How to Run Your Small Business From Home

There are roughly 30 million home businesses in America at the moment. This movement has grown for several reasons. The advances in technology have made it possible for people within certain industries like sales and marketing to conduct their business remotely, and many talented craftspeople have developed online marketplaces to set up virtual storefronts. One of the trickiest parts of running a small business from your home is knowing how to get started.

Just like with any exploratory phase of a new business venture, you should begin by doing a market analysis of your competition. There is no point in putting your hard-earned efforts into a business that has little chance of succeeding. In addition, you should ask yourself a series of questions such as how much time you are willing to commit, whether you are talented enough to succeed, and whether it is something you actually enjoy. 

There are also tax issues to consider. Having a home business means that the physical headquarters of the business are your home, it is not the same as being employed elsewhere and working from home. There are three general types of business taxes. In addition to an annual income tax, some small businesses also have an additional estimated tax that must be paid quarterly to avoid penalties. The latter tax is for small business owners, freelancers, independent contractors who expect to owe at least $1,000 in taxes by the end of the tax year. There are also self-employment taxes to consider if you plan on getting social security and Medicare coverage. Any materials that are used by the business, as well as any transportation costs, can be declared on your tax returns. It’s important to seek financial advice from an expert to take full advantage of 

Once you have decided to start a business from home, it’s important to designate a workspace that is unique to and separate from your living environment. For most people, an office is sufficient. This is not only to keep personal and professional items separate but also allow you to mentally and physically leave work at the end of the day and feel a sense of returning home to your personal life. Just like separate bank accounts, it’s important to know where the keep business and personal things separate.

This article was originally published on https://adammarquardt.co/

The Importance of Team Building

The value of building teamwork is something that cannot be understated, especially within an office environment. Having the ability to work well with others is an advantage that will not only set you apart from your competitors but from a business point of view, a good team leads to an increase in employee morale and a sense of cohesiveness that, in turn, leads to more successful projects being completed at a much faster rate. 

Studies show that businesses that encourage collaboration and co-operation between staff are more successful in the long run. The reason is that human beings are social by nature. We thrive in an environment where we feel a connection to others, so in order to be at ease, we need to be able to explore our creative sides. In the past, our connections with people typically happened during off-hours, but more and more frequently it has become the norm to blur the lines when it comes to regarding peers and management as fellow humans in addition to simply coworkers. 

There are many ways to practice team building. Sometimes opening a meeting with a quiz or a game, or even a trust fall is a great way to break the ice. Ask people to anonymously give office shout-outs to credit outstanding team members and then announce them office-wide. Depending on how much time and budget is allotted, businesses might schedule anything from a group luncheon to a weekend away. There are generally four categories that make up the world of team-building exercises. These activities can range from a focus on communication, problem-solving and decision making, adaptability and planning, or trust-building. Regardless of which one is chosen, each one of these activities carries over into the workplace to help people work better as a unit. 

Public praise is something that has been proven to inspire people. Establishing a friendly rivalry among team members is a great way to explore people’s individual strengths and help them work together to earn rewards. It gives people the chance to see how well they can perform under pressure without the added stress of an actual deadline. One of the best outcomes for team building is that the activities actually work to improve both group and individual performance.

This article was originally published on https://adammarquardt.net/