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Tips on Setting Up A Home-Based Business

There is an orientation for every new business as well. It might not be recognized as an orientation because most often the new business is just played out on a need to do basis. Let's see how it could play out or be orientated.

 

Before you went forward with starting your new business, you would already know that there was a demand for your product or service and you may have orders or contracts in line for commitments. That is the basic distinction between a hobby and a business.

 

What do you do next? How do you start your new business? Where do you go for help? Who can help you? Why is it so over whelming to start a new business?

 

Now all of a sudden, starting a new business seems like an extremely daunting task! But in actuality you are beginning to build the orientation for your business. The determination of being your own boss and owning your own business will have to be more than the cons of starting your new business.

 

Much like an instruction manual, you will need to clear all the confusion. Get yourself a blank notebook or blank electronic data file and start writing down every thought, idea and questions that may come to your mind. It does not need to be in any particular order until you have written everything you can think of to this point. There will always be more, so leave spaces between issues where you think there will be more.

 

Try to categorize points that seem similar to each other. For example;

*Money issues in one section
*Licenses in one section
*Meetings in one section
*Material orders in one section... and so forth.

 

Organization is going to be your utmost best direction and a key factor of operating your new business. In order to maintain good organization, you will constantly need to clear the confusion. There will always be new issues added to the lists.

 

Once you have completed writing everything down that you can think of, go back and put a number of 'importance' beside each point. Obviously the most important issues will be number 1, then second most important will be number 2... and so forth. Combine your notebook with a calendar to create a time-line for completion dates as required or to schedule upcoming meetings.

 

Reorganize and/or add new categories, placing the most important numbers in order. This is a good time to weed out duplicate issues and ultimately clear the confusion. Then you will be able to see that starting your own business is a lot of details but not difficult details.

 

Once you get over the hurdle of "orientate-ing" your business structure, the rest will pretty much just fall into place.

 

Start a filing system. There is a filing system already organized for you in the 10 Steps to Organize Your Business Accounts. If you keep the filing system separate from your customer sales and your expense purchases files, then your Year End files will be ready for your accountant if you use one. All you will add to the filing system is your customers and your expense purchases (which your accountants will not need unless they request them).

 

As a result of creating your filing system you will see that you will be doing a monthly bank reconciliation. This way you will be sure to know that your physical bank accounts are exactly the same as your accounting software bookkeeping bank accounts by balancing them every month.

 

Choose only the tax accounts that are in the filing system that you will need. You may only need 1 tax account to start with, being the business number perhaps.

 

You will set up expense files and sales files separately as they get generated. By keeping the majority of your files separate from the one listed in the worksheets manual, you are organizing a year end system.

 

That also means to keep your insurance files, loan files, visa/MC files & vehicle files with the banking and tax files.

 

If your business has products that require tracking inventory, those files can be kept with the expense files.

 

 

Feel free to view my website for more bookkeeping home-based business startups a http://www.lindarichard.net


Many great businesses, including Forum Publishing Company started as a home-based business. It's a great launch pad to success!