Research by the Small Business Administration indicates home-based businesses make up over half of all businesses in the U.S. Starting a home-based business can be a great way to get your new business idea off the ground without a lot of overhead, or to simply make some extra money. Most home-based business owners also rate flexibility as one of the top benefits of owning a home-based business.
While you may not be particularly worried about what the neighbors will think, there are many regulations and restrictions that may apply, depending on where you live. These are a few of the questions to consider before beginning your new home-based business in earnest.
- What are the zoning restrictions where you live? Zoning restrictions are designed to protect residents from the traffic often associated with businesses. Your city’s website may be a good source of information.
- What will you name your business? You may need to reserve and register your name with the appropriate state agency. In Pennsylvania, check with the Corporations Bureau.
- Do you need a business license to conduct business in your city, county, or state? (Or all three?)
- Will your homeowner’s or renter’s policy cover a loss of inventory or other damage to your home-based business? Check with your insurance carrier and your written policy to find out.
- Will your business have a life of its own? In other words, will you conduct your business as a sole proprietorship or will you choose a legal entity such as a corporation, partnership, or LLC?
- Do you need to obtain a federal EIN, or employer identification number? Find out more at the IRS EIN application website.
- Have you contacted an experienced Pennsylvania business law attorney who can answer other questions you might have along the way?
Of the questions listed above, the best place to start may be checking the zoning restrictions where you live, since a zoning restriction prohibiting the operation of a business could be a deal-breaker from the outset. Next, be sure to contact an experienced Pennsylvania business law attorney, whose business start-up advice can more than pay for itself in time and money saved.
For more information about getting started, and to make sure your home-based business complies with existing laws and regulations, seek the help of a professional business law attorney. The attorneys at the Scolieri Law Group, P.C. can help you get your home-based business off to a great start. Contact us today at (412)765-0546 or firstname.lastname@example.org.