Congratulations to DISCREET, Nate Farnsworth, Kerry Brown, Eric Jones and Adam Green. Their dedication to quality, improving life through daily positive actions and focus on hard work are an inspiration to all entrepreneurs across the globe. This honor represents endless hours of loving effort in order to help others to succeed in a business environment that is constantly morphing and re-inventing itself with merging challenges. Attention to detail is something that is a priority and the reason for ongoing notoriety and acclamations.
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Conclusion? When forming a home-based business, there are some key considerations that are important to the potential success of the business. While most home business owners enjoy the freedom that comes with working for themselves in a comfortable environment, the main reason people take the plunge into a home business is because they see a niche that others have missed, and they have the desire and determination to take advantage of it. https://smallbusiness.chron.com/benefits-home-based-business-261.html
-Home business owners are usually risk takers to a degree, but approach business in a pragmatic manner. The primary requirement necessary for a home-based business to succeed is a belief and determination on the part of the owner to make the idea happen. If there is the drive to succeed, the potential of the home-based business is limitless. A sound business structure and proper funding are very important to the continued success and growth of the business, but as long as the owner believes in and is committed to what they are doing, there is no limit to what they can accomplish.
Why Start a Home-Based Business? There are many different reasons to start a home-based business, but one of the most common is the sense of freedom that people achieve by working for themselves unsupervised in a comfortable environment. A home-based business allows people to work a flexible schedule without having to commute to the office. There is also the added benefit of reduced operating expenses and overheads by utilizing space in the home, which removes the need to acquire additional office space.
-Home-based businesses also have various tax advantages that can help a homeowner reduce their overall tax burden by having the ability to write off certain normally incurred expenses as related to the home-based business. Individuals should always check with a tax specialist to make sure they are claiming the proper expenses related to their home-based business situation.
Advantages of a Home-Based Business? The main advantage of forming a home-based business is the freedom it gives the individual. Operating your own business is a particularly risky endeavor, more so if large amounts of money are invested in office space, equipment, and employees. Starting a business in the home is advantageous because the costs are dramatically reduced. There are no initial expenditures required to secure an office lease, and those funds can be utilized toward the purchase of any equipment that might be required to start the business. Home-based businesses, by nature, are usually smaller enterprises that are designed to take advantage of a niche that the business owner has discovered. https://www.legalnature.com/guides/forming-a-home-based-business
-Most home-based businesses do not require employees initially, but if the business becomes successful, over time employees can be added as needed. This allows business owners to grow into the business and expand it incrementally as needed. The minimization of risk exposure is perhaps the most advantageous element of forming a home-based business.
The Elements of a Home Business? Home-based businesses can cover a wide spectrum of business possibilities, and just because it is started in the home or garage does not mean that it will never become a larger business success. Several of today’s largest corporations were started with an idea sparked at a kitchen table and followed up in the garage. The key elements of the home-based business are the quality of the idea behind it, and the commitment of the entrepreneur to see it through. All the other elements of a home business will eventually fall into place as long as the idea is ‘sound’ and the commitment is unwavering. Ideally, a home-based business should be dedicated to filling a niche that is needed, and it should be something the business owner feels comfortable accomplishing.
-When it comes to funding a home-based business, there are several different types of funding sources that are available. Many individuals who start a home-based business opt for traditional means of funding such as loans from banks, credit unions, or a Small Business Administration loan. These loans require the borrower to have good credit and a well-thought-out business plan.
Home Business Structure? Another important consideration for the home business entrepreneur is the decision of which type of business structure to use. There are several different types of business structures that can be effective for a home business owner, but the most common one is a sole proprietorship. Most home-based businesses are individually owned or run by a husband-and-wife team, so a sole proprietorship is adequate to begin the business until it expands. Partnerships are also common in home-based businesses as well as LLCs, which can help to protect various assets from liability. The cost of starting up a business structure and the level of liability protection needed for the type of business should be part of the individual’s decision on which type of structure to choose from. https://www.allbusiness.com/top-10-advantages-of-a-home-based-business-11087-1.html
-It is also common for home business owners to start their company as a sole proprietorship and then change their business to a different structure later as it grows and gets larger and more complex. The structure of the home business is a fluid element that can change to suit the needs of the business.
What are the key compliance guidelines that must be followed for businesses to engage in Direct Selling? Key Direct Selling Regulations: The Federal Trade Commission’s regulations regarding Direct Selling are generally well-known by people in the field. All persons or organizations who engage in e-commerce are participants in a form of Direct Selling. However, most e-commerce sellers have only one “tier” of distributors. As a result, they don’t fall under the umbrella of a multi-level marketing business. The principles at the foundation of Direct Selling are based on a simple mathematical formula: additive growth vs. exponential growth. While most ecommerce businesses seek to advance sales along only one tier creating additive sales growth, the concept of multi-level marketing is based on the notion of increasing sales by exponentially growing the sales organization. Simply put, direct selling companies are constructed on the notion that if ten sales people grow their direct sales by ten percent per month, a certain level of revenues will be generated based on sales. Despite the soundness of the concept, some Direct Selling companies subordinate product and services sales to organizational growth. In other words, there was a greater focus on growing a massive base of distributors rather than sales growth. This practice led to the Federal Trade Commission establishing requirements as listed below.
(a) Key Compliance Requirement #1 Income Disclosure: Whether the direct sale occurs online, in person, and or by other means, the FTC requires that the income statement reveal that the primary revenue streams of the company are generated by the sale of goods and services to external buyers who are not organizationally connected to the company; It’s called an Income Disclosure Statement or IDS.
(b) Key Compliance Requirement #2 Customers Required: An audit of the financial rewards must also reveal that the compensation paid to Distributors is a result of the actual sale of goods and services to external buyers rather than fees paid for the expansion of the sales team. https://www.einpresswire.com/article/569262001/adam-paul-green-owner-g3-marketing-awarded-best-seo-agency-business-paid-search-solution-for-st-george-utah
(c) Key Compliance Requirement #3 Testimonials: Direct Selling companies, in recruiting their sales team, must not directly and/or by implication and/or images or testimonies, generate an inflated image of the earnings associated with Direct Selling participation. The testimonials and/or other marketing materials used should generate realistic images of potential earnings that have been calculated as the mean of earnings that occurred based on past participation.
(d) Key Compliance Requirement #4 – International: If a company sells its goods and services in different states and/or worldwide, an array of other compliance guidelines are operational. (f) If your Direct Selling Company sells through e-commerce, other compliance rules exist. As mentioned, because e-commerce or online sales have now become a primary venue for direct sales, regulations to protect buyers in the e-commerce space must also be strictly observed. ( DSA )
