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Format 60 CPL. Word count 817 Copyright Patrick Silva, 2004

10 Steps to your business success.

After you have definitely made up your mind that you really want to do a business of your own, next important step is to choose a one that is right for you - a business that you like and enjoy doing.

Your success will depend on choice you make. Therefore it is very important to give this matter very serious thought.

Here are 10 steps that will point you in right direction and lead you to success.

First - Make a list of business ideas. The list should include your 1)Special training, 2)Hobbies, 3)Strengths, 4)Field of expertise, 5) Special skills, 6) Special interests, 7)Personal experiences, 8)Education and anything else that you can think of.

Do not be critical at this point. Just make list no matter how crazy it may seem to you. Do not judge it or analyze it at this point. Concentrate. Spend 10 to 15 minutes on this project.

Second. Evaluate your ideas. Read list very carefully several times. Now select FIVE of best ideas from your list. Take your time doing this. Write down those five ideas in a separate sheet of paper. Keep those five ideas and mull them over in your mind.

Third. Take a rest. Leave list alone for a day or two. Give your mind a chance to work. Your ultimate aim is to select best one out of five.

The reason for leaving list alone for a day or two is to give your subconscious mind a chance to work on it. It will be working, behind scene,in background without your conscious awareness.

When you return to list in a day or two, you should have a clear idea of what best one of 5 is. You will find that your decision making will be easier. If you are still unsure, give it more time.

Fourth. By now, you should be able to pick a topic or subject that you like most - one you are passionate about. Now make that decision and pick out best one out of five.

Zoning may also be an issue. Municipal ordinances can be very restrictive about what types of businesses are allowed in a residential district. This also applies if you plan on placing a sign outside of your home. Again, check with your local government municipalities to find out what requirements are for where you live.

In addition, depending on how your home business is structured--as a sole proprietorship, partnership or corporation--there may be forms to file with state. The legal structure affects taxes and liability of owner and home business, so it's important to follow appropriate procedures. Contact your state's Department of Revenue for filing fees and information.

If you plan to operate your home business under a name other than your own, you will have to register a fictitious name with county--usually referred to as a DBA filing (Doing Business As). The exceptions to this regulation are corporations and partnerships doing business under umbrella of corporate or partnership name.

As a home business owner, you may be required to file estimated tax returns and pay estimated taxes quarterly. If you have employees, you also have to submit taxes withheld from employee paychecks. Here are some of taxes you may be responsible for:

Employment taxes -- Federal income taxes, Social Security and Medicare, federal unemployment and state income taxes.

Federal self-employment tax--Required by those who work for themselves to cover Social Security and Medicare contributions.