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Home business owners or work-from-homers:

Discussion in 'The Lounge' started by newyorkin, Apr 12, 2003.

  1. newyorkin

    newyorkin 1 ton status

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    Anybody here work from home or own a small business? I'm considering starting one sometime down the road, but I'm thinking maybe I should start laying the ground work now...

    Anyone have any pointers? Common pitfalls to be aware of?
     
  2. Skigirl

    Skigirl 1/2 ton status

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    I work at home now as a business consultant. No need for an office. I travel to clients (mostly on the east coast) when needed and the rest is phone, fax and email.

    You need to 1) get used to working in spite of the temptaion to do other things around the house during work time... like work on the rig 2)keep your work space separate from home space and don't spread your work all over the house, so that you're never really "off" work.

    People have told me that they get a little buggy being by themselves at home with no one to talk to like one would at a workplace. I find it much more efficient as I'm not interrupted during work time, and so I don't need to work full time to get full time tasks done.

    The best part: Now that my business is flourishing I can sneak away and work on the rig and won't get fired.

    Other than that, get yourself a good tax attorney (accounts don't usually know anything to your advantage about taxation) or tax advisor so you can keep more of what you earn.
     
  3. uglychevyZZ4

    uglychevyZZ4 3/4 ton status

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    I was thinking of being a thread consultant, wonder if Steve has an opening? /forums/images/graemlins/rotfl.gif /forums/images/graemlins/rotfl.gif
     
  4. uglychevyZZ4

    uglychevyZZ4 3/4 ton status

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    Better yet, a Beaver oil consultant, that would be fun, so long as "I" get to choose the participants /forums/images/graemlins/thumb.gif /forums/images/graemlins/shocked.gif /forums/images/graemlins/grin.gif
     
  5. Bubba Ray Boudreaux

    Bubba Ray Boudreaux 1 ton status

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    [ QUOTE ]
    I was thinking of being a thread consultant, wonder if Steve has an opening?

    [/ QUOTE ]
    Better yet, a post padder consultant. /forums/images/graemlins/grin.gif
     
  6. MudNurI

    MudNurI 1/2 ton status

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    [ QUOTE ]
    You need to 1) get used to working in spite of the temptaion to do other things around the house during work time... like work on the rig 2)keep your work space separate from home space and don't spread your work all over the house, so that you're never really "off" work.



    [/ QUOTE ]

    This is the best piece of information!

    I do 95% of my work from home in the winter- well from September to May...there is NO way I could do this without having my stuff totally seperate from the rest of my house. I am lucky and the majority of my work is done via email- or is just stuff I have to do on the computer- which means, that once my kids are in bed- I can come down here and plug away at it.

    The hardest part is knowing something has to be done...On the weekends, if I get an email re: work, I dont put it off till monday- I'll do the research and reply then...I do have my work email sent to my house- which makes it much more convienient than going to my office, but it also makes it harder to put it off till monday.

    I'm the type of person that would prefer to do the work myself, I can delegate VERY WELL, however my job is very important to me, and I have a hard time giving tasks to my secretary to do.

    In the summer- I'm AT work 70-90 hours a week, and reply to emails at night, again, once the kids are in bed. I do not have much to do at home during the 12 weeks that our center is open, so that makes it easier.

    Brandy
     
  7. Leadfoot

    Leadfoot 1/2 ton status Premium Member

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    Interesting post: I'm interested as well. I would like to make my business "official" (lawncare I am doing on the side), but wondering what I have to do as far as "registering", fees to pay, insurance, etc. I've looked at the Massachusetts Small Business Association website http://www.sbaonline.sba.gov/ma/masbdc.html
    Maybe your state has one as well.
    It gives alot of information, but I was hoping somebody would be able to step us through it (from real world experience).
     
  8. BurbLover

    BurbLover 1/2 ton status

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    Some good info posted so far. I have a few things I'd like to add.

    I'll start by saying that I've had a home office since Mar 01. There are many ups and downs to this.

    1 - Make sure you set yourself specific works hours. (This was previously said but I wanted to expand.) I personnaly work best from about 9-3 and from after dinner until midnight or so. However, my wifes gets sick n tired (her words) of going to bed alone. Make yourself accountable for your hours. Depending on what you do, you may need to set good "customer" hours.

    2 - If you have kids, what about summer? I know I have a hard time working whenever the kids are off school. Do to the nature of my 14, 13, and 9 year olds, I require playing outside and in their rooms, or at friends houses. It's tough, but necessary.

    3 - TAXES: I agree wholeheartedly about the getting a tax advisor. My accountant has 27 years experience with most of them in taxes. There are requirements if you choose to write off part of your household expenses for the business. The biggest one is if you claim it on one or both of your last two years prior to it being sold, there are requirements in claiming the $$ made.

    4 - Another big thing for me is trying to defeat the temptation of hanging out on CK5 during the day /forums/images/graemlins/grin.gif!! It's a blast, but hey STEVE, your puttin a damper on my work /forums/images/graemlins/grin.gif

    Anyway, I'll be glad to answer any other questions if I'm not too busy /forums/images/graemlins/thumb.gif
    /forums/images/graemlins/burb.gif
     
  9. pilgrim

    pilgrim 1/2 ton status

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    this is a great thread /forums/images/graemlins/grin.gif

    i to will be going out on my own soon. after the shop is built (24x36' with overhang for air comp/ dust collector) i'am very lucky to have a friend build me this shop at his house for me to use for awhile. he really wanted one and only wants me to teach him how to woodwork. what a deal) /forums/images/graemlins/thumb.gif.. all i have to do now is gather up about 10 grand or so worth of tools and i'll be off and running.. i haven't decided yet weather to go with a small business loan or a lease from the tool guys. /forums/images/graemlins/confused.gif Does anyone have any sugestions as to which might be better /forums/images/graemlins/1zhelp.gif

    What about heathcare /forums/images/graemlins/1zhelp.gif i'am looking for a single plan. ya i know its not cheap but i might even get some workmans comp ins if i can.. with all those sharp things around its best to be safer then sorry.. /forums/images/graemlins/thumb.gif
     
  10. Skigirl

    Skigirl 1/2 ton status

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    [ QUOTE ]
    haven't decided yet weather to go with a small business loan or a lease from the tool guys. Does anyone have any sugestions as to which might be better

    [/ QUOTE ]
    That depends on the terms of the note and your estimates for immediate cash flow. If you can get start money from clients that would pay for the tools, and the tools are such that they will have a long useful life, then buy them and have no capital debt. You can take the deduction over useful life and AFAIK you could also take the expenditure all at once in the first year, tho you probably won't need the deduction in 1st year as much as later years.

    If you can't get start money and you have credit enough to get leased equip, it's an immediate write-off but you'll need to ensure you can pay the lease every month. That's not something you want repossessed, as you need those tools to generate revenue.

    Re: healthcare. Also depends on what you want. NASE offers insurance for small biz owners, but I don't know much about their coverage. Blue Cross/Blue Shield has good plans but they are pricey. However, if you ensure that you are covered for hospitalization (which averages $3500 a day in costs), surgery, trauma, etc., then the things that could otherwise bankrupt you will be taken care of. I know a lot of people harp on the costs for routine care and complain about co-pays, but the real problems come when you need surgery for some alien life form that just popped out of your head, or the tool you impaled in your leg... /forums/images/graemlins/tongue.gif

    Also worth looking into are MSO plans, tho Im just checking into them myself and don't know enough to speak about it yet.

    Whether you can deduct healthcare coverage depends on the corporate form of your company
     

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