Entrepreneurship 101: How to Start a Business from Your Home in Just 60 Minutes

            How would you like to start your own business and begin working for yourself? It’s easier than you think. You can start your own business from home in just one day, or even just an hour, with these three simple steps. Today we’re going to walk you through the process of how to start a business from home using three clear action steps that are easy enough for anyone to follow along with, no matter their background or current occupation! Ready? Let’s get started!

1. The kinds of businesses you can run at home 

 - types of home-based businesses you can start!

                In today’s economy, entrepreneurship is easier than ever. No longer do you need an office or storefront to run your business. In fact, there are thousands of entrepreneurs running profitable businesses from their homes, but many people don’t know how they do it. So we decided to show you exactly how they do it and walk you through some examples of what kinds of businesses can be started with little more than an Internet connection and a good idea. After all, entrepreneurship doesn’t have to mean life-changing capital investment or laborious training - not with these nine options for home-based startups that have helped so many people bring their ideas into reality. The most important thing to remember about entrepreneurship is that anyone can do it if they set their mind to it. So take our word for it when we say there’s no better time than now to get started on building your own home-based business!

2. Key aspects that determine if your business will be successful

- The  biggest indicators your business is doomed 

            What makes one business successful, while another struggle? It’s often hard to tell if you don’t have access to your competitors’ numbers and market insights. What we do know is that entrepreneurship means launching a company with intent. Entrepreneurship has its challenges and rewards, but anyone can succeed through good planning, research, determination, and diligence. Anyone who does not plan their work will be busy their whole life.

3. Time required daily to start and manage your business

            If you're going to start your business from home, you'll need about one hour per day to devote to it. Not sure if that's possible? Well, for some people it is; for others, maybe not. But if you have three hours a day that can be carved out of your schedule, you're already there—and some experts believe that's ideal. On top of whatever time commitment your business demands daily, you'll need time for researching products and services and doing market research (which won't count toward daily time allotment).

4. Tools needed

            The entrepreneurship ecosystem is fairly robust, with classes and resources for students, but starting up doesn't need to be complicated. Here are five tools you'll need: pen/paper; computer; phone; video camera; imagination. First things first, find someplace quiet where you can think (your dorm room will work fine), then layout your supplies. Once that's done, all that's left is to pick an idea and get started! We recommend reading Entrepreneurship Theory and Practice by Noam Wasserman and watching some inspirational videos—but that's entirely up to you. 60 minutes after we gave you those instructions, your first-ever business should be ready for launch! Title: Entrepreneurship 101: How to Start a Business from Your Home in Just 60 Minutes

5. Money needed

            As stated, starting a business from your home only requires you to invest $0. However, you should be prepared for some of your own personal expenses. Entrepreneurship is not cheap and often will require funding for various things. It can range greatly depending on your specific venture, but even a small business will probably require money at some point or another. If you can afford it and are looking for an investment opportunity, go for it! If not, there are options out there such as crowdfunding platforms like Kickstarter or Indiegogo that allow people without money to start their own businesses – as long as they have passion and drive behind them. So no matter what amount of money you currently have available, there’s always an option if you have motivation.

6. Advantages of having a home-based business

            The advantages of starting a business from your home are pretty obvious. You’ll save money on rent, utilities, office supplies, and more. If you have enough demand for your product or service, you can even use your home as your storefront. There are also tax benefits for business owners who work out of their homes — less money spent on overhead means more profits for you. Another advantage is flexibility. If you’re self-employed or contract with companies that allow telecommuting, working out of your home gives you ultimate control over when and where you work best.

7. Drawbacks of having a home-based business

            Many people assume that starting and running your own business requires a lot of up-front capital, but it doesn’t necessarily have to be that way. Indeed, home businesses often require more investment in terms of time and energy than traditional jobs, but much less money. If you are dreaming about setting up shop at home, you will likely want to know about some of the pros and cons of having a home-based business before committing. Here are some notes on some important considerations for choosing entrepreneurship as an alternative means of income generation. Ultimately, entrepreneurship can best be described as an optimistic view of reality; one where there is always an opportunity for success through calculated risk-taking and productive innovation.

8. Tax implications (in India)

            A business can be registered only after registering for tax with your local authority. For example, an unregistered small-scale enterprise with an annual turnover of less than Rs 1 crore can file quarterly returns, while enterprises with a turnover of Rs 1 crore or more have to file monthly returns. In general, enterprises are required to withhold taxes at source and deposit them regularly. The deductibles include sales tax and service tax; employees’ income tax (withholding and principal) and value-added tax are also deducted. One may opt for a self-assessment form or standard assessment route; under self-assessment, one is liable for paying taxes on time but enjoys certain benefits by availing of deductions available under law.