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THE HOME BASED BUSINESS

THE HOME BASED BUSINESS. IS IT RIGHT FOR YOUR BUSINESS & YOU? michael w. piczak january 2004. some themes for today. Why from home? Assessing the fit for your business Assessing the fit for you Businesses that succeed from the house The advantages The disadvantages

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THE HOME BASED BUSINESS

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  1. THE HOME BASED BUSINESS IS IT RIGHT FOR YOUR BUSINESS & YOU? michael w. piczak january 2004

  2. some themes for today • Why from home? • Assessing the fit for your business • Assessing the fit for you • Businesses that succeed from the house • The advantages • The disadvantages • Giving the appearance of being a player • Equipment you will need • Some tips • Additional resources

  3. why out of the home? • Keep overhead down • Test the waters with your concept • Secondary income stream • Why not?

  4. businesses that seem to operate well out of the home • Mail order operations (MOPS) • Bed and breakfast (Tranquility Base) • Light manufacturing (surgical instruments • Leasing (televisions, computers, helicopters, heavy equipment) • music industry promotion (R. Rapidi) • consulting services • Bookkeepers • Graphic/web design (Zapp Design) • Recording studio (Grant Avenue Studios) • Event planning (It’s ‘N Event)

  5. very large businesses that started home based • Apple Computers • Microsoft • Ford Motor Company • Phillips Services Corp • Amblin Productions • MoeTion Productions • Michael G. DeGroote/Laidlaw Transport • Disney • Hewlett-Packard

  6. What is tax deductible? • Any expense incurred for the purpose of gaining or producing income and • incurred with a reasonable expectation of resulting in future business and • is reasonable under the circumstances including: • House taxes • Mortgage payments • Utilities • Landscaping • House repairs (do not include improvements) • Snow removal

  7. how much is tax deductible? • Revenue Canada (CCRA) allows the taxpayer to choose between • the number of rooms devoted to the business or • the proportional floor space • Whichever is to the advantage of the taxpayer

  8. the benefits • So ‘traffic is building normally’, so what? • Can see your children off to school • Can see your children home from school • Can be home when children sick • Keeps costs down • Can deduct expenses that otherwise are “personal and living expenses” • Can work as hard as you want • Not in the mood, then do something else • Very flexible

  9. assessing the fit for you • Do you have the discipline? • Can you stand the isolation? • Any by-laws restricting you from doing this?

  10. giving the appearance of being a player • Separate phone/fax line for business • Having a post office box for address • Separate work/office area • Having an office that is all business (no toys, home theatre setup, no recreation room appearance, etc.) • Separate entrance for business • Receiving guests in office located at front of house • Serious outgoing phone message • Use a cell for business only • Hold meetings at clients only • Having the trappings of being a serious business • Being in Toronto

  11. how many locations do you have…1 with 4 numbers

  12. equipment you will need • Separate room • Cell phone • Business telephone line • Ident-a-call fax line • Fax machine • Laptop • Scanner • Black and white laser printer • File cabinet • Desk • Good chair • Good lighting

  13. some tips • Go to work as though you go to work • Remember that between 8 and 5 you are at work • Reward yourself after the completion of an ugly task • Blend mental with physical work • Get out (networking, coffee, your rounds, etc.) • Find a nice way to excuse yourself from telemarketing come on’s

  14. some tips continued… • Turn your business fax telephone off at night • Answer the phone professionally • Practice good time management • Get dressed properly if it helps to provide the right frame of mind • Know if you are a morning or night person • If your quit time is 6:00, then that’s it for the day

  15. watch out for these • Disturbing neighbours (no trucks, many visitors, bad hours, etc.) • Respecting local by-laws about soho’s • Getting distracted to the point you get nothing done • Getting insular and not networking or getting out • Getting lazy

  16. 5:20 to knowing more • Video series in SBRC • http://www.bizoffice.com/ • http://www.business-at-home.us/ • http://www.aahbb.org/ • http://www.usahomebusiness.com/ • http://www.usahomebusiness.com/ • http://www.homebusinessmag.com/ • http://www.homebiztools.com/

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