We Know: What to Know Before You Start a Home Business To ensure home business success, you will need to prepare for all possibilities. Some key items you will need to be aware of before starting a home business are: Know your strengths, weaknesses and working style. The value in knowing what business tasks would be natural for you is immeasurable. Numerous personality profile test services available online will help you to determine your Îsweet spotâ. Know your product or industry. Running an EBay sales service, for instance, might seem like a fun idea. Even if you are already an EBay expert, you may not be an expert in every item category. Before you take that box of items from your friendâs attic and list it, do research first to find out if it will sell, and for how much. If not you could end up losing money on the sale or with an unhappy client. Know your local zoning code. Clarify any zoning restrictions on your running a business from home. Make sure you can operate a business from your residence and, if there are problems in doing so, get a separate mailing address or apply for permit or variance to your zoning laws. Check with your neighborhood association as well. You do not want to find out that you are breaking the law after the fact. Know your local zoning code. Clarify any zoning restrictions on your running a business from home. Make sure you can operate a business from your residence and, if there are problems in doing so, get a separate mailing address or apply for permit or variance to your zoning laws. Check with your neighborhood association as well. You do not want to find out that you are breaking the law after the fact. Be aware of licensing and tax obligations for your business. Almost any kind of business activity you engage in will require a city or county business license. Some types of businesses will have to obtain licenses from the federal government to operate, while other businesses, occupations and professions are also licensed and regulated by the state. In most cases, you must obtain your license before beginning operation. As far as taxes are concerned, you need to know if you need to pay Income Tax, Self-Employment Tax, Employment Taxes, and/or Excise Tax. Failure to pay such taxes can get you in hot water with Uncle Sam. You may also need an EIN (Employer Identification Number), for tax purposes, if you are running anything other than a sole proprietorship with no employees. In short, you must know yourself, your business, and the laws and regulations associated with it.
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