3 Successful Work-at-Home Entrepreneurs Share 12 Tips for Building a Thriving Business From Home

By Adryenn Ashley

106x105xNewsletter_300x300_square_logos-INC.png.pagespeed.ic_.aZbZhaz5r3

http://www.inc.com/aj-agrawal/3-successful-work-at-home-entrepreneurs-share-12-tips-for-building-a-thriving-bu.html
September 25, 2021

After great success with Wow! Is Me, a marketing consultancy firm, and ChickLit Media Group, an independent publishing company, award-winning film producer Adryenn Ashley launched Crowded Reality last December. She strategically integrated social currency into her latest business model–and it paid off.

To keep your business sustainable, here are Ashley’s four finance tips for home-based entrepreneurs:

Tip No. 1: Focus on making money quickly.

Focus on ideas that don’t need much startup capital and are immediately profitable. For Wow! Is Me, ChickLit Media Group, and Crowded Reality, Ashley covered her startup costs with preorders.

Tip No. 2: Set up a frugal home office.

A common mistake from first-time entrepreneurs is to set up a fancy office at home. “I didn’t need half of what I bought,” confides Ashley. Instead, put every penny toward delivering your product or service.

Tip No. 3: Deduct housing expenses the right way.

“A lot of people who work from home use TurboTax to do their taxes, and it only gives you one or two ways to deduct your house,” warns Ashley. Instead, she suggests using the square footage of your home office space as a percentage of your total home square footage to allocate deductible expenses.

Tip No. 4: Leave no business deduction behind.

Beyond her home expenses, Ashley uses working vacations and office space reserved at her local country club for client meetings as business deductions. “Just make sure that you have an accountant who knows how to do it,” says Ashley.

Home Privacy Policy Terms Of Use Medical Disclaimer Anti Spam Policy Contact Us Affiliate Disclosure Amazon Affiliate Disclaimer DMCA Earnings Disclaimer Disclosure