By Tom Peters
One of the most important steps in building an online business is choosing what you will do to earn money. Ensure what you choose is legal where you reside, as laws may be different and you never want to build an illegitimate business. Also, pick a space at your home that you can dedicate to working that is separate from the rest of the home where your personal life will reside.
You may have seen business with an LLC at the end of the name. This means limited Liability Company and should be the form you register your home business from. Since it is just you and you don’t have employees at this time this formation is the most beneficial to protect your assets outside of the business.
Running a home office can be difficult if you don’t dedicate space to your business. This means an office or room should exist where you can be alone and work. The work you will do in your office will range so you will want to make sure you have everything you need from Internet to phones. Home offices are important because the office will be where you can shut the rest of the world out and not be disturbed. This means clients wont hear any family screaming or talking and just you and your business discussions.
The business you choose may have different documents that will be within it. This could be medical or personal in other ways. Its important to make sure you can keep them safe for your clients since this is the trust they will put in you. Also, you will want a shredder in case some stuff needs to be thrown out.
Earning money with your online home business will be great but like any other business there are taxes to be paid. If you work as a contractor in the US you have to complete a W9. Other countries have similar forms and you should make sure you keep financial records.