With the current economy slowly on the rise, many people are faced with how they can supplement income and “ease the stress” off of their wallets. Like any depression, recessions or economic slow-down, the unemployment rate rises, income levels fall and regular people are left scrambling to fill the void.
So how do you do it?
Well, not many people are wise to how easy it is to start a home-based business. Most are often deterred because they have a hard time identifying a scam from a legitimate business opportunity and are misinformed of the increasingly popular “MLM.”
The truth is, you can start a business very simply and easily. In most cases, people find that taking a hobby or special interest (say writing) can turn a small profit with a very low start-up cost. Many have actually found more success in turning their hobby into a business and find that soon afterwards, they can leave their J-O-B, for the familiarity of working from home.
The key is finding that “niche.” Pick something that is comfortable for you and has the least amount of training. The next step is to pick a name for your business. In some cases, this can be tricky and most people find that “somebody is always using their name.” The easiest way is to just use your name.
When marketing any product, brand or trade, your best asset is your name, especially if your new. Picking a fancy business name often deters people from taking a second look, especially if you have little or no visibility at the start.
After you set your name, you have to file your DBA (doing-business-as) with your local state government. This is a one page form and can be filled out and filed personally for as little as $20 (in most cases). This secures your name for business for ten years and will help solidify your business.
After your business name is filed, you can apply for an EIN (Employer Identification Number) although in most cases it is not needed. This can be filed for free online with the IRS and should only be done if you plan on hiring employees.
Stock up on supplies and get started!
That’s it. Your now in business for yourself. There are many resources available to a small business and can be sought out online. Business plans are not needed until your ready for applying for a loan or angel investors.
The important thing to remember is that once you start your business, you have to treat it like a business. If you work it like a hobby, it will cost you like a hobby and little to no money will be made. If you work it like a business, you will find that most hobby skills can pay-off greatly.
Thanks for reading.