Work From Home

Print
Email
|

khou.com

Posted on August 23, 2011 at 7:27 AM

   Create a true and separate “office” - we don’t care if it’s your garage, converted attic space or gorgeous home office - the idea is that you must have a separate and distinct working space that you go to get the job done

   ORGANIZE your time - working moms work all day but to be completely productive, you’ll need to organize your time so that you have a true “working day” or “time frame” - this can be from 10 am - 2 pm when kids are at school or from 10 pm to 2 am, when kids asleep, either way, you need to have separate time to think and get items done
 
   Create a separate phone line or designate only your cell phone number; create a legitimate email address (ie - first.lastname@gmail) not something silly like StarBrite81@gmail.com!
   Try not to mix “kid time” with “work time”
 
   At the end of the day, ask yourself - do you just want to be “busy” with something other than your kids? A business requires a lot so make sure volunteering wouldn’t satisfy your desire to work, a company takes a lot of time and dedication!
 
   Explain to kids that certain times are off limits and when mommy is on the phone, kids needs to be quiet...
 
You have a business idea, now what: Legal issues
 
   What’s your idea - research it and see what your competition is
 
   Decide:
   Who is your target audience
   Do you have a business plan whether formal or informal?
   Is there a history of success for business models like yours?
   Are you representing a short-term fad or an idea that’s never been done before that will change the market place?
 
   What’s your name / brand? - research that to see what other companies are using your name or portions of your name and for what purposes. Remember, the name of the businesses doesn’t have to be “descriptive of the company purpose” - best example “Apple” has nothing to do with computers but it’s a great name. 
 
   Once you’ve determined your name, purchase the website rights to it ASAP. Having to “purchase” your company website does not necessarily mean someone else is operating under your company name but rather that brokers own the name (as they own hundreds of names) for the sole purpose of selling them to people who will later need them. Worry about “designing” your page later
 
   Do you need a DBA / EIN?
   Trademark your name, brand, logo
   Trademark process (local vs national)
 
   Get yourself incorporated; will you have a business partner?
   Sole Proprietor - (Texas) most common, simplest. Single individual owner, no formal organization. Business can be conducted under an assumed name or DBA (doing business as), a name other than the surname of the individual but an assumed name certificate (DBA) should be filed with the office of the county clerk in the county where a business premise is maintained. If no business premise is maintained, then an assumed name certificate should be filed in all counties where business is conducted under the assumed name.
 
   General partnership - (Texas) two or more persons carry on a business for profit, in accordance with a partnership agreement, no requirement that the agreement be in writing and no state-filing requirement. If the business of the partnership is conducted under an assumed name, then an assumed name certificate should be filed. If no business premise is maintained, then an assumed name certificate should be filed in all counties where business is conducted under the assumed name.
 
   Corporation - (Texas) Created by filing a certificate of formation with the Texas SOS. A corporation is a legal person with certain characteristics. Owners are called “shareholders.” Managers are called “directors.” However, state corporate law does provide for shareholders to enter into shareholders’ agreements to eliminate the directors and provide for shareholder management.  An “S” corporation is not a matter of state corporate law but rather a federal tax election.
 
   Limited Liability Company - (Texas) Created by filing a certificate of formation with the Texas SOS. This is not a partnership or a corporation but rather is a distinct type of entity that has the powers of both a corporation and a partnership. Depending on how the LLC is structured, it may be likened to a general partnership with limited liability, or to a limited partnership where all the owners are free to participate in management and all have limited liability, or to an “S” corporation without the ownership and tax restrictions imposed by the Internal Revenue Code. Unlike the partnership, where the key element is the individual, the essence of the limited liability company is the entity, requiring for its creation more formal requirements. The owners of an LLC are called “members.” Generally, the liability of the members is limited to their investment and they may enjoy the pass-through tax treatment afforded to partners in a partnership. A limited liability company can be managed by managers or by its members. The management structure must be stated in the certificate of formation. Management structure is a determination that is made by the LLC and its members.
 
   Limited Partnership - (Texas) A partnership formed by two or more persons and having one or more general partners and one or more limited partners. The limited partnership operates in accordance with a partnership agreement, written or oral, of the partners as to the affairs of the limited partnership and the conduct of its business. While the partnership agreement is not filed for public record, the limited partnership must file a certificate of formation with the Texas Secretary of State. The Secretary of State provides a form that meets minimum state law requirements.
 
   Limited Liability Partnership - In order to limit the liability of its general partners, a general or limited partnership may opt to register as a limited liability partnership. The Secretary of State provides a form for registration as a limited liability partnership.
 
   Will you have employees?
   Will they be salaried employees?
   Contract workers?
   How will you pay payroll?
 
   Understand what taxes your business will need to pay whether or not you’re making money
   State vs. Federal taxes, which apply and which don’t apply in Texas
   Unemployment taxes if you hire an employee
 
   Determine baseline marketing needs for packaging, branding, etc.
   Logo
   Stationary
   Website design, even informal
 
   Do you need press? How can you get it yourself?
 
   What type of money (realistically) will you need
   to start the company
   maintain the company
   for employees
   and how much do you realistically think your idea will / can bring in?
   do you need financing to succeed or even take off?
   create a business account
 
   Have an attorney
 
   Have an accountant
   Work space at home is tax deductible as is phone lines, and many other things
 
   Know your resources:
   Secretary of State
   Texas Workforce

Print
Email
|