4 Tips for a Successful Home Business
Do you run your small business out of your home? If so, then youâ€™re not alone. According to a recent SBA report, 52 percent of small businesses operate out of the ownerâ€™s home, and with good reason. Not only can you save big money on rent and office overhead, but you can also take advantage of various tax write-offs.
Still, running a home business is not without its challenges. Among other tasks, owners need to work harder to keep tabs on remote employees and contractors while ensuring theirs teams have access to the resources they need to succeed. Here are 4 tips for running a successful home-based business in 2015:
1. Stay Connected
Just because you can do your job in a t-shirt and sweats doesnâ€™t mean you can afford to be casual about connectivity. On the contrary, small business owners need to remain in touch with clients and employees at all times while keeping crucial business data at their fingertips. With this in mind, savvy SMBs opt to put their businesses on the cloud. With cloud-based accounting, data processing is centrally managed on a secure server that can be accessed from anywhere with a wireless connection. Not only does this help you keep up on project management, but it also ensures you can send employees the resources they need while on the go.
2. Avoid Overspending
Itâ€™s no secret that many small business owners are working with equally small budgets. And while keeping up with the latest technologies is crucial if you hope to grow, SMBs often make the mistake of spending more than they can afford on software and financial services. To devote sufficient resources to product development and marketing, home businesses need to keep overhead low and avoid shelling out for expensive services. In some cases, this may mean waiting to hire that new graphic designer or managing your accounting in house rather than outsourcing.
3. Be Tax Savvy
While controlling costs is crucial, one place small businesses shouldnâ€™t scrimp is with their bookkeeping. Not only do self-employed persons face a greater tax burden than their traditionally employed peers, but they also tend to attract extra scrutiny from the IRS. With that in mind, it makes sense to track your business costs carefully and keep documentation for all your tax write-offs. One of the benefits of Accurants is that the software lets you download and reconcile your bank and credit card transactions, so you wonâ€™t find yourself in trouble come tax season. Additionally, SMBs should strive to familiarize themselves with tax laws so they donâ€™t miss out on possible deductions to help them save.
4. Get Paid on Time, Every Time
Invoicing can be stressful for businesses of any size, however itâ€™s a special burden for SMBs who may not have extensive savings and rely on that cash flow to grow. To run a successful home business, you need to find ways of getting paid faster. Along with emailing invoices rather than sending them by mail, owners should provide more payment options, including PayPal, and create professional looking templates that show clients they mean business.
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Accurants is the #1 choice for business accounting made simple. A fully integrated accounting suite, we offer a broad array of tools to help small and home-based businesses keep up with their larger peers. And at just $9 a month, purchasing Accurants wonâ€™t take away from your bottom line. For more information about our services, call today or sign up to try Accurants free for 30 days. We look forward to helping you grow your firm and fortune.