Lets Talk Money Online - Should you start your own business?

This question is even more relevant today as many Americans struggle with continued unemployment. Should you start your own business? Maybe not if it's solely because you're having a hard time finding employment elsewhere. But if you have a good idea and the expertise to turn an idea into a successful business, running your own business can be a life-changing event.

Beyond having an idea and expertise, you should also understand the everyday, if mundane, concerns of business owners. Ask yourself the following questions:

How will I pay for benefits, such as health insurance? Depending on your company's legal structure, you might use business dollars to pay for them. If you have employees, you'll also need to consider what benefits to offer them. If you are a one-person business, perhaps a spouse carries company-sponsored health insurance that includes you as a beneficiary.
Where will I house my business? For many people, their home is their first office. Talk to your tax professional to learn what tax rules apply to running the most tax-efficient home office. For example, a room or part of a room must be used exclusively for your business to qualify for tax breaks.
Who are my competitors? You should ask this question before, not after, starting your business. Typically, a new business will need to offer higher quality or lower cost to gain a foothold in its industry.
How will you get the word out? Word of mouth may begin working after you are in business for a while. Before then, consider different avenues of marketing and advertising your business, from local newspapers to mailed flyers to joining associations.

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