Kathy Welkos, a local CPA in a home-based business, is firm that you need financial support. It takes a while to build a clientele. You have to pound the pavement to get the business. She recommends developing multiple income streams. If you can do some temp work or part-time work in addition to what you're doing, you can earn your way.
Tax planning is crucial.
The consequences can be brutal. Consult an accountant. A CPA can also help you get your business records together. You'll also need information about business deductions and filing forms. The forms may be simple if you're running solo and selling only services, but if you sell products, hire employees or incorporate, the licensing and paperwork may be complex.