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Ed Carter's website, ablefutures.org offers
Tools, Articles, a Blog and Resources to help those with disabilities to prepare for financial assistance and planning. email: ed.carter@ablefutures.org Edward Carter’s book, Able Future: A Comprehensive Financial Planning Guide for Parents of Children with Special Needs, is coming soon to a bookstore near you. Filled with insight from his career as a financial planner, this in-depth, must-have guide for parents and caregivers of children with disabilities is as inspiring as it is informative.
How to Turn Your Homestead into a Home Business: If you decided to leave city life behind for a more laid-back existence, you may have started a homestead without even knowing it. A homestead is a piece of land that helps you sustain your quality of life with as little influence from the outside world as possible. You might have a garden, raise animals, or build your own furniture right on site. And, you might even be able to turn your hobby into a home business that helps you become further self-sufficient.
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What is a home business?
A home business is just that, a business run from your home. This doesn’t mean that it has to be operated directly out of your living room. You can have a home business in your garage or at an on-site workshop. Like other commercial endeavors, you will have to make sure your business is insured and, ideally, set up as a business entity separate from your person. Depending on where you live, you might want to form an LLC as your business structure. The advantages of this over a sole proprietorship are that you will likely save in taxes and, importantly, your personal assets, such as your home and vehicles, can’t be targeted in a business-based lawsuit. Each state has different regulations, so take advantage of an online formation service to handle Florida LLC filing and to save time and money on research and attorney fees.
Getting Started - Starting a home business takes work. In no certain order, steps to get started include:
A home business is just that, a business run from your home. This doesn’t mean that it has to be operated directly out of your living room. You can have a home business in your garage or at an on-site workshop. Like other commercial endeavors, you will have to make sure your business is insured and, ideally, set up as a business entity separate from your person. Depending on where you live, you might want to form an LLC as your business structure. The advantages of this over a sole proprietorship are that you will likely save in taxes and, importantly, your personal assets, such as your home and vehicles, can’t be targeted in a business-based lawsuit. Each state has different regulations, so take advantage of an online formation service to handle Florida LLC filing and to save time and money on research and attorney fees.
Getting Started - Starting a home business takes work. In no certain order, steps to get started include:
- Naming your business. Most businesses choose a memorable name that showcases their unique brand. You want your business name to reflect what you do without sounding overly generic. Don’t take this step lightly, as it is difficult to rebrand later once people get used to your name, colors, and logo.
- Separating your work and home. When you first begin working out of your home, you may think it’s a godsend. After all, how else can you skip the commute and stay home with the kids when they’re sick? These are certainly perks, but there are downsides as well. The biggest con of running a home business is that it’s very difficult to separate your work and personal hours. But... you have to do this to avoid burning out. Set working hours, and stick to them. You should also commit to staying outside of your workspace during family time and leaving your phones and computers in another room in your off hours.
- Advertising. Advertising is often a foreign world for new businesses. But, to be successful, you have to get your name out to the public. Plan to utilize a combination of social media, community events, and word of mouth to advertise your name. You can also invest in promotional products, such as hats and T-shirts, which Windfall explains help to strengthen your image and promote customer loyalty.
- Hiring employees. When you’re working on a farm, it’s all hands-on deck all the time. But... there’s a good chance that you’ll need additional assistance, especially if you have teenagers leaving for college or your spouse wants to keep their job. Check local zoning regulations to ensure that you can have home-based employees and make sure to conduct a thorough interview, whether in person or online, before making a hiring decision.
HAPPI Farm is pleased to welcome people of all ages to our petting farm. Learn how to become a volunteer!
