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Being self employed and getting the right health coverage

Posted in August 13th, 2008
by Sam in Uncategorized, health insurance and small /self employed

Over the last two decades or so there has been a great surge amongst the average American population to do something of their own. The concept of self- employment is not restricted to increased responsibilities- it also means greater returns if done properly. But being self- employed means a win- win situation only if you have the right recipe for success. In this entire situation, health insurance has a major role to play and not being able to find the right coverage can make or break a self employed individual. Read on to find out the best ways to get the health insurance you have been looking for.

Hold on to what you have- This applies to all self- employed individuals and more so to newbies. With new found responsibilities you sure don’t want to get harassed with coverage worries. So the best thing to do while starting off with your own business is to hold on to your previous group coverage (that is, if you’ve had any). Had you been working in a firm with more than 20 employees, the Consolidation Budget Reconciliation Act (COBRA) would definitely be applicable in your case. Inform COBRA within 60 days of shifting jobs and they’ll allow you to enjoy your previous health insurance plan for the next 18 months to come. This is a good way of biding time and getting your resources in place.

Be your best friend, lower your costs- When you have the assurance that you’ll have COBRA beside you when you leave your current job, your next step should be to lessen your financial burden as much as you can. The best that you can do with regards to this one is opt for a health insurance plan that will cost you far less. Sign up for a low cost plan during the open enrollment period that lies nearest to the time of your departure (from the job to your own business). That will offer you the advantage to pay a lesser premium once you come under COBRA coverage.

Play your cards intelligently and save on time- It’s great if you have fore knowledge that COBRA will protect you for 18 months once you become self- employed. But that doesn’t mean you can sit back and wait for your coverage to lapse just like that. In fact you need to prepare for the time when you’ll not be eligible for COBRA coverage anymore. COBRA gives you 63 days to decide on new coverage once your previous coverage has got over. If you happen to take a step after this 63- day period is over, you may face the risk of being refused coverage or your new policy might slap pre- existing conditions on you upto a maximum of 1 year. Neither of the two has any chances of happening if you act on time.

Get your comparisons right- Do not take the plunge the very first time you come across a low cost plan. Give it time so that you can look through several plan structures at one go. To do this effectively, go to a reputable plan comparison site.

Have a good insurance agent by you- There’s no better way to deal with your self- employed health insurance worries than by asking an agent to help you. Get in touch with as many of them possible and scan the range of plans they have on offer. Since reliability is also an important factor, check from the state insurance commissioner’s office whether the agent in question has the license to operate in your state or whether he has been embroiled in any legal discrepancies in the past.

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Tips for small business owners to save on taxes

Posted in July 19th, 2008
by Sam in Tax and Small/Self business, Uncategorized

How people would feel at the end of their tethers managing their own business in the early days. A lot has changed really because people now want to come into contact with a greater number of ways to get their business working without going financial bankrupt. And what better way to start off than by saving what gets most us counting our pennies- taxes. Yes, that’s right, you too can save a lot on taxes and here are a few tips that could help you refrain from paying through your nose-

Get organized- However boring and hackneyed that might sound but it would help you immensely if you were to get some organization into the all business- related madness and chaos. Keep track of all the transactions your business participates in. If you think you’re still not too financially strong to go ahead and get yourself an accountant, then opt for affordable accounting software that will keep your business running in good stead for at least some time to come.

Opt for a retirement plan- Though something quite unlikely, a retirement plan can in fact allow you considerable tax savings both at present and in the future. Thanks to the plan you’ll have the opportunity to pay less at the time of your retirement.

Include family members in your business- This seems to be the easiest option as far as a small business goes, but unfortunately not many people think of this option. There’s nothing like engaging your family to do work that they really can. Next what you do is not like a regular business owner- You pay them with health benefits. This could be completely in sync with your tax saving routine.

Look out for professional help- Stop worrying about the money you’d need to spend on expert advice had you required counsel. And mind you, every business owner, large or small needs that. The cost you incur today on an adviser takes you a long way into the future. Discuss al- deductions, investments, purchases and more-l that you need to with a consultant.

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Limited Liability company.

Posted in June 26th, 2008
by Jen in Uncategorized, limited liability company

Nowadays in the United States most of the company offers limited liability to its owners. LLC as it is popularly known is an amalgamation of both - a corporation and a partnership. It offers the owner limited liability for the actions and debts of the company. It is suitable for small/self business with a single owner. It is simpler, easy to handle more flexible in the economical and managerial field, with no personal liability and no separate business returns. The key benefits to opt for a LLC Company are:

Ø You can secure personal assets through liability protection

Ø You can reduce certain expenses

Ø Minimize audit risk

Ø Establish credibility with your customers.

A LLC should possess at least one member. Like the shareholders, they are the owners of the LLC. A member’s liability to repay the LLC obligations is limited to his/her capital contribution. The operating agreement determines, defines and apportions the rights of the members. Members can be natural persons, corporations, partnerships, or other LLCs. A member’s right to control or manage the LLC is directly related to her membership interest.

LLCs are managed by the members or by the managers. A member managed LLC may be governed by a single class of members or multiple class of members in proportion to their membership interest. In many LLCs there is manager or board of managers to execute the day to day operation of the LLC. Managers are appointed by members and can be removed by them. A member can also become a manager and is called managing member.

ALL LLCs must file evidence of their existence with he secretary of the state or some governmental office of the state where they choose to be organized. LLC must disclose their company, appoint a statutory agent and disclose their business purpose. The fees associated with filling the articles of organization also vary by state.

Income Taxation

LLCs use IRS Form 1065 and Schedule SE. The LLCs operates and functions according to the document known s “articles of organization,’ or “the rules of organization” which is a contract among the members of an LLC and the LLC governing the membership stating the management, operation and distribution of income of the company. A LLC must have an “operating agreement” privately specified by the members.

However, it is the members who decide whether the LLC is to be taxed like a corporation or not. US federal partnership tax forms are required  while operating a LLC . As a partnership, the income and deductions attributed to each member are reported on that owner’s tax return.

If the LLC does not possess a partnership structure then it fails to reap the tax benefits. The possible label “disregarded entity” for income tax purposes singles out the one-member owner of an LLC as actually earning income and deductions directly. Since the owner is the business proprietor, it is he who reports. An LLC passively investing in real estate and owned by a single member would have its income and deductions reported directly on the owner’s individual tax return on a Schedule E tax form. And an LLC owned by a corporation–in other words, an LLC with a single corporate member–would be treated as an incorporated branch and have its income and deductions reported on the corporate tax return, creating double taxation.

LLCs are the most sought after form of organization and is fast gaining popularity. If the state where you intend to operate allows you to form and operate LLC then what are you waiting for? Learn the pros and cons of creating a LLC, consult an attorney or online corporations to offer solutions to your queries and then go ahead. All the best!!

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Husband and wife business.

Posted in June 26th, 2008
by Jen in Uncategorized

Remember those lines you once swore to your better half ? “…To have and to hold, from this day forward, for better, for worse, for richer, for poorer, in sickness or in health, to love and to cherish ’till death do us part”.  You can take this promise you made to your spouse a step further. How? Husband and wife partnership in business can be very rewarding. It’s a lot of hard work, and working through the rough spots together can actually draw two people closer together instead of brooding on problems at the office that a spouse cannot relate to. About one in five small businesses is run by a couple.

 

 

What is a husband and wife partnership?

 

In a study  conducted by author of the best-seller The Successful Business Plan: Secrets & Strategies,  Rhonda Abrams, nearly 82% of married entrepreneurs said being married improved their company’s finances, while 50% of entrepreneurs said being married improved their ability to focus on their business. Walk down the aisle and your bank account benefits. Another study found as many as one-third of today’s start-up enterprises are co-owned and co-managed by entrepreneurs, who are also partners in their personal lives.

First run a trial. It will quickly point out whether you two can work together. Initially start with a home-based business. If any one of you despite lacking direct business experience or knowledge, hit upon a better idea t. should readily agree to work together and keeping aside ego problems. Hidden personality traits get magnified fast when you spend time together. Work as a team in bringing up a start-up, clear up your strategies, separate home from office and divide labor in both places. Then watch how without a PC or a net connection you are in constant touch with your business confidante.

 

Advantages:

 

1. Steady and most dependable employers: One of the advantages is that you don’t have to run here and here in search of employers. You can operate your own business by hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees.

 

Spouses earn Social Security benefits: In a husband –wife partnership if there is an employer/employee type of relationship, then the spouse is considered as an employee. One of he partner either wife or husband takes up the control while the other acts under his/her’s direction. The second spouse is treated as an employee and is subjected to income tax and FICA withholding. But if the second partner  has an equal say  in the managerial matters  of the business, and provides equal services to the business, and contributes capital to the business, then a partnership type of relationship exists and the business’s income should be reported on Form 1065,

 

a.     If both spouses carrying on the trade or business

 

According to the Small Business and Work Opportunity Tax Act of 2007 the treatment  of qualified joint ventures of married couples not treated as partners. The provision effected from the beginning after December 31, 2006 states, 

That qualified joint venture is a joint venture, if (1) the only members of the joint venture are a husband and wife, (2) both spouses materially participate in the trade or business, and (3) both spouses elect to have the provision applies.

Under the provision, a qualified joint venture conducted by a husband and wife who file a joint return is not treated as a partnership for Federal tax purposes. Income, gain, loss, deduction and credit are divided between the spouses in accordance with their respective interests in the venture. Each spouse takes into account his or her respective share of these items as a sole proprietor.  For determining the net earnings from self-employment, each spouse’s share of income or loss from a qualified joint venture is taken into account just as it is for Federal income tax purposes under the provision. On the other hand, if both spouses have an equal say, provide equal services and contribute capital to run the business, then this type of partnership relationship should be reported on Form 1065, U.S. Return of Partnership Income. If spouses support a business and share in the profits and losses, they are partners in a partnership whether or not they have a formal partnership agreement. However, a partnership agreement defines things legally and help to sort things out in the event the marriage relationship is dissolved or one of the partners dies

 

 

 

 

 


   b. One spouse employed by another

If your spouse is your employee, not your partner, you must pay Social Security and Medicare taxes for him or her.

 

The husband-wife partnerships can be immensely positive for the start-up.  It strengthens each other’s commitment to both business and personal sides of the partnership. “The confidence you have in your spouse is definitely translated into the business aspect of the relationship. The faith in each other’s business decisions is more as not only do I trust my partner’s abilities as a CEO, but I trust him on a personal level as well. This helps when it comes to taking riskier decisions

 

2. Sometimes a trial basis will quickly reveal if you can work together. Keep the business home-based while you enter a discovery phase. If one spouse thinks he or she has better ideas than the other despite lacking direct business experience or knowledge, the trial period may be a short one. Agreeing to work together and being able to are widely separate issues. Hidden personality traits can get magnified incredibly fast when you spend 24/7/365 with your spouse/partner with no respite.

 

However, if you thought that husband-wife partnerships sound like a rose garden, it is wise to remember that rose bushes do have thorns. Some of the advantages can easily turn into disadvantages unless both partners are aware of the pitfalls and temptations of this business arrangement. With many husband-wife run businesses, little thought is given to roles or job descriptions; each partner does a little bit of everything.

 

Drawbacks:

 

Strains the relationship: After the whole day’s work when you go back home you still carry the business hang-overs. Those   unresolved issues, the resentments and regrets. Coming home doesn’t leave the business outside. It comes with you, as do all the financial, time and other challenges straining your relationship.

 

Divorce : the business always suffers. In many cases, partnerships with husbands and wives can even flourish because of a crack squad of capable employees doing what they can to make the business work. Trust that any problems you have with your family limited partnership’s spouse, will be quickly known among the troops. Expect that there will be some division on their part, as they side with one or the other partner, hoping that their hero wins out and that their jobs are secure. Know that your marital strife will be communicated to your vendors and customers.

 

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Drawbacks of Home-based Business

Posted in June 26th, 2008
by Jen in Uncategorized

Stop and think twice before jumping into a conclusion. Running a business from home may sound interesting and easy. But there is vast difference between theories and practical life. With all the distractions of home, like young kids, nagging wife, demanding husband, dirty dishes, competing for attention, many home-based entrepreneurs really have a tough time in juggling all the responsibilities. Now let’s have a look at the drawbacks of the home-based business.

1. Long work hours and time away from family: The more you give the more it demands .This holds true not only for your family front but also in your professional front as well. There’s always something extra you can do to grow your business.

2. Personal and family lifestyle patterns may be disturbed. The only way you can overcome the early financial stress in the initial phase of your business is by working your business on a part time basis, which means after your regular job hours you are investing those romantic evenings and fun filled weekends in building your business. So, ultimately you are neglecting your loved ones. Let your family members know that you appreciate them and that you need their support and consideration in order to succeed.

3. Privacy of the business and family gets disturbed: The privacy of both your family and business gets hampered. Since the place is your home and your workplace, one interferes in the other’s privacy.

4. Some one to look after: Planning to go out for a long holiday? But have you ever thought who will look after your business in your absence? You have to look for someone who will take care of any needs for your business in your absence. Someone who is willing to take the charge and care of the customer support, respond to the business calls and answer your emails.

6. Computer problems: Tired of fighting with lovelock, worms, Trojans, root kits? Wondering what I am talking about? Well if your computer is central to your business activities must be aware of names. Computer related problems can be dreadfully stressful. The best way to prevent disasters and handle the problem of this kind is to have backup systems. How would you recover from total hard disk failure?.

7. Handling interruptions: Family members and friends may demand more of you when you’re home all day. can be quite a challenge when you don’t want to rude to your family members or friends when they interrupt you, but on the other hand if you’re not careful the downtime can become excessive. How will you handle or prevent these productivity-killing interruptions from family and friends? Discipline is required to establish steady, homework patterns. Let your friends know you mean business. Often your friends take you for granted just because you’re at home with casual attire they think that you are not at work. It is your job to set the limits, so do it early, and as often as is necessary.

8. Maintain a professional image. Your presence at your home, casual dress can be one of the why people make a mistake don’t not take you seriously. So, project a professional image if you work from home. It can give your home-based business legitimacy in the eyes of people. Adopt professionalism in your attitude and work place even it is your home. Create an office space; install a separate computer and phone line, set up a basic Web site, print business cards. Never let the kids answer your work phone.

9. Conserve money wherever possible. A new home-based entrepreneur often gets runs out of money early. So don’t be jack of all treads .Take the expert’s advice on subjects whenever and wherever you get stuck.

10. Invest in the home office equipment you need. Now the ball is in your court. Earlier your office needs were just a request away. As son as you requested for a latest laptop or a new copy machine facilities departments had taken care of your needs. Now since you are the boss you have to source and pay for your equipment yourself. If you need an equipment to do business effectively, buy it.

11. Hold meetings off-site. If you don’t have the provision of a self-contained section of your house which you can devote to your business you should organize business meetings outside home. Hold meetings off-site alternatives or meet your clients at their offices.

12. Study the laws pertaining to your home-based business. Check the zoning laws, licensing, permits and other legal restrictions in your locality related to home business. The last thing you want to do is set up shop, announce that you’re open for business, and find out regulations make it illegal to operate out of your home.

13. Anticipate isolation. In a regular office you have fellow colleagues surrounding you. You can communicate with them; reciprocate your feelings with them. But as a home-based business owner you may feel lonely. The best thing you can do is to join local associations, or build a network group for home-based business owners in your locality.

14. Fight stress. There are may be only a handful of people who can perform exceptionally under stress. For most of us stress harms our productivity. Being the boss can be lonely, stressful, and demanding. Try to strike balance between your professional and personal life. Go for Yoga a class, stroll in the early morning, get massages, or plan a vacation with your friends and family read good books – these are some of the best options to fight stress.

15. Health insurance. Insure your health because you health matters the most. When you own your own business, there is no one to pay your health benefits. Your and your family’s health insurance is now your responsibility. You can be on the safer side if you’re starting the business on a part time basis and get the health benefit from your regular job. But when you are doing a full time home based business, you have to pay for your insurance. Sometimes this can be difficult and costly.

16. No pay for vacation and sick days. So long you work your pockets remain filled. When you don’t work, there isn’t money coming in. Generally in home based business there are no employees. In most cases a family member gets involved, takes part in your business, and can keep things going in your absence or when you are sick. But in such cases your income could be less when one fails to work

17. Pay taxes, social security and Medicare deductions. Pay on time. In your regular job earlier you paid a portion of the taxes and part of the social security and Medicare. However, now the entire responsibility is on your shoulder. As a business owner your duty is to file your tax returns on time. Keep your self well informed about the incomes and expenses occurring in the business which would help to file your returns..

18. You have to look after marketing and promotional program to get work. As it is your business you’re responsible for getting the jobs or orders.

19. Space problem: Your home may be constricted in size, limiting the growth potential of your business and restricting family use.

21. You cannot shift your responsibility and put the blame on someone else when something goes wrong in your business.

22. Lack of fringe benefits.

So look well before you make a final decision. The drawbacks mentioned here is not to discourage you from starting a home based business but to make you aware of the reality so that it can help you when you tread in to this path.

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McCain’s EBay Model for Jobs - Economists Did not get it

Posted in June 24th, 2008
by admin in Home Based Business

John McCain claims how the Internet is shaping new economy, how 1.3 million people use eBay to earn a living. They are part of the new trend of the global self-employed that is tearing down the concept of big corporations. On the Internet small is beautiful, efficient, and effective. The best person will get the job anywhere in the world. The person in Kolkata, India has the same 3GPP specification at their finger tip, as the person here in Dallas, TX.

Betsey Stevenson, a professor at the University of Pennsylvania’s Wharton School of Business in Philadelphia made the following statement.

“In terms of jobs, there’s no net increase in GDP that comes from trading stuff that’s already made,” said Stevenson, author of a study on the Internet and employment levels. “New people selling stuff out of their closet on EBay isn’t growing the economy.”  This shows how out of touch these academics are. The eBay guy selling customized computer systems, PBX for example, are contributing to the economy. The “long tail” customized products are making life easy for businesses and individuals adding features, reducing prices.

However, Ebay is just a very small part of the roaring change that we are seeing.. Self-Employed , mom-and-pop buckle up your seat belts, next 20 years will produce more self-employed multi-millionaires that world has ever produced.    

Disclaimer: This is not a political blog, and we do not endorse John McCain, or Barak Obama, or Hillary Clinton, or any other political candidates.

Subhankar Ray

  

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Accounting as home based business.

Posted in June 22nd, 2008
by Jen in Home Based Business

Are you a certified public accountant? Start your own home based Accounting Business. In the comfort of your home prepare financial reports, receivable/payable accounts, and payroll; plan and prepare the taxes and for small businesses and for individuals.

 

If you are very comfortable working with numbers, and detail-oriented try as an accountant. Set up a business structure at your home. You will need a fax machine, copier and computer with spreadsheet, word processing and database software. An adding machine is also useful for tallying up receipts. . If you are interested in getting certified, take a look at the Web site of the.

 

 

This business does not require a college education. It is quite unfortunate that big colleges and universities design their courses only to prepare the students to work in Fortune 500 companies that constitute less than 5% of the total businesses in United States while the needs of small businesses which create 85% of the opportunities in accounting and tax remains outside their curriculum. But don’t worry. Once you have made up your mind to start a home based accounting business you can learn accounting at your home with just your television and a DVD player in just four weeks time and can offer valuable services to the small business owners. Have solid understanding of the Accounting and Bookkeeping methods and procedures. You will have to do books for small to mid-sized companies, analyze the books and prepare reports. You will interpret reports so that you can advise your clients how to reduce costs and to better understand their financial standing and profitability. Your clients will look up to your advice and suggestions as an invaluable source of information about the financial health of their organization.

 

 

Small business bookkeeping and accounting practice a great home-based business. But that doesn’t mean you have to leave your regular job and stake your security. Minimize your risk. Start as a part time business. Just invest few hours in a week and start your bookkeeping and accounting practice. The more efficient you become the less will be the time you need to spend. On an average spend about 8 to 10 hours per month to do their books adjust how much time you have to spend with the needs of your clients. If it takes longer, you’ll charge more. That 6 to 8 hours spent will generate a monthly income of $200. That’s $30 to almost $40 per hour. As you become more efficient and more familiar with your customers books, expect to earn more. That’s a rare part-time income. Since your average client earns you $300 per month, it won’t take many clients before you’re earning a very profitable income.

 

Then you take the next step and go full time. Taking the step to a full-time bookkeeping and accounting business is usually a smooth transition. As a small business bookkeeping and accounting expert, you can charge $30 to $60 per hour. The greater numbers of clients you handle and offer solution to their accounting needs, more efficient you become. This adds up to more freedom to spend your time doing just exactly what matters most to you.

 

 

With very little effort, you can find clients and also will be able to see the rise in the number per month who will welcome your services and gladly pay for the expertise that you contribute to their small businesses. In your business incorporate both taxes planning as well as tax filling. This will help you to provide a greater level of service to your clients. After December 31st, when the time for tax planning will be over, you can file their taxes. By offering your clients tax planning services all year long you can set your cash box ringing all year long.

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Home-based business ideas: Medical transcriptionist.

Posted in June 15th, 2008
by Jen in Home Based Business

Medical transcriptionist, now is not a new term for us. If you want to choose something out of the way as a home based business then you can opt for this one. A medical transcriptionist listens, interprets and transcribes dictation by medical professionals about patient care and translates it into printable documentation. They typically use a headset and foot pedal, and record the information either into tape or onto digital voice processing systems. The process of medical transcription is transferring this information using word processing. This information is later used to produce patient medical records including history and physicals, clinic notes, medical reports, and physician correspondence. According the the U.S. Department of Labor, “Employment of medical transcriptionists is projected to grow faster than the average for all occupations through 2010. Demand for medical transcription services will be spurred by a growing and aging population.”

 

 

 

As medical transcription is a specialized job, you need to possess certain skills and require taking training. Remember you cannot learn this in a week’s time. Keep that in mind when searching for your training program. Keyboarding is one of the skills you must possess, which is more than just typing. Excellent spelling and grammar skills are a must, along with an ability to retain what you have learned. You are expected to be a multi tusker, should be internet savvy, able to demonstrate experience as a self starter, possess time management skills, have the ability to work with minimal supervision, possess work ethics-to meet deadlines and be reliable, have well-developed organizational skills. Have a talk with those who have taken the course. You should also have an eye for detailing, excellent auditory skills, advanced medical knowledge, flexibility, and life-long learner, sound knowledge of English grammar, punctuation and usage.

 

 As the start-up costs are low compared to many other home-based businesses it’s really not hard to start a medical transcription business. Get the degree and certification before stepping into this field. As for your education, you can learn via home study courses or by attending your local community college. You do NOT need a degree in medical transcription to start a business either. To start up your business, set up a business structure in your home. What you need is: a computer, a printer, a transcriber, and some reference books. If you have a slim budget then you can purchase second hand. The latest and greatest equipment is not necessary to get started. Within few months, work as medical transcriptionist from the comfort of your own home.

 

For your computer you need you need some computer programs like medical spellchecker and a word expander utility to reduce the bulk of actual typing you do. Programs, like Microsoft Word® provides this type of facility. You also have to perform some amount of paper work such as basic bookkeeping which is not difficult necessary like any other business. Be a good bookkeeper. Take care of your taxes and save on advertising.

 

Moreover, once you mastered the work of transcription and possess the necessary equipments, you can easily work from home for a variety of different companies. Check local community colleges or online for transcription training courses.

Medical claims billing. This industry is one of the most popular work-from-home businesses — so much so that suspect companies have been popping up on the Internet and in classified advertisements.

 

The latest data revealed by the U.S. Department of Labor, states that a medical transcriptionist can earn from US$10.00 an hour to US$20.00 an hour. Salary however, depends on several factors like level of educational qualification, years of experience, and the number of jobs that can be performed in a year. The amount of work transcribed determines how at the pay packet will be. Generally the client is charged by the line. For instance if you charge 11 cents per line and type 400 lines per hour, your hourly rate would end up being about $44.00.

 

 

There are many positive aspects being self-employed. The most positive aspect is the flexibility with your time. You are the master who determines the job hour. You can work late in the day, late at night, early in the morning. The choice is all yours. So have fun and run a home-based medical transcription business. Enjoy your work.

 

But there is always the other side of the coin. Being self-employed does have some drawbacks. As you are self-employed it is you who is responsible for securing your own health insurance, and putting away money for retirement. Remember this profession is not for everyone. So before stepping in to the world of transcription business weigh up the pros and cons of it all and do what suits you the best. Look well before you leap and don’t repent later.

 

All the best as you tread into this new industry that is exploding. It’s prestigious and has a great demand.

 

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Day child care as home-based business.

Posted in June 12th, 2008
by Jen in Home Based Business

It is said that we find delight in the beauty and happiness of children that makes the heart too big for body. Do you want to be the part of this beauty and happiness? With more and more parents working outside the home, the demand for child care is on an increase. The concern for the child make the parents move away from the large day care school. This creates a huge opportunity for you if you particularly love children, and wants to create a business dedicated to taking care of them.This business is especially suitable for those stay at home mom is and gives them the rare opportunity to work and at the same time take care of their  own child.

 

 

Before making a start, check out the zoning laws and regulations in your area. There are number of costs that you will need to outlay before you get started. Train yourself and get certification in child care. These days there are so many different training courses - face to face, correspondence courses or even online. Opt for courses which are quite reasonable, fully tax deductible, and Government subsidized.

 

 

Start up costs mostly includes setting up the business structure. Set up the business structure.

Ø Make changes in your house to fulfill safety standards; Purchase equipment and materials. If you have a tight budget then you can purchase both new items as well as used and pre-owned items that are in very good condition as your budget permits. These items include furnishings, toys, books, games, videos, DVD movies, children’s music tapes. Buy non-perishable foods like cereal and cleaning and hygiene supplies like leach, disinfectant spray, dish, toilet paper, and hand soap, etc.

Ø Plan activities for the children according to their age. Try to schedule a daily routine. You have to accommodate a range of childcare needs. If the children come to your place Monday to Friday, prepare timesheets for each child under your care.

Ø You should possess a basic ability to speak and write English so that you can guide the learning process of the child, communicate with families and can perform administration tasks and

Ø Possess a sound knowledge of nutrition, health and hygiene and safety. 

Ø Have a positive approach and quick response to the needs of the children is also required. Like any other business you need to do a certain amount of paperwork. Your scheme will help you with this side of your new business like preparing timesheets for each child, chalking out daily or weekly plans according to their age group, maintaining observation records, income and expenses records, framing policies for new parents.

Ø Print, smart quality brochure demonstrating your range of services offered, your rates, an outline of the curriculum, your ultimate objectives for the children.

 

Nowadays the charge of the day care varies in between $35 to $65 per child for a five day week, plus $5 to $10 more for the inclusion of breakfast, with another $l per meal when they serve an evening meal to the child. You can receive the payment in advance and can get rid of bookkeeping chores collection problems, and you’ll have operating funds with which to run the business

 

Let other know of your new business. Distribute quality informative brochure door to door. Create your image. Let the parents know about the quality of the service their children will be provided against the price you are charging. Don’t pinch pennies while making the brochure. Place ad in your local newspapers along with a group picture of your staff, and a story about your services in the local magazines and other publications targeting the working mother. Invite the editors at your local newspapers, radio and TV stations to your grand opening. Publish ad in your telephone directory. Continue to hand out your brochures, run ads in your local newspaper, till the seats are vacant. You should have members of your staff circulating among the parents to answer any questions and hand out brochures about the center. Start small, and expand in stages with your profits. Fix up your goals, what you intend to do and make detailed the plans accordingly.  After touching each milestone proceed to the next.  Just remember to hold your costs in line while achieving maximum capacity enrollment. Watch how your business grows! All the best.

 

 

 

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Catering as home-based business.

Posted in June 10th, 2008
by Jen in Home Based Business, Uncategorized

 

 

Are you a big foodie? Do you live to eat? Is cooking your passion? Have you ever given a thought of turning your love and passion into your business? Well then I must tell you its time to have a serious thought. Food and beverage industry is just the right place for you. Sitting at home you can start your own catering business or you can decorate those mouth-watering cakes.

 

Catering.  Love to cook plan and work with people? Consider starting your own catering or personal chef business. You can set yourself apart from competitors by providing specialized services such as low-carb or vegetarian menus.

 

Nowadays catering services are not just limited to big parties and gatherings. As career couples have little time spend in the kitchen and prefer having food brought in you can deliver them hot and yummy dinner. If you live near to offices or factories, you can start a lunch delivery service serving fresh homemade sandwich/snack. The options are endless. If you have flair for preparing nutritious and at the same time tempting food this is the opportunity for you.

 

Who are you targeted customers? Will you deliver food to business and meetings? Do you want to specialize in baby showers? Or you want to specialize in one particular genre of cooking for example:  Mexican, Italian Lebanese the options are endless. The choice is yours. What you need is a “food establishment” license a commercially well-equipped kitchen that fulfils all state and federal health requirements. For more information you can always contact and consult your local city or county health department for more information

 

Get the training first. Though you can start your business without a formal training but training always helps. There are plenty of cookery classes cropping up to guide you but the best place to be is local community colleges and adult education centers. Be cool, stay calm work well under pressure, and be reliable. If you are about to start a to minimize the start up cost you can rent equipment instead of purchasing it. Besides the equipment you  need to  cook, to keep the food hot you will  need chafing dishes and insulated containers for transporting it. You will need some basic business items like a phone line, computer and internet access to keep pace with the latest trends, fax machine and client contracts.

 

Let others know about your new business. Tell about your business to your friends and acquaintances who can spread the news, make contact with people who are in catering business, print fliers, run eye catching ads in local newspapers and on websites. According to the U.S. & Canadian survey data, Catering Businesses is more efficient to run, easier to start and more rewarding than restaurants in general. So best of luck and make your dreams come true in the world of food.

 

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