As you think about your life after college you may be considering opening a small business or possibly running a home-based business. Consider the pros and cons of being an entrepreneur. The flexibility and freedom that comes with doing what you love often out weights the challenges of administrative details, no regular salary, and learning how to be competitive. Having a home office provides one of the best known tax advantages for a home-based business: a percentage of your household expenses (mortgage, utilities, property taxes, insurance, internet, vehicle usage, etc.) may be tax deductible. Consult with a tax accountant for details.

Give thought to your financial goals and whether or not opening a small/home business is in line with these goals. Part of this consideration should take into account the rationale behind a decision to start a business. Are you seeking to satisfy a particular niche in the market? Are you interested in supplementing your income with this business venture on the side? Is there a clear demand for the type of product or service you are offering as a part of your business? These can be complex questions, but your answers can help you decide if there is an opportunity for success. Consulting with your local Small Business Development Center (SBDC) and / or with SCORE (Service Corps of Retired Executives) can assist you with his important assessment process.

Determining the amount of time and resources required for running your own business is also necessary. In the beginning there will be a significant amount of time needed to get your business idea off the ground. You need to determine if you can work another jobin addition to the work on your small / home business or if it makes sense to devote 100% of your time to eased this business venture. You should also consider the financial investment needed to launch a business and the sources from which you could generate these funds, For instance, you may need to take on partners to help finance the venture or possibly take out loans to cover your expenses. The financial option you choose will have a significant impact on achieving the business goals you have set for yourself.

INSTRUCTIONS:

PROMPT:Assume that you want to open a small / home business. What would it be?What reasons might be behind your decision to start your own business? What are some of the resources you will need and types of information and data needed to help determine if you should pursue the business idea?

Here are some resources you might want to use:

https://www.thebalance.com/taxes-and-deductions-for-home-based-business-698592(Links to an external site.)

- tax considerations for home based businesses.

https://www.thebalance.com/the-pros-and-cons-of-working-from-home-2951766(Links to an external site.)

-procs and cons of a home-based business.

https://www.sba.gov/tools/local-assistance/sbdc(Links to an external site.)

-small business assistance

https://www.score.org/(Links to an external site.)

-experts helps small businesses