Tips and Benefits of a Home Business

I tried to start a small, home business, keyword - TRIED!! I thought it was a really great idea, and spent a fortune in product, and it bombed. I didn't sell 1 item (but I had lots of already paid for gifts for a long time!!)

If I had to do it all over again, I would do a number of things differently. There are tax benefits with a small business, and as I have been reading in the book "The 10 Secrets Revenue Canada Doesn't Want You To Know" - by David M. Voth, the benefits are plentiful!!

The best and most significant benefit is the deductions. There are so many I will just list a few: interest, rent, property tax, maintenance, internet connections, utilities, insurances, and any equipment needed for the business, the list can go on and on!

There is also a possibility of splitting the income between your spouse and or older children. In Canada, the maximum, tax-free income is $7,400. If you were able to split with your spouse, you would have 14,800 in tax-free income combined. More money in your pocket!

Now that you know some of the benefits of a home based business, here are some suggestions to make life easier for you, the business owner.

Utilize the government business centres. They are a wealth of information. Some other sites you can check out are:

Canada Business Service Centres, Entrepreneur Magazine, Startup Internet Marketing (pgs. 113-114, "The 10 Secrets Revenue Canada Doesn't Want You To Know")

This is some information that I definitely could have used 2 years ago when I tried to start my company. I bought $500 worth of products and bought an internet domain and started to build and maintain a company website. This was my mistake. I am not well versed in html, or website building knowledge, and that is where I failed.

Knowing what I know today I would hire a web designer and just leave it up to them. There is also a vast array of software available to business owners whether it is a big corporation or a small business, I would definitely look into this small business software if I were to do it again.

The other main mistake that I made was not marketing my site and company enough. There is so much talk now about SEO for businesses and that is something that I had not even heard about 2 years ago. The internet is growing so much! If you search for what is available in the way of advertising and the contests that are availalbe now, you are bound to be bombarded with links! It has obviously become a vital part of starting a small business (or any business for that matter).

To wrap up, these are the mistakes that I made, this is what I would do differently, and this is how I would love to benefit again. I think trying your hand out with an entrepreneurial spirit is a good thing. You never know what would have worked out if you never tried.

Just like my favourite quote: Aim for the moon. If you miss, you may hit a star. - W. Clement Stone