Running your own business from home can be very rewarding, and allows you to make money on your own terms, and in a comfortable environment. A home based business can also provide you with a unique sense of freedom and flexibility, and can give you a chance to utilize your own particular skills and interests. It can be a big step to setting up your own successful business, and many people begin by supplementing their main income with a part time hobby such as buying and selling collectibles on online auction sites, or writing online blogs on subjects that they are passionate about.

There are hundreds of opportunities to make money online, but you will need to put in some time and effort to make them work, and you should be cautious of any schemes that promise fast, easy returns on your investment, as typically anything that seems to good to be true normally is and there are hundreds of online money making scams out there. However there are some good online opportunities too, which can provide some great home business ideas, and some of these include:

• Setting up your own website or blog and registering with an affiliate marketing scheme (you promote products/services on your website and earn commissions for referrals). This gives you the chance to utilize your knowledge and interests, for example if you are an experienced angler you could write a blog with tips on how to cast off or what equipment to buy, or advice on the top fishing spots to visit.
• Enroll in ‘pay-per-assignment’ websites, such as those that pay you for completing online surveys, answering emails or submitting quality essays and papers.

Affiliate marketing programs can be a very profitable way of earning money online, and it is important to research the various programs available, and try to choose ones that suits that style of website/blog you are setting up. To make affiliate programs work you will need to know a lot about Search Engine Optimization (SEO), which is all about utilizing keywords and other methods in order to get good search engine rankings, (this increases your site traffic and improves the chance of earning more commissions through affiliate programs.)

If you are new to affiliate programs and online businesses it can be a good idea to subscribe to sites such as Plug-In Profit, who include a complete guide to setting up your own website business (Internet Business-in-a-Box), which comes with standard design templates and graphic features that are fully customizable, and also e-commerce software so that you can process payments on your site. Plug-In Profit also provides a free training program (30 Days to Success) to help members that have no experience to learn the best ways of making money online. To find out more about setting up your own Plug-In Profit Site you can visit http://www.HomeBusiness.us

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A recent poll by SmallBusiness.co.uk revealed that as many as 65% of small business owners were unhappy with services they had received from their business bank. When you consider that many of these business banking services come with significant charges and overdraft fees, it is more important than ever that you look around and choose the type of account and service that suits you.

The reviewcentre.com provide a good resource on all the main small business account services, which is based on the helpful reviews and comments from people who have, or are currently, using the various services. Also the British Bankers Association (BBA) provide a Business Account Finder at www.bba.moneyfacts.co.uk, which can help you to narrow down exactly what kind of account you need by asking you questions about your type of business (partnership, limited sola trader etc) and what kind of facilities your require (local branch, credit card, overdraft etc).

Here are a few of the best offers currently available for business banking from the main UK banks:

• Lloyds TSB Business Banking – this is a comprehensive business service which can provide you with advice on account, loans, insurance and pensions. Lloyds TSB offer a good range of products and services from start up accounts with 18 months free banking to designated client accounts where you can hold client funds in separate accounts, all with instant access and credit interest (ideal for businesses like solicitors, accountants, and estate agents.)
• Alliance and Leicester Business Accounts – a free and unlimited business account is offered with a competitive interest rate. This is ideal for small accounts, and those businesses that operate in remote areas where there are no high street bank facilities, as deposits can be made at local post offices.
• NatWest Business Banking – a free 2 year business account is offered to new business customers who have been trading for less than 12 months. There is also a good range of products and services available such as business loans and insurance, and you also get the bonus of being assigned your very own dedicated business manager, who can help guide your through setting up your finances.

If you know more some cool latest offers, post via comment so that readers can take advantage of it.

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All businesses are subject to a variety of different taxes, all of which are legal obligations that need to be fulfilled. Therefore it is important for you to find out what tax you need to pay for the type of business you are running, and start making contributions as soon as possible.

Starting Out

The first step to sorting out your tax is to define your business in to one of the following categories:

• Sole trader
• Partnership
• Private limited company
• Limited liability partnership

Also you need to estimate your projected earnings to see if you will qualify to pay VAT, which has a registration threshold of earnings exceeding £67,000 per annum. Make a note of how many employees you currently have, and then contact the HM Revenue & Customs (HMRC) to register your business. If you have work premises you will also be liable for business rates, so you must contact your local council to inform them which address you have started trading from.

Sole Traders

Sole traders are registered with HMRC as self employed, and will need to complete and submit their own self assessment tax return each year. Generally sole traders pay either Class 2 or 4 National Insurance contributions (NICS), which are calculated on a flat weekly rate and can be paid by direct debit. NICS contributions count towards incapacity and maternity benefits.

Partnership

Partnership traders also register as self employed, but each partner will need to complete their own individual self assessment tax return each year, and pay their own tax and NICS contributions. Also each partner will have to submit the required partnership supplement (SA104), and a nominated partner must also submit the Partnership Tax Return (SA800).

Private Limited Company

Private limited companies are liable for Corporation Tax, and must complete and submit a corporation tax return (CT600) each year and also supply a copy of their accounts. Most private limited companies use accountants to ensure these forms are filled in and submitted correctly.

Limited Liability Partnership (LLP)

LLPs also need to register as self employed, and each partner must submit a self-assessment tax return every year as well as the SA104 and SA800.

To find out more about how to register a business, and what taxes you will need to pay you can visit the HMRC website at www.hmrc.gov.uk

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Starting up a new business can be expensive, and you will likely need some capital to buy equipment, finance marketing and also establish your place of work.
You will also need to allow for a reasonable sum of money to pay for wages, bills and stock until you have been trading for long enough to start bringing back in some money.

There are a range of different financing options for those people starting up a small business and these include:

• Your own money – if you have sufficient savings you may want to consider using these to help start up your business. Remember that you should leave something aside to live off in case the business is slow to start making a profit.
• Family or friends – you should always think very carefully before borrowing money from close friends or family, as you could have no way to repay them if your business fails, or takes a long time to become successful. You should also get a proper legal contract drawn up, to ensure that all parties have some security, and to clearly define the amount of money the loan is for, and how it is to be repaid.
• Banks – before you approach a bank for a loan make sure you have a well thought out, credible business plan in place. This will help your advisor select the best product for you, such as an account with an overdraft facility or business loans to help with the financing for any vehicles or equipment you need.
• Investors – some larger businesses can attract investors, especially if you have taken the time to work out a thorough business plan and projected profits and earnings.Make sure you get some advice on how to set up investment agreements properly, to protect all the parties involved.
• Grants – some businesses can qualify for a government or local business association grant to help with the costs of the initial set up.This is a great boost for some small businesses as grants are often offered on subsidized or 0% interest loans which are excellent ways of getting cheap finance, and some grants may even by straight cash gifts, which do not have to be repaid.The main disadvantages of grants are that they can have very restricted criteria’s for applicants, and they may not be enough to finance the whole of the business set up.Also there can be heavy competition for grants, and the application process can sometimes be long and involving.

So there are lots of options available for you. It’s just you have to decide which option to choose from. Sit back with your friends and relatives OR your financial advisor to come to a conclusion.

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Happy New Year guys. Hope you had a great past year. Wish you best wishes for the year 2009 and your business prosper a lot. Here is the first post of year 2009 regarding some business productivity tips.

Productivity is used widely in the business world, and basically means working efficiently and utilising all aspect of your business so that you get the maximum profit for the minimum costs. Here are top 5 tips on how to utilise productivity in your small business.

1. Staffing - take a close look at your business needs, and evaluate whether you have enough staff to carry out all the necessary jobs. Key tasks such filing and answering telephones can often be neglected in small businesses, but they are an important part of running your company efficiently. Also look at the staff you currently have and think about how to spread tasks evenly so that everyone is utilised to their full capacity.

2. Website – websites can be an excellent way to improve productivity as they can be maintained easily by just one person, and are accessible 24hrs a day so that you can reach out to customers anywhere, anytime. Use a web hosting company to set up your website, as this can be very cost effective and produces a professional finish. This also means you will be able to get a business email address, which looks much more legitimate than using personal email such as Hotmail or Yahoo.

3. Onsite Security – make sure you have adequate security in place at your work premises and storage facilities. Protect important information such as business banking and loan details in a locked safe or strongbox, and if your business has valuable stock, equipment or cash onsite make sure these are kept locked and alarmed in a safe storage area.

4. Computer security – always back up your important computer records in a professional offsite storage location, so that if your computers are stolen or become infected with a virus you will still be able to access vital business information. If you take a laptop out with you make sure it has encryption technology in place to protect your information if it is stolen, and never leave it unattended. Never access the Internet without up to date firewalls and antivirus software in place.

5. Calendars and schedules – it is important you approach the day to day running of your business in an organized manner, so that you can utilize every day efficiently. Keep a detailed schedule of where all staff are going to be each day and what they are doing, and leave it in a shared space so that everyone can access it if they need to. Keep a yearly calendar or planner to mark key dates such as deadlines for tax submissions, loan repayments and staff holidays.

6. MarketingCustomers don’t come to you unless they know about your business. So for better productivitiy, you need to market your brand – which can be done by trade show display booths and pop up displays or any other means you know about.

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