"Starting
a Home Bakery
The Pitfalls & How to Avoid Them"!
Starting an
at home bakery business
is one of your greatest idea's.
There
are
over 30 million people
currently working from their homes,
By 2015 it is
estimated to be 97 million people.
Do you realize, that owning a small business is a real trend in America today?
The number of people starting a home bakery is increasing every week.
Though your specific bakery business may be different than all the competition, there are things which are consistent across all home based businesses,
the city ordinance problems,
the by-laws
the local & state regulation, like fire, garbage, health, building codes
the tax deductions for which you are eligible to name but a few.There's no getting away from it though you should see a specialist in these areas from a tax standpoint, and give you some strategies to maximize your legal tax savings. This is one area I cannot nor will I offer you any other advise than to see a good tax and accounting specialist. I have had one ever since I started The Crusty Cottage Bakery and how to start a bakery is based entiredly on that principal.
By far, the most important tax tip anyone can give you is RECORD KEEPING. You have heard that one of the most important aspects of buying real estate is: “location, location, location”. For taxes, and effective tax returns, the adage should be: “records, records, records”.
As a new business owner, tracking all your expenses is essential for your success. Buy a file cabinet or have a well-organized area in your home office set aside all your records. It might seem overwhelming at first but keeping effective records and being organized goes a long way in proper tax preparation and could be a life saver in the case of an audit. Remember, keeping accurate records will save money and countless headaches in the future.
If you live in the USA you have a great web site set up by the people whom most business owner shy away from and that is the IRS. http://www.irs.gov. They have evrything a small business owner needs to be compliant. Take advantage - it's free (in most cases)
Checking with you local authority in your state, province or country for their rules on home based business should be your very first thing to check out.
City hall is a good place to start. The Chamber of Commerce is another place to check, if you have one in your location. Maybe even your local unemployment office is another check point. They might even have a way to assist financially too?.
The Crusty Baker - DBA The Crusty Cottage Bakery
334 Harrogate Rd.
Campbell River, BC.
Canada. V9W1Y9.