business Step: 3 - Before you decide on a product to sell online, figure out which kind of home business you want to create. Some people make a living selling digital or print infoproducts on the internet, much like the ones you've seen on TV informercials late at night. Others deal in hard goods like you would purchase from your local retail store. Some people promote business opportunities through network marketing programs.
  • Starting A Home Business Step: 4 - After Step 3 of this series, if you've been doing your homework, you should have your home business legally created and your professional internet marketing tools set up and ready to go. By now you've also done your keyword and ad research which produced a profitable keyword phrase for your product idea. If your product idea turns out to not be in demand or the prospects won't pay for it, it's time to try another idea and repeat the research process.
  • Starting A Home Business Step: 5 - After completing Step 4 of this series, you should have your home business entity created and licensed and your professional internet marketing tools all set up. If you've been doing your homework up to this point, you've also finished your keyword and ad research which produced a profitable keyword phrase for your product and you have written sales copy for your web site (or had a pro write it for you) that will entice your prospect to take the action you want them to.