The Single Parent Entrepreneur
Congratulations! You’ve decided to start your own home business.
In your mind's eye, you can see the corner in your home converted into a little office, with the computer, the fax machine, the phone... even the little shelf where you will put your client's files and your business books. But before you can get to the good stuff of decorating and transforming, you need to deal with the legalities.
Depending on your type of business, you need to line up the appropriate permits and licenses. You need to file these so the IRS doesn't come knocking on your door when you are making your first million... and every succeeding million thereof.
So what are the basic things a single parent needs to get started on the road to entrepreneurship (and consequently, financial independence). Assuming of course that you have the business idea and the plan.
With many work-at-home businesses, you may not need to start a business entity. However, if you are consulting or doing freelance work, you should consider the value and protection of registering your business entity.
The next big hurdle is tackling the IRS forms. Fortunately, you can do your research online in the small business section of IRS.gov. As much as you can research online, getting it right is worth a quick phone call to an accountant who may give you a complimentary consultation in hopes of gaining your future business.
Starting small is always wise. But there are some experts that you need to employ to ensure that you do things correctly. Setting up with the right professionals will save you time, money and potentially taxes at the end of the year. Solvate's network of freelance professionals is 100% vetted, client-recommended, and US-based.
In a digital age, a website can help drive sales to your home-based business. Aside from lending credibility, it will give you unlimited reach to your public. You can either build your own website or hire a professional to do it for you.
The paperwork isn’t easy and it isn’t fun, but starting with a strong foundation will protect you and your business for years to come. When it gets daunting, look at your kids and try to remember why you are doing this and how you can improve your single parent family’s future.
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