Self-employment and home-based business.
WORKING FOR YOURSELF: THE GOOD, THE BAD AND THE UGLY Working for yourself can be both financially and spiritually satisfying, although the lot of the self-employed is not always easy. You need to go through a difficult transition. You no longer have an employer around to take care of you--for example, there is no company payroll department to withhold and pay all your taxes.
Many self-employed people experience difficulty because they don't run their operations in a businesslike manner. Before you delve into any legal details, read chains this to learn the generalities about being self-employed as compared with being an employee Working for Yourself: The Good Being self-employed can bring you more freedom and privacy than an employee enjoys and it can result in tax benefits. Independence When you are self-employed, you are your own boss--with all the risks and rewards that entails.
Most self-employed people bask in freedom that comes from being in business for themselves. They would doubtless agree with the following sentiment expressed by one self- employed person:" I can choose how, when and where to work, for as much or little time as I want. In short, I enjoy working for myself." The self-employed are masters of their economic fates.
The amount of money they earn is directly related to the quantity and quality of their work. The self-employed don't have to ask their employers for a raise; they go out and find more work. This is not necessarily the case for employees.
In addition, the hiring and firing decisions of any one company do not have the impact they have on employees. One self-employed person explains: "I was laid off six years ago and chose to start my own company rather than sign on for another ride on someone else's roller coaster. It's scary at first, but I am now no longer at someone else's mercy.
" Higher Earnings According to The Wall Street Journal, self-employed people who provide services are usually paid at least 20% to 40% more per hour than employees performing the same work. This is partially because hiring firms do not have to provide employee benefits such as health insurance, sick leave and vacation pay. Nor do these firms have to pay half of the Social Security taxes, unemployment compensation taxes, or workers' compensation coverage.
Of course, your compensation is a matter to negotiate with your clients. Self-employed people whose skills are in great demand may receive far more than employees doing similar work. Tax Benefits Being self-employed also provides you with many tax benefits that employees do not enjoy.
For example, no federal or state taxes are withheld from your paychecks; instead, the self-employed normally pay estimated taxes directly to the IRS four times a year. This means you can hold on to your hard-earned money longer. It is your responsibility to determine the estimated tax due and there are penalties if you underpay.
The lack of withholding combined with control over estimated tax payments can result in an improved cash flow for the self-employed as compared to employees. Even more important, you can take advantage of many business-related tax deductions that are limited or not available at all for employees. When you are self-employed, you can deduct from your income tax any necessary expenses related to your business as long as they are reasonable in amount and ordinarily incurred by businesses of your type.
Because of these tax benefits, the self-employed often pay less tax than employees with chains similar income. More Privacy If you are seeking to shield yourself from the prying eyes of the government, you will have far more success if you are self-employed than if you work as an employee. The government has employers track employees for a variety of reasons.
A federal law requires all employers to report to the Department of Health and Human Services the name, address and Social Security number of each newly hired employee. This information is to be put into a large database that is supposed to be used solely to aid in the collection of overdue child support Many states have similar requirements. Some mandate that employers provide them with even more information, such as telephone numbers, dates of birth, and details of insurance coverage provided to new employees.
When you are self-employed, such laws don't apply to you. It is far more difficult for the government to keep tabs on you or control your life. Working for Yourself: The Bad Despite the advantages, being self- employed may not be a bed of roses.
Here are some of the major drawbacks.
Lack of Job Security One of the advantages of being self- employed is that you key are on your own. But this can be one of the worst things as well. When you are an employee, you must be paid as long as you have your job, even if business is slow.
That is not the case when you are self-employed. If you do not have any business, you don't make any money. As one self employed person says. "If I fail, I don't eat; I do not have the comfort of punching a time clock and knowing the check will be there on payday.
" No Free Benefits Although not required by law, employers usually provide health insurance, paid vacations, and paid sick leave. Many generous employers also provide retirement benefits, bonuses, and even employee profit sharing. When you're self-employed, you get no such benefits.
You must pay for your own health insurance, often at higher rates than employers pay. Time lost due to vacations and illness comes directly out of your bottom line, and you must fund your own retirement. If you do not earn enough money to purchase those benefits yourself, you will have to chains forego some or all of them.
No Unemployment Insurance or Workers Compensation The self employed do not enjoy the safety net provided by unemployment insurance. Firms that contract for your services do not pay unemployment compensation taxes and the self-employed cannot collect unemployment when their work for a client ends. Employers must generally provide workers compensation coverage for their employees.
Employees injured on the job are entitled to collect workers compensation benefits even if the injury was their own fault. Hiring firms do not provide workers compensation coverage for the self-employed. If a work-related injury is the fault of the self-employed person, he or she has no recourse against the hiring firm.
Few or No Labor Law Protections There are many federal and state laws that protect employees from unfair exploitation by employers. Among other things, these laws impose a minimum wage and require many employees to be paid for overtime and protect employees who wish to unionize. Few such legal protections apply to the self-employed.
Complete Business Responsibility When you are self-employed, you must run your own business. This means, for example, that you'll need to have a least a rudimentary record-keeping system or hire someone to keep your records. Most likely you will metal have to file a more complex tax return than you did when you were an employee.
Employers normally provide their employees with office space or other workspace and whatever equipment they need to do the job. When a company hires a self-employed person, he/she must normally provide the workplace and equipment. Others May Discriminate Because you don't have a guaranteed annual income as employees do, insurers, lenders and others may spurn your business, or you may have to pay more than employees do for similar services.
It can be especially difficult for a self- employed person to obtain disability insurance, particularly if he/she works at home. Health insurance is easier to get, but could prove very costly. Life will be more difficult if you want to buy a home because lenders are wary of self-employed borrowers.
To prove you can afford a loan, you will most likely have to provide copies of your recent tax returns and a profit and loss statement of your business to any prospective lenders. Working for Yourself: The Ugly Unfortunately, the bad aspects of self-employment discussed previously do not end this litany of woes. Being self-employed can get downright ugly when you are faced with: * Double Social Security Tax; * Personal Liability for Debts; and * Deadbeat Clients.
HOME ALONE OR OUTSIDE OFFICE? When you are self-employed, you have the option of working from home or from an outside office. The following covers the pros and cons of working from home, with emphasis on zoning and other restrictions and the home office tax deduction. Legally, it makes little difference whether you work at home or in an outside office.
The basic legal issues involved in starting your own business--such as deciding whether to operate as a sole proprietor or corporation, picking a name for your business and collecting from clients--apply whether you are working from home or from the top floor of a high rise office building. There may be a difference as to whether you can deduct your office expenses, but your taxes are the same whether you work at home or in an office. The issues to consider in deciding whether to work at home are more practical than legal.
Can you afford to pay rent for an office? How much do you save by not having to commute to an office? Does the convenience of working at home offset your personal need to "get out." Will working at home disrupt your home or neighborhood? Benefits of Working at Home For many self-employed people, the major benefit is the flexibility over their daily schedule. You can, if you wish, work in the evenings or late at night in your pajamas--something that can be difficult to do if you're renting an office! No Office Rent Expense If you work at home you do not have to pay rent for an office.
Office rents vary enormously depending upon the area, but even a small office in a small city will cost you a few hundred dollars. In large cities, you should plan to spend much more. Look at the commercial real estate advertising section of your Sunday newspaper to get an idea of the going rates.
You can use the money you save in office rent to expand your business, or pay your living expenses. It is true that you can deduct your office rent as a business expense, but you may be able to deduct home office expenses. Keep in mind, however, that you can not deduct all your rent and the amount you save in taxes depends on your tax bracket.
Many clients are willing to provide outside workers with desk space, particularly if having you around will make life easier for them. However, to safeguard your self-employment status, it is best that you pay something for the space. It doesn't have to be much. You can charge the client slightly more for your services to offset the cost.
The client shouldn't mind because this procedure will help the client if the IRS conducts an audit and questions your status. No Commuting Time or Expenses Working at home means you don't have to commute to an outside office every day. In 2000, the IRS allowed a commuting expense deduction of 32.
5 cents per mile.
Using this figure, if working at home allows you to drive 6,000 fewer miles per year (500 miles per month), you would save $1,950 per year. Not having to commute saves not only money, but time. If you commute just 30 minutes each day, you are spending 120 hours each year behind the wheel of your car.
That is three full 40-hour weeks that you could use to earn money in your home office. You Can Deduct ... If you arrange things right, you can deduct your home office expenses, including a portion of your home rent or mortgage payments, utilities and other expenses. The home office deduction is particularly valuable if you rent your home.
It enables you to deduct a portion of what is likely your largest single expense--rent--an item that is ordinarily not deductible. When you have an outside office, you can't deduct your commuting expenses--that is, the cost involved in going from your home to your office. However, if your main office is at home, you may deduct the cost of driving from home to meet clients or to other locations to conduct business.
Drawbacks of Working at Home Working at home may not help you project a professional image. Even worse, working at home might be against the law where you live. However, there are usually things you can do to avoid or ameliorate the problem.
Many self-employed people who work at home say clients don't take them seriously. Some clients may be reluctant to deal with a home-based businessperson. They can make it harder for you to establish your business.
However, there are many things you can do to help create and maintain a professional image. For example: * Obtain a separate telephone line for your business calls. * Use an answering service to answer your business phone when you're not home.
* Obtain and use professional looking business cards, envelopes, and stationery. * Hold meetings at the clients' offices instead of your home. * Rent a mailbox to receive your business mail instead of using your home address.
* Use an assumed name for your business rather than your own name. * Consider incorporating or forming a limited liability company so that clients will be hiring a corporation or company, not you personally. Restrictions on Home-Based Businesses Another major problem for the home-based self-employed are restrictions imposed by cities, condominium associations and deed restrictions.
It may actually be illegal for you to work at home. Obtaining Services Can Be Difficult Businesses that provide services to businesses sometimes discriminate against those who work at home. For example, some delivery companies charge more for delivery to a home business than to an outside business office.
Many temporary agencies won't deal with a home-based business because they are afraid they won't get paid, and some employees are reluctant to go to someone's home to work. Lack of Security Your home is most likely not as secure an environment as an office building that is filled with people, has burglar alarms, employs security guards, and even has hidden security cameras. If you're handling large amounts of cash or other highly valuable items, you may prefer to work in a more secure outside office than at home.
However, there are many common sense precautions you can take to make your home office more secure. For example: * Rent a post office box to receive your mail instead of having it delivered at home. * Don't let equipment technicians or vendors visit without an appointment.
* Obtain good locks and use them.
* If you have a separate business phone line, don't alert people to your absence with a message on the answering machine such as, "I won't be here for a week." Isolation, Interruptions and Other Factors Finally, some people have trouble adapting to working at home because of the isolation. They miss the social interaction of a formal office setting.
However, renting an outside office and being alone all day does not end that problem. In contrast, sometimes it is difficult to get any work done at home because of a lack of privacy and interruptions from children and other family members. Some people gain weight because the refrigerator is always close by, or end up watching television instead of working However, most of the millions of self-employed people who work at home are not fazed by these problems.
BUSINESS WELL SUITED TO HOME OFFICE Home offices can work well for any business that can be conducted in a simple office setting. This includes a multiple of service businesses, such as: * Desktop publishing * Accounting and bookkeeping * Computer programming * Consulting * Writing * Telemarketing * Graphic artwork * Information brokerage * Financial planning. A home office is also an ideal choice where most of the work is done at a client's office or other outside locations.
This includes: * Traveling sales * House and carpet cleaning * Piano tuning * Pool cleaning * Building and contracting * Hazardous waste inspection * Catering services. BUSINESS POORLY SUITED TO HOME OFFICE Any business that will disrupt your home or neighborhood is not well suited for the home. These include businesses that generate substantial amounts of noise, pollution, or waste.
A home office is not your best choice if substantial numbers of clients or customers must visit you in your office. This could cause traffic and parking problems in your neighborhood and neighbors may complain. One possible solution to this problem is to rent an office part-time, just to meet clients.
Such rentals are available in many cities and will be cheaper than renting a regular office. Look in your yellow pages under office rental for "business identity programs." A home office may pose problems if your business requires substantial inventory.
However, you can get around this and still spend most of your time at home by renting a separate storage space for your inventory. Finally, a home office may not work well if you need more than two employees to work with you. This could cause parking problems in your neighborhood and space problems in your home.
Moreover, many local zoning laws prevent home businesses from having more than one or two 'employees. To circumvent this problem, you might want to allow your employees to work in their own homes. Editor's Note: Most NSA members are independent practitioners who have dealt with the issues of self-employment vs working for an employer and working at home vs renting an office.
However, we thought this very basic article would be an excellent one to show to your clients and their employees. TURN FAILURE INTO SUCCESS According to Brian Tracy, author of Create Your Own Future (John Wiley & Sons, Inc), there are two powerful questions you can use to turn failure into success. These will help you persist in the face of adversity.
The first question that you ask, no matter what happens is, "What did I do right?" Carefully analyze every single thing you did right in that situation. Then, ask yourself, "What would I do differently if I had this situation to do over again?" This forces you to think about the future and what you could do next time rather than about the past and what may have happened. Both these questions require positive answers that enable you to extract the maximum value out of every situation.
Selma H.
Lamkin holds a PhD in economics from Pacific Western University. She is an accountant, author, and educator who specializes in accounting for small business. She has published many manuals dealing with small business and conducted seminars in this area.
Her most recent effort focuses on condominium laws. Semi-retired, she is president of the American Training Institute, and a
Many self-employed people experience difficulty because they don't run their operations in a businesslike manner. Before you delve into any legal details, read chains this to learn the generalities about being self-employed as compared with being an employee Working for Yourself: The Good Being self-employed can bring you more freedom and privacy than an employee enjoys and it can result in tax benefits. Independence When you are self-employed, you are your own boss--with all the risks and rewards that entails.
Most self-employed people bask in freedom that comes from being in business for themselves. They would doubtless agree with the following sentiment expressed by one self- employed person:" I can choose how, when and where to work, for as much or little time as I want. In short, I enjoy working for myself." The self-employed are masters of their economic fates.
The amount of money they earn is directly related to the quantity and quality of their work. The self-employed don't have to ask their employers for a raise; they go out and find more work. This is not necessarily the case for employees.
In addition, the hiring and firing decisions of any one company do not have the impact they have on employees. One self-employed person explains: "I was laid off six years ago and chose to start my own company rather than sign on for another ride on someone else's roller coaster. It's scary at first, but I am now no longer at someone else's mercy.
" Higher Earnings According to The Wall Street Journal, self-employed people who provide services are usually paid at least 20% to 40% more per hour than employees performing the same work. This is partially because hiring firms do not have to provide employee benefits such as health insurance, sick leave and vacation pay. Nor do these firms have to pay half of the Social Security taxes, unemployment compensation taxes, or workers' compensation coverage.
Of course, your compensation is a matter to negotiate with your clients. Self-employed people whose skills are in great demand may receive far more than employees doing similar work. Tax Benefits Being self-employed also provides you with many tax benefits that employees do not enjoy.
For example, no federal or state taxes are withheld from your paychecks; instead, the self-employed normally pay estimated taxes directly to the IRS four times a year. This means you can hold on to your hard-earned money longer. It is your responsibility to determine the estimated tax due and there are penalties if you underpay.
The lack of withholding combined with control over estimated tax payments can result in an improved cash flow for the self-employed as compared to employees. Even more important, you can take advantage of many business-related tax deductions that are limited or not available at all for employees. When you are self-employed, you can deduct from your income tax any necessary expenses related to your business as long as they are reasonable in amount and ordinarily incurred by businesses of your type.
Because of these tax benefits, the self-employed often pay less tax than employees with chains similar income. More Privacy If you are seeking to shield yourself from the prying eyes of the government, you will have far more success if you are self-employed than if you work as an employee. The government has employers track employees for a variety of reasons.
A federal law requires all employers to report to the Department of Health and Human Services the name, address and Social Security number of each newly hired employee. This information is to be put into a large database that is supposed to be used solely to aid in the collection of overdue child support Many states have similar requirements. Some mandate that employers provide them with even more information, such as telephone numbers, dates of birth, and details of insurance coverage provided to new employees.
When you are self-employed, such laws don't apply to you. It is far more difficult for the government to keep tabs on you or control your life. Working for Yourself: The Bad Despite the advantages, being self- employed may not be a bed of roses.
Here are some of the major drawbacks.
Lack of Job Security One of the advantages of being self- employed is that you key are on your own. But this can be one of the worst things as well. When you are an employee, you must be paid as long as you have your job, even if business is slow.
That is not the case when you are self-employed. If you do not have any business, you don't make any money. As one self employed person says. "If I fail, I don't eat; I do not have the comfort of punching a time clock and knowing the check will be there on payday.
" No Free Benefits Although not required by law, employers usually provide health insurance, paid vacations, and paid sick leave. Many generous employers also provide retirement benefits, bonuses, and even employee profit sharing. When you're self-employed, you get no such benefits.
You must pay for your own health insurance, often at higher rates than employers pay. Time lost due to vacations and illness comes directly out of your bottom line, and you must fund your own retirement. If you do not earn enough money to purchase those benefits yourself, you will have to chains forego some or all of them.
No Unemployment Insurance or Workers Compensation The self employed do not enjoy the safety net provided by unemployment insurance. Firms that contract for your services do not pay unemployment compensation taxes and the self-employed cannot collect unemployment when their work for a client ends. Employers must generally provide workers compensation coverage for their employees.
Employees injured on the job are entitled to collect workers compensation benefits even if the injury was their own fault. Hiring firms do not provide workers compensation coverage for the self-employed. If a work-related injury is the fault of the self-employed person, he or she has no recourse against the hiring firm.
Few or No Labor Law Protections There are many federal and state laws that protect employees from unfair exploitation by employers. Among other things, these laws impose a minimum wage and require many employees to be paid for overtime and protect employees who wish to unionize. Few such legal protections apply to the self-employed.
Complete Business Responsibility When you are self-employed, you must run your own business. This means, for example, that you'll need to have a least a rudimentary record-keeping system or hire someone to keep your records. Most likely you will metal have to file a more complex tax return than you did when you were an employee.
Employers normally provide their employees with office space or other workspace and whatever equipment they need to do the job. When a company hires a self-employed person, he/she must normally provide the workplace and equipment. Others May Discriminate Because you don't have a guaranteed annual income as employees do, insurers, lenders and others may spurn your business, or you may have to pay more than employees do for similar services.
It can be especially difficult for a self- employed person to obtain disability insurance, particularly if he/she works at home. Health insurance is easier to get, but could prove very costly. Life will be more difficult if you want to buy a home because lenders are wary of self-employed borrowers.
To prove you can afford a loan, you will most likely have to provide copies of your recent tax returns and a profit and loss statement of your business to any prospective lenders. Working for Yourself: The Ugly Unfortunately, the bad aspects of self-employment discussed previously do not end this litany of woes. Being self-employed can get downright ugly when you are faced with: * Double Social Security Tax; * Personal Liability for Debts; and * Deadbeat Clients.
HOME ALONE OR OUTSIDE OFFICE? When you are self-employed, you have the option of working from home or from an outside office. The following covers the pros and cons of working from home, with emphasis on zoning and other restrictions and the home office tax deduction. Legally, it makes little difference whether you work at home or in an outside office.
The basic legal issues involved in starting your own business--such as deciding whether to operate as a sole proprietor or corporation, picking a name for your business and collecting from clients--apply whether you are working from home or from the top floor of a high rise office building. There may be a difference as to whether you can deduct your office expenses, but your taxes are the same whether you work at home or in an office. The issues to consider in deciding whether to work at home are more practical than legal.
Can you afford to pay rent for an office? How much do you save by not having to commute to an office? Does the convenience of working at home offset your personal need to "get out." Will working at home disrupt your home or neighborhood? Benefits of Working at Home For many self-employed people, the major benefit is the flexibility over their daily schedule. You can, if you wish, work in the evenings or late at night in your pajamas--something that can be difficult to do if you're renting an office! No Office Rent Expense If you work at home you do not have to pay rent for an office.
Office rents vary enormously depending upon the area, but even a small office in a small city will cost you a few hundred dollars. In large cities, you should plan to spend much more. Look at the commercial real estate advertising section of your Sunday newspaper to get an idea of the going rates.
You can use the money you save in office rent to expand your business, or pay your living expenses. It is true that you can deduct your office rent as a business expense, but you may be able to deduct home office expenses. Keep in mind, however, that you can not deduct all your rent and the amount you save in taxes depends on your tax bracket.
Many clients are willing to provide outside workers with desk space, particularly if having you around will make life easier for them. However, to safeguard your self-employment status, it is best that you pay something for the space. It doesn't have to be much. You can charge the client slightly more for your services to offset the cost.
The client shouldn't mind because this procedure will help the client if the IRS conducts an audit and questions your status. No Commuting Time or Expenses Working at home means you don't have to commute to an outside office every day. In 2000, the IRS allowed a commuting expense deduction of 32.
5 cents per mile.
Using this figure, if working at home allows you to drive 6,000 fewer miles per year (500 miles per month), you would save $1,950 per year. Not having to commute saves not only money, but time. If you commute just 30 minutes each day, you are spending 120 hours each year behind the wheel of your car.
That is three full 40-hour weeks that you could use to earn money in your home office. You Can Deduct ... If you arrange things right, you can deduct your home office expenses, including a portion of your home rent or mortgage payments, utilities and other expenses. The home office deduction is particularly valuable if you rent your home.
It enables you to deduct a portion of what is likely your largest single expense--rent--an item that is ordinarily not deductible. When you have an outside office, you can't deduct your commuting expenses--that is, the cost involved in going from your home to your office. However, if your main office is at home, you may deduct the cost of driving from home to meet clients or to other locations to conduct business.
Drawbacks of Working at Home Working at home may not help you project a professional image. Even worse, working at home might be against the law where you live. However, there are usually things you can do to avoid or ameliorate the problem.
Many self-employed people who work at home say clients don't take them seriously. Some clients may be reluctant to deal with a home-based businessperson. They can make it harder for you to establish your business.
However, there are many things you can do to help create and maintain a professional image. For example: * Obtain a separate telephone line for your business calls. * Use an answering service to answer your business phone when you're not home.
* Obtain and use professional looking business cards, envelopes, and stationery. * Hold meetings at the clients' offices instead of your home. * Rent a mailbox to receive your business mail instead of using your home address.
* Use an assumed name for your business rather than your own name. * Consider incorporating or forming a limited liability company so that clients will be hiring a corporation or company, not you personally. Restrictions on Home-Based Businesses Another major problem for the home-based self-employed are restrictions imposed by cities, condominium associations and deed restrictions.
It may actually be illegal for you to work at home. Obtaining Services Can Be Difficult Businesses that provide services to businesses sometimes discriminate against those who work at home. For example, some delivery companies charge more for delivery to a home business than to an outside business office.
Many temporary agencies won't deal with a home-based business because they are afraid they won't get paid, and some employees are reluctant to go to someone's home to work. Lack of Security Your home is most likely not as secure an environment as an office building that is filled with people, has burglar alarms, employs security guards, and even has hidden security cameras. If you're handling large amounts of cash or other highly valuable items, you may prefer to work in a more secure outside office than at home.
However, there are many common sense precautions you can take to make your home office more secure. For example: * Rent a post office box to receive your mail instead of having it delivered at home. * Don't let equipment technicians or vendors visit without an appointment.
* Obtain good locks and use them.
* If you have a separate business phone line, don't alert people to your absence with a message on the answering machine such as, "I won't be here for a week." Isolation, Interruptions and Other Factors Finally, some people have trouble adapting to working at home because of the isolation. They miss the social interaction of a formal office setting.
However, renting an outside office and being alone all day does not end that problem. In contrast, sometimes it is difficult to get any work done at home because of a lack of privacy and interruptions from children and other family members. Some people gain weight because the refrigerator is always close by, or end up watching television instead of working However, most of the millions of self-employed people who work at home are not fazed by these problems.
BUSINESS WELL SUITED TO HOME OFFICE Home offices can work well for any business that can be conducted in a simple office setting. This includes a multiple of service businesses, such as: * Desktop publishing * Accounting and bookkeeping * Computer programming * Consulting * Writing * Telemarketing * Graphic artwork * Information brokerage * Financial planning. A home office is also an ideal choice where most of the work is done at a client's office or other outside locations.
This includes: * Traveling sales * House and carpet cleaning * Piano tuning * Pool cleaning * Building and contracting * Hazardous waste inspection * Catering services. BUSINESS POORLY SUITED TO HOME OFFICE Any business that will disrupt your home or neighborhood is not well suited for the home. These include businesses that generate substantial amounts of noise, pollution, or waste.
A home office is not your best choice if substantial numbers of clients or customers must visit you in your office. This could cause traffic and parking problems in your neighborhood and neighbors may complain. One possible solution to this problem is to rent an office part-time, just to meet clients.
Such rentals are available in many cities and will be cheaper than renting a regular office. Look in your yellow pages under office rental for "business identity programs." A home office may pose problems if your business requires substantial inventory.
However, you can get around this and still spend most of your time at home by renting a separate storage space for your inventory. Finally, a home office may not work well if you need more than two employees to work with you. This could cause parking problems in your neighborhood and space problems in your home.
Moreover, many local zoning laws prevent home businesses from having more than one or two 'employees. To circumvent this problem, you might want to allow your employees to work in their own homes. Editor's Note: Most NSA members are independent practitioners who have dealt with the issues of self-employment vs working for an employer and working at home vs renting an office.
However, we thought this very basic article would be an excellent one to show to your clients and their employees. TURN FAILURE INTO SUCCESS According to Brian Tracy, author of Create Your Own Future (John Wiley & Sons, Inc), there are two powerful questions you can use to turn failure into success. These will help you persist in the face of adversity.
The first question that you ask, no matter what happens is, "What did I do right?" Carefully analyze every single thing you did right in that situation. Then, ask yourself, "What would I do differently if I had this situation to do over again?" This forces you to think about the future and what you could do next time rather than about the past and what may have happened. Both these questions require positive answers that enable you to extract the maximum value out of every situation.
Selma H.
Lamkin holds a PhD in economics from Pacific Western University. She is an accountant, author, and educator who specializes in accounting for small business. She has published many manuals dealing with small business and conducted seminars in this area.
Her most recent effort focuses on condominium laws. Semi-retired, she is president of the American Training Institute, and a
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