Open a Business Account

For tax purposes, it is best to have a separate banking account for your business. A business banking account makes it easier for you to accept checks, obtain credit lines, and keep your business expenses separate from household expenses as well.

Name Your Business

Think with a vision of how you want your business to appear to clients and the rest of the world and how it will grow with your business. Most of the time, you need to register this with some kind of government agency (In the US, most individual states will register your business name for a small fee; about US$25.)

Your World Wide Web Presence

While it is true that not everyone needs to have an online operation, any business who wants to grow outside of their local community should have web presence.

At the very least, a one-page website letting people know you exist out there in the real world.  What do you need to get started?

1. A service or product that you can get to people from outside of your area with minimum or no cost to you.

2. A domain name.

3, A website host. 

http://www.HostLikely.com offers free web design classes with monthly hosting.  You could have a website up in days, and make it as simple or elaborate as you want.  Check more tips in this section on getting traffic to your online business.

What about Online Homebased Business

The economic downturn has left many of us scrambling for ideas to pad our pockets. However, the real challenge is finding legitimate work at home.  Here are two tips you can use to help you weed through the junk and protect yourself as much as possible should you choose to find an online homebased business.

Never "invest" more than you can.  Whether it is the $20 a month savings club business or the $999 one-time software resale business, if you cannot afford to lose it, you cannot afford to take the risk.

Always go for an "opportunity" that will give you something in return right away.  Often this may simply be a ready-made website or free hosting.  It is usually not free web traffic, which is what you will need to have a chance at profitting from any online business.