No matter how you look at it, starting a home business requires money. There are many different costs to consider when it comes to your own home business, so make sure to take out a pen and piece of paper in order to write down all the things that you’ll need to start your business off on the right foot.
Checklist
Make sure that you have these essential items:
– Computer
– Scanner
– Fax Machine
– Printer
– Business Phone Line
– Plenty of Office Supplies
– Filing Cabinets
– Date Book
In addition, take the time to create a clutter-free office space. Sure, your kitchen table might seem pretty comfortable, but you’ll have to devise an actual office area if you want to reap the tax benefits of owning your own business.
Product Items
Depending upon the type of business that you intend to run, you may need to purchase some product items. If you want to start manufacturing small items, you will need to have a large amount of the things that you use to create your products. In general, home manufacturers have a one year supply of materials.
Think of any other costs that you might not have considered. Do you have everything you need to run your own business? Go through a dry run (a typical day at your office), and see if anything is missing. Lastly, think about the extra money that you will need to complete your home business area.
Small Loans
While some banks may approve large business loans, many of them are not quick to approve smaller business loans. This poses a problem if you want to borrow less than $5000 – after all, why should you be stuck paying back a loan that you don’t need?
When traditional lenders turn down your loan request, it’s time to look to alternative lending sources. Loans such as car title loans are often granted in small amounts, and they are also easy to attain. If you own your own car, then you can easily acquire a car title loan. The best part is that you only have to take out a loan for the amount that you actually need. In short, you won’t have to worry about being forced into a large loan.
Once you gain all the money that you need to start your business (along with all the items listed above), you’ll be ready to start working for your new boss – you!
Links
http://www.sbe.gov.on.ca/ontcan/sbe/en/st_yrguide_en.jsp
http://www.canadabusiness.ca/gol/cbec/site.nsf/en/index.html