You have a brilliant idea for a new business. You’ve drafted your plan, and it’s becoming abundantly clear that the best option, at least in the beginning, is to operate your budding enterprise from home. If this sounds like you, then you’re in the right place.
Whether you want to launch a web design agency or a cake decorating business, the following tips will help you get started:
1. Create your space
Once you’ve decided that your business will operate from your home, it’s essential to set up the space you will use. Doing so from the outset will help you create a boundary around work time and home time. This may not seem important in the early days when you’re brimming with enthusiasm, but this separation is essential if you wish to avoid burnout down the track.
Take this as an opportunity to create a sleek, professional environment as this will impact the way you go about your work. Invest in ergonomically designed furniture and the tech you need to be efficient and comfortable. Add some greenery, perhaps a p[iece of artwork or two and some soothing essential oils for your aromatherapy diffuser and you’ll create the perfect sensory environment to maximise your focus and inspiration. Doing these things from the start will pay off greatly in the future.
2. Set your focus
As a new entrepreneur, it’s easy to get ahead of yourself in all the excitement of your big ideas. excited about your grand ideas. However, if you start pushing for expansion too soon, you can end up overcomplicating things before you’ve established yourself in your industry.
Instead, set your focus on solving one or two key problems for your target market. Do this well, market your concept appropriately, and you’ll begin to develop a following. Once you’ve established yourself and the quality of your brand, that’s the time to start implementing your ideas for expansion. Until then, note all your brilliant concepts down in your business plan as strategies for the future.
3. Plan for the worst
While your business plan should be your blueprint for success, it’s important to also have a plan in place to cover worst-case scenarios. What will you do if your business isn’t profitable in its first year? What if your suppliers raise their prices?
Take some time to ask yourself these uncomfortable questions and then plan out what you can do to solve the challenges they represent. The troubleshooting process will help you develop the kind of mind that can calmly work through whatever challenges arise.
4. Know your obligations and entitlements
As a small business owner operating from your home, you will have a whole new world of tax breaks and obligations waiting for you. Fail to prepare yourself for these, and you could have all sorts of dramas come tax time. Likewise, there may be licenses, insurance policies, and other essentials you need to obtain to be able to operate within the bounds of the law.
Consult with a tax accountant, lawyer, and local government representatives to ensure you’re meeting all your legal obligations and taking advantage of things like small business grants and tax breaks to which you may be entitled.
As a home-based entrepreneur, it’s imperative that you don’t end up isolating yourself. Whether in person or online, make an effort to be active within the relevant communities. This could mean joining Facebook groups, attending community events, introducing yourself to industry figures on LinkedIn, or joining a local business mentorship group. Find your community, find your place within the industry, and make connections that will help you grow.
Starting a small business from home is an exciting time. Follow the tips above to ensure you sidestep the potential pitfalls and set off on the right foot.