Starting a home business in Florida is an excellent way to begin a second career, supplement an income, or establish a new business idea with a small start-up investment. Florida, it counties, and even some of it major business all encourage new home based business ideas by offering free or low cost services and assistance in starting a business. Florida offers a number of business resources at no charge to home businesses through their website called My Florida. In addition to providing home business start-up information, My Florida also offers information on financing and business grants.
Items you will need
- A business plan
- A tax Accountant
- Accounting Software
- Time to apply for loans, permits, insurance, and licensing
- Space for a home office
Write a business plan to help definition, organization, and finance your home business idea. Profitable home business starts with a great plan. A business plan will help start a home business easier and it will uncover areas normally not considered when starting a home business such as changes in homeowner’s insurance or tax advantages. All lenders and grantors will require a business plan as part any financial application submission.
Home business startups located in central Florida can take advantage of The Disney Entrepreneur Center (E-Center) business support. The Walt Disney World Company started The Disney E-Center to provide business advice and counseling sessions in efforts stimulate economic development in Central Florida. In addition, U.S. Small Business Administration offices in Florida will offer free help in writing a business plan. To get the statistical and market information needed to write a business plan, view or buy Florida Trend magazines. It is an excellent source for business information.
Get financing and set up the accounting procedures for the home business. Financing is an important part of setting up any home business. A successful home business needs capital to advertise their products and support business operations. Florida will assist home business owners to find loans and grants. To learn more about Florida’s business funding programs visit Florida’s official state website, My Florida. Once financing is complete, contact an accountant to recommend an accounting software package appropriate for your home business model and to help set-up tax planning.
Comply with all State and local regulations concerning a home business. The Florida Department of Business and Professional Regulation will guide home business owners through the regulations needed to start any type of home business in Florida. To find out the local regulations pertaining to a home business contact city and county offices. Many permits and regulations require business insurance. Contact the insurance agent, who administers the homeowner’s policy, for advice.
Home business owners, who live in condominiums or sub-divisions with associations, must also contact their homeowners associations to see what restriction may apply to starting a home business. Some homeowners associations restrict the types of home business allowed. For example, an association may have restrictions on how business is done on site and they may restrict having customers visit the home location.
Arrange the home business’ office. One of the greatest advantages to having a home business is the fact that a portion of the home mortgage, utilities, and other items are tax deductible. To qualify for these tax deductions a home business must comply with the tax guidelines enforced by The U.S. Internal Revenue Service (IRS). This information is found in IRS Publication 587 for Home Business Tax Deductions. The publication is available online and it is an important document to use as a reference when setting up the home’s offices or home warehousing space. If the office is organized according to IRS guidelines, the home business will then qualify for deductions on part of the mortgage and utilities.
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