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By Elliot Booker — 3 years ago
By Steve Julal
More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based business people.
And, with technological advances in smartphones, tablets, and iPads as well as rising demand for “service-oriented” businesses, the opportunities seem to be endless.
Is a Home-Based Business Right for You?
Choosing a home business is like choosing a spouse or partner: Think carefully before starting the business. Instead of plunging right in, take the time to learn as much about the market for any product or service as you can. Before you invest any time, effort, or money take a few moments to answer the following questions:
- Can you describe in detail the business you plan on establishing?
- What will be your product or service?
- Is there a demand for your product or service?
- Can you identify the target market for your product or service?
- Do you have the talent and expertise needed to compete successfully?
Before you dive headfirst into a home-based business, it’s essential that you know why you are doing it and how you will do it. To achieve success your business must be based on something greater than a desire to be your own boss and involves an honest assessment of your own personality, an understanding of what’s involved, and a lot of hard work. You have to be willing to plan ahead and make improvements and adjustments along the way.
While there are no “best” or “right” reasons for starting a home-based business, it is vital to have a very clear idea of what you are getting into and why. Ask yourself these questions:
- Are you a self-starter?
- Can you stick to business if you’re working at home?
- Do you have the necessary self-discipline to maintain schedules?
- Can you deal with the isolation of working from home?
Working under the same roof that your family lives under may not prove to be as easy as it seems. It is important that you work in a professional environment. If at all possible, you should set up a separate office in your home. You must consider whether your home has space for a business and whether you can successfully run the business from your home. If so, you may qualify for a tax break called the home office deduction. For more information see the article, Do You Qualify for the Home Office Deduction? below.
Compliance with Laws and Regulations
A home-based business is subject to many of the same laws and regulations affecting other businesses, and you will be responsible for complying with them. There are some general areas to watch out for, but be sure to consult an attorney and your state department of labor to find out which laws and regulations will affect your business.
Be aware of your city’s zoning regulations. If your business operates in violation of them, you could be fined or closed down.
Restrictions on Certain Goods
Certain products may not be produced in the home. Most states outlaw home production of fireworks, drugs, poisons, sanitary or medical products, and toys. Some states also prohibit home-based businesses from making food, drink, or clothing.
Registration and Accounting Requirements
You may need the following:
- Work certificate or a license from the state (your business’s name may also need to be registered with the state)
- Sales tax number
- Separate business telephone
- Separate business bank account
If your business has employees, you are responsible for withholding income, social security, and Medicare taxes, as well as complying with minimum wage and employee health and safety laws.
Money fuels all businesses. With a little planning, you’ll find that you can avoid most financial difficulties. When drawing up a financial plan, don’t worry about using estimates. The process of thinking through these questions helps develop your business skills and leads to solid financial planning.
Estimating Start-Up Costs
To estimate your start-up costs include all initial expenses such as fees, licenses, permits, telephone deposit, tools, office equipment and promotional expenses.
In addition, business experts say you should not expect a profit for the first eight to ten months, so be sure to give yourself enough of a cushion if you need it.
Projecting Operating Expenses
Include salaries, utilities, office supplies, loan payments, taxes, legal services and insurance premiums, and don’t forget to include your normal living expenses. Your business must not only meet its own needs but make sure it meets yours as well.
It is essential that you know how to estimate your sales on a daily and monthly basis. From the sales estimates, you can develop projected income statements, break-even points, and cash-flow statements. Use your marketing research to estimate initial sales volume.
Determining Cash Flow
Working capital–not profits–pays your bills. Even though your assets may look great on the balance sheet, if your cash is tied up in receivables or equipment, your business is technically insolvent. In other words, you’re broke.
Make a list of all anticipated expenses and projected income for each week and month. If you see a cash-flow crisis developing, cut back on everything but the necessities.
If a home-based business is in your future, then a tax professional can help. Don’t hesitate to call if you need assistance setting up your business or making sure you have the proper documentation in place to satisfy the IRS.Post Views: 961
By Elliot Booker — 4 years ago
JOHN EDWARD BRUCE 1856 – 1924
Was a Historian, Journalist, Pan-African Nationalist and the Co-Founder of the Negro Society Of Historical Research.
John Edward Bruce was born into slavery in Piscataway, Maryland in 1856. When Bruce was three years old his father was sold away to Georgia prompting young Bruce and his mother to escape to Washington, D.C. in fear of losing each other. Bruce and his mother Martha resided with Martha’s cousin Busie Patterson who was a body servant to Missouri senator Thomas Hart Benton. This relationship with a powerful white congressman provided the Bruce family with opportunities and access to jobs in white upper-class communities. Martha Bruce, for example, obtained a job in Connecticut working closely with a white family. While in Connecticut, John Edward Bruce enrolled in an integrated school and received his first formal education. Traveling back to Washington, he received a private education and attended Howard University.
Busie Patterson’s connection with the senator was helpful in launching John Bruce’s career in journalism. At age 18 Bruce was an assistant in the office of the New York Times. Starting in 1879 he founded a number of newspapers in the Washington, D.C. area including The Argus Weekly (1879), The Sunday Item (1880), and The Republican (1882) While creating his own papers Bruce was the editor and business manager for the Commonwealth, a major newspaper in Baltimore, Maryland. In 1884 when Bruce was 28 years old he started using the name “Bruce Grit” for his columns. His reputation as an uncompromising opponent of racial discrimination and proponent of African American advancement would grow over the next two decades. In 1910 Bruce was the American correspondent for the African Times and the Orient Review in London. Continuing to use the name “Bruce Grit” he became a regular columnist for several newspapers in the United States, the Caribbean Islands, Europe, and Africa.
Bruce also became prominent on the lecture circuit, giving speeches that addressed lynching, the condition of southern blacks, and the weak American political system that failed to protect the rights of its black citizens. In 1890 he joined activist T. Thomas Fortune’s Afro-American League, the first organized black civil rights group in the nation. He became the organization’s new president in 1898 when it reformed as the Afro-American Council.
In 1911, while living in Yonkers, New York, John Edward Bruce started the Negro Society for Historical Research. His passion for African history led him eventually in 1919 to Marcus Garvey and his Pan-Africa nationalist ideas. Bruce became a father figure to Marcus Garvey when he joined the Universal Negro Improvement Association at the age of 64. He was a featured writer for the organization’s newspapers the Negro World and the Daily Negro Times. Although his health was fading, Bruce continued to work. He worked for the Port Authority of New York until 1922 when he retired. Two years later John Edward Bruce died in New York City.
Post Views: 628
By Elliot Booker — 5 years ago
Not many people know that after the O.J. Simpson case, Johnnie Cochran spent much of his time preparing for a case, collecting historical data, information, and studying cases to sue the U.S. government for Reparations for Africans in America.
A powerful group of civil rights and class-action lawyers who have won billions of dollars in court is preparing a lawsuit seeking reparations for American blacks descended from slaves.
The project, called the Reparations Assessment Group, was confirmed by Harvard law professor Charles J. Ogletree and appears to be the most serious effort yet to get American blacks compensated for more than 240 years of legalized slavery. Lawsuits and legislation dating back to the mid-1800s have gone nowhere.
“We will be seeking more than just monetary compensation,” Ogletree said. “We want a change in America. We want full recognition and a remedy of how slavery stigmatized, raped, murdered and exploited millions of Africans through no fault of their own.”
Ogletree said the group, which includes famed attorney Johnnie Cochran, first met in July and will hold its fourth meeting in Washington D.C. later this month.
“This country has never dealt with slavery. It is America’s nightmare. A political solution would be the most sensible but I don’t have a lot of faith that’s going to happen. So we need to look aggressively at the legal alternative,” Ogletree said.
For now, there are more questions than answers in the planned litigation. Left to be determined are when the suit will be filed, exactly who will be named as defendants and what damages will be sought.
Ogletree declined to discuss specifics but said the federal government, state governments and private entities such as corporations and institutions that benefited from slave labor could be targets of the legal action.
“Both public and private parties will be the subject of our efforts,” he said.
Ogletree said the Reparation Assessment Group includes attorneys Cochran and Alexander J. Pires Jr., who won a $1 billion settlement for black farmers who claimed discrimination by the U.S. Department of Agriculture; Richard Scruggs, who won the $368.5 billion settlement for states against tobacco companies; Dennis C. Sweet III, who won a $400 million settlement in the “phen-fen” diet drug case; and Willie E. Gary, who won a $500 million judgment against the Loewen Group Inc., the world’s largest funeral home operators.
Also in the group is Randall Robinson, president of the TransAfrica Forum, a think tank specializing in African, Caribbean and African-American issues. Robinson recently wrote the book “The Debt: What America Owes to Blacks,” which argues for reparations.
“This will be the most important case in the history of our country,” Pires said Friday. “We all agree the suit has to tell the story of what slavery has done to blacks in America …
“We are still suffering from slavery’s impacts today,” Pires said.
Ogletree said the assessment group will call on experts in education, politics, family development, health and economics to help trace how slavery’s outgrowths such as segregated schooling and neighborhoods have affected society today.
Enslavement of Africans in America began in the 1600s. A slave sale was recorded in 1619 in Jamestown, Va. The “peculiar institution” helped to fuel the prosperity of the young nation, while also dividing it. Slavery was not officially abolished in the United States until the 13th amendment was ratified, in 1865.
Reparation supporters point to recent cases where groups have been compensated in cash for historic indignities and harm.
A letter of formal apology and $20,000 were given by the U.S. government to each Japanese-American held in internment camps during World War II.
Austria last week established a $380 million fund to compensate tens of thousands of Nazi-era slave laborers who were born in six eastern European countries.
Reparation opponents argue that victims in the Nazi and Japanese-American cases were directly harmed while many generations separate enslaved blacks and their modern-day descendants.
In addition, those opposed to reparations say it isn’t fair for taxpayers and corporations who never owned slaves to be burdened with possible multibillion dollar settlements.
Neither Ogletree nor Pires mentioned any industry or company that could be a target of the suit.
But Pires said there were overlaps between the slavery of past centuries and today’s corporations. He noted that Aetna Inc., the nation’s largest health insurer, apologized earlier this year for selling policies in the 1850s that reimbursed slave owners for financial losses when their slaves died.
In July, The Hartford (Conn.) Courant newspaper published a front-page apology for running ads for slave sales and the recapture of runaways in the 1700s and 1800s. Such advertisements were commonplace in many newspapers until the Civil War.
Pires was one of the lawyers in the assessment group who discussed reparations in the November issue of Harper’s magazine.
Pires said he believes that any monetary settlement or damage figure should be among the last items discussed as the suit takes shape. He said it is more important to tell the story to all Americans of what slavery did to the country “and let people decide what should be done to repay.”
“Most people,” he said, “don’t like having dirt on their hands.”
By Paul Shepard
AP National Writer
Saturday, Nov. 4, 2000Post Views: 2,976