The 60-Second Commute: A Guide to Your 24/7 Home Office Life

2017-07-07 02:10:07

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It is difficult to think about disaster when you feel so good about starting your own business. But in life, bad things can and do happen. Mother Nature has been known to make more than her fair share of disasters. Her wrath can take many forms, such as floods, tornadoes, hurricanes, earthquakes, ice storms, blizzards, and flash fires. Of course, there are also the man-made kind of disasters, such as house fires and theft.

Keep a copy of your licenses, permits , tax information, incorporation documents, and contracts someplace outside your business, perhaps in storage at a warehouse or in a safe deposit box.

Get into the habit of backing up your files and keeping those discs in a safe place such as in a safe deposit box. Don't forget to routinely back up your website because hosting companies can crash. If your mailing list is in your website and there's a crash, a valuable business resource will be lost.

When it comes to insurance, make sure you have enough. Sure, there are the obvious losses such as office equipment and inventory, but what about the less obvious ”your salary, equipment leases, and loan repayments? Contact your homeowner's insurance company to find out exactly what they will and won't cover. A home office is not automatically covered just because it's in your home. Does your homeowner 's insurance cover business equipment? You can purchase additional insurance to cover the things not insured by your present policy.

Keep a file of emergency contacts off-site in the event your home office is destroyed . This file should contain names , business addresses, e-mail addresses, account numbers, and policy numbers for the following:

Accountant

Banking

Clients or customers

Credit cards

Distributors

Federal emergency numbers

Insurance

Lawyer

Office equipment ”make and model, receipts, serial numbers

Purveyors

Suppliers

Checklist for Success

While starting your own business is exciting, it seems like there are a million details to take care of before you can get started. As you scan down this checklist, you may see items that don't pertain to you. Businesses can differ in structure, size , and complexity. Use the following checklist as a guide to keep you on track for success.

Write your business plan and include details for marketing, financing, and management

Budget your start-up and operating costs

Decide what legal business structure best fits your home-based business (sole proprietorship, partnership, corporation, limited liability company)

File the required forms for your business structure

Decide on your business name

Conduct a search for your business name to make sure no one else is already using it

Obtain the appropriate business licenses and permits

Check what zoning restrictions, if any, exist in your town or community

Apply for a patent if you are selling something you invented

Order a business line for your telephone number and fax or arrange for a second line on our home phone

Conduct a search on the Internet to see if your business name is available for a website

Once you have a website name, register it so that no one else may use that name

Create your website

Investigate what insurance you may need to obtain, such as property and liability, business, umbrella liability, business interruption, disability, health, life, and key man insurance for partners

If you plan to have employees in your company you will need to file for an EIN

If you are going to hire employees, contact the Department of Labor to see what laws relate to you

Find out about workers' compensation if you are going to have employees

Open a business account at your bank for checking and savings

Once you have registered a business name and set up your legal structure, order your stationery and business cards

Apply for a sales tax number if you will be selling a product from your home business

Have your accountant or lawyer give you the necessary information about tax filing and record keeping

Make a list of supplies and equipment you will need to start your business

Other

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Other

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Other

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Opening Party!

For the latest information on trends in home-based businesses and home franchises, we suggest you visit Entrepreneur magazine's website at www.entrepreneurmag.com.

Start-Up Costs Worksheet

Item		How You Will Pay (Cash, credit card, installment plan)
I.	Equipment
1.	Computer
2.	Printer
3.	Copier
4.	Fax
5.	Telephone
6.	Answering machine
		Subtotal: ____________
II.	Furniture
1.	Desk
2.	Chair
3.	Filing cabinets
4.	Bookshelves
5.	Lighting
6.	Desk accessories
		Subtotal: ____________
III.	Telephone
1.	Business/fax line
2.	Installation charges
3.	Listings in phone book
		Subtotal: ____________
IV.	Website
1.	Website design
2.	Securing and registering a website
3.	Monitoring the website
		Subtotal: ____________
V.	Office Supplies
1.	Stationery and business cards
2.	Hanging and file folders
3.	Binders
4.	Mailing envelopes
		Subtotal: ____________
VI.	Licensing and Permits
1.	Business license
2.	Seller's permit
3.	Fire certificate
4.	Zoning permits
5.	State occupational license
		Subtotal: ____________
VII.	Advertising
1.	Promotional materials
2.	Ad space
3.	Media
		Subtotal: ____________
Other Important Costs
1.	Postage and shipping
2.	Insurance
3.	Benefits
4.	Loan payments
5.	Dues and memberships
6.	Legal fees
7.	Accounting fees
8.	Storage
9.	Start-up inventory
10.	Replacement inventory
11.	Entertainment and travel
12.	Your salary
13.	Other salaries
14.	Fees from credit card processing
15.	Fees from other sources such as e-commerce
		Subtotal: _______________
		Total: _______________
What you estimate your first year of income to be from this business:
		_______________
What you estimate your first year of expenses will be:	_______________
Other monies you have available, if necessary:	_______________
(Other paychecks , savings accounts, stocks, life insurance, properties, gifts)

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Checklist for Success

Start-Up Costs Worksheet

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