freelance – Cynthia D. Griffin

By Virginia Cooper

Studies show approximately 20 percent of American parents choose to stay home with their kids, which can be rewarding. However, it’s perfectly natural to want goals of your own, and starting an in-home business can provide an additional sense of purpose as well as income.

What Are the Steps to Starting Your Own Business?

Starting a business is easier than you think. Once you have a solid idea, you can create a professional space and legally register your company.

Create a Home Office

You need a space to work without distractions and meet with clients, so creating a home office is a good idea. Having a separate room for work also helps you “check out” when off the clock.

Choose a Business Structure

If you’re a one-person operation, you can choose a sole proprietorship or limited liability company as your business structure. Many entrepreneurs choose LLCs for the benefits:

Considered a separate legal entity from the owner
Numerous tax advantages
Flexible ownership

The process for registering an LLC varies by state, so you’ll need to do research before filing. The good news is, you can do it yourself or with a formation service, so there’s no need to spend money on a lawyer.

Find Funding

Starting a small business requires money for fees, supplies, and marketing. If you have savings, you can tap into those. Otherwise, you’ll need to apply for financing.

Market Your Services

To get clients, you need to put your business out there. Fortunately, there are many marketing techniques small businesses can use: