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Getting
started with your Home Business
First
things first. You need to make sure your business is properly set up.
This may take a little extra effort now but it will be well worth it
later on when you start making some income.
One
resource which I thoroughly recommend is Make
Your Site Sell. It covers everything from
developing a great product, writing a web site that sells, to
attracting targeted customers to your site.
MYSS is
written in an easy to read, non-technical format, and at under US$25 it
would have to be the best value on the web. If you're new to the world
of Internet business then you shouldn't be without this book - it's
that good!
Update:
Make Your Site Sell 2002 has just been released. MYSS now covers 4
volumes and over 1,500 pages. Click HERE
for more info.
Business
Set-up
First, a
disclaimer. The following information is intended to be a (very) basic
introduction to setting up a business. It is by no means a
comprehensive guide. It's always a good idea to consult an accountant
or attorney before starting any business venture. You should also check
with your local authorities as procedures will vary depending on the
state/country in which you live.
File
your Business Entity
You will
need a "business entity." This is simply an official business name
that's recognized by the government. You can do this one of two ways.
1)
Corporation: You can file a corporation with
your State. I believe that all States in the US have a web site where
you can download the necessary forms. They will also have instructional
forms that detail what goes where, and what everything means on the
forms. Once you have completed the forms mail them in with the
appropriate fee and you will then become a corporation.
2)
Fictitious Name: This is an easier way to
register your business, but it does not give you the protections that a
corporation does. In some States, this is called a DBA (Doing Business
As), and is obtained from your local County Office building for a
minimal fee.
If you're
not sure which way you want to go, see an attorney or accountant. This
is an important decision!
Obtain
an EIN number
Once you
have registered your business you will need an EIN (Employer
Identification Number). For information on how to obtain your EIN see www.irs.gov.
The IRS uses this number to identify taxpayers who are required to file
business tax returns.
Obtain
a Business License
In some
states you will be required to have a Business License issued by the
county your business resides in. This takes a couple of hours at the
local County Office Building, and costs about $30.
Record
Keeping
Whatever
business you operate it is essential that you keep accurate records.
The choices in accounting software are endless so I won't make any
specific recommendation here. There is lots of free simple accounting
software to download and try at Cnet.com.
A good spreadsheet program (like MS Exel) is essential.
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