3 Pillars of a Solid Home Based Business
Think about running a home based business. Freedom, flexibility, and the ability to work from anywhere on any device with an internet connection sound too good to be true? Well, they’re not! As more and more people are keeping their 9-5 jobs while supplementing their income with a side gig in the evenings or weekends, there is no better time to take the leap into self-employment.
We’ve broken down what it takes for a side project on your computer or phone from start to finish. Remember that you get back what you put in; we recommend dedicating at least 2 hours per week towards planning and growing your home based business.
The Basics of Building a Home Based Business
First, you need to decide on which products you're going to sell. This is fundamental. If you're selling on Amazon.com , for example, your business name and product(s) must be approved by Amazon and specifically labeled in accordance with their requirements. In addition, there are different taxes that apply to each of the three main ways that people get paid: salary (reported to the IRS), hourly (reported on a Form 1099-MISC), or via commission (reported as income on Schedule C or Schedule C-EZ). You should familiarize yourself with the IRS resource on this, which is just a click away at www.irs.gov . We’re not tax experts, but we recommend taking professional advice on your specific situation.
Once you've chosen the right product(s), it's time to choose a company that can help you get your physical products out into the marketplace. There are many different options for outsourcing your manufacturing and fulfillment, from single-person businesses to large companies with thousands of employees. For this week’s purposes we are going to focus on Amazon Fulfillment companies because they provide an excellent starting point for a successful business from home.
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