Why Most Home Businesses Never Work

Why Most Home Businesses Never Work

Real Estate, Network Marketing, MLM, Affiliate, Direct Sales

Why do most home bases businesses never work? After all, millions of people, all over the world, have joined an opportunity or started a business of working from home. Some of the biggest names include Carlton Sheets, Dean Graziosi, Amway, Quixtar, Herbalife, Pampered Chef, Avon, Tastefully Simple. Is it the business plan that fails? Are they just scams? Are you a failure?

In reality, the companies listed above have produced dozens of success stories. They have good business plans and definitely are not scams. Chances are that you are not a failure.

So then, what is the problem?

My name is Cyle Greenwell. As a successful home based entrepreneur, real estate investor and internet marketer, I have worked with countless home based business owners who are failing. I have identified three major reasons why.

1. The “Business” Never Becomes A Real Business
2. Most People Still Haven’t Mastered the Art of Online Marketing
3. The Lack of Community, Support and Discipline

Here is further explanation of each of the three reasons and how to fix them.

The “Business” Never Becomes a Real Business

Most home based business owners call themselves just that, “Business Owners.” Maybe it’s “entrepreneur” that you call yourself. Either way, it implies something. You have a BUSINESS! The IRS has specific criteria for determining whether your activities are considered a “hobby” or a legitimate “business.” If you are currently taking tax deductions for business expenses, I recommend that you visit www.irs.gov to determine if the deductions are legitimate.

If you truly are running a business, you should choose a name for it and incorporate or file for an LLC in your state and with the federal government. This is scary for a lot of people because they think it’s too difficult and opens them up to IRS audits. This is not accurate! There are thousands of small businesses in your area, and millions of small business around the world. It’s not that big of a deal! You should do it, too.
H
aving a real business will:
• Allow you to take more tax deductions
• Protect your personal assets from litigation
• Make you look more credible
• Allow you to open credit accounts in the business name
• Make you more dedicated to your own success

I’m not a tax attorney or an accountant, so I am not going to tell you which entity you should choose (LLC, S-Corp, C-Corp), but many home business owners start with an LLC. I do recommend having it professionally filed; which will run you between $100 & $200.

The actual state filing fee varies by state. Go to Google, Yahoo, Bing, or your search engine of choice, and type in “Secretary of State (name of the state you live in.)” Here is where you will find the cost to file.

Here is a short list of LLC filing fees:
• California = $115
• Florida = $125
• Georgia = $100
• Minnesota = $135
• Texas = $300

Remember, to have a professional do this for you (recommended), add about $100 to the state filing fee.

Stay tuned for further details……..