Every year more people are deciding to start their own business from home. For some, it means they can avoid a long commute to work, for others it could be a lifelong dream to start their own business and the easiest place to do that is from home. Whatever the reason might be, there are a number of things you need to consider before starting your business. Here are a few hints and tips for you to think about before you start work on your new career.
A Company Name
Before you do anything else, you need to think about what your new company will be called. For example, do you want your name to represent what your business does? Or are you looking for something a little more of a play on words? If you think that your company may become limited at some point in the future, it's also a good idea to check that name hasn't already been taken by another company. One thing is certain, you want your business name to be memorable but not so obscure that your customers don't understand what it means or what it represents.
Your Company Structure
Once you found your company name, you can start thinking about the structure of your business. Are you going to be a sole trader, limited company, or business partnership? The answer to this question will determine what rules and regulations you need to adhere to, and also what taxes you need to pay and how many people will have a share of your profits. It's also important that you think about any possible staff you may need to employ. If you do need to employ full-time staff, then you need to think about your recruitment process and also providing them with basics such as sick pay and leave. Additional people in your company may also determine what do you need to do about space in your home.
Equipment and Adaptations
Depending on what your business will be, you may need to make some adaptions to your home to accommodate equipment or facilities. For example, if you're looking to bake cakes or cook from home you may need to think about adapting your kitchen to make it bigger and able to deal with industrial catering. You may need to add a bigger cooker, or perhaps an industrial kitchen fan? You can find out more about those and other equipment online. You also need to think about the size of your home, and whether you can accommodate the type of business you going to be doing. For example, if you're going to run an office from home, do you need to adapt one of the bedrooms or perhaps add an extension to your house to accommodate it?
One of the reasons that so many people are starting businesses from home now is that technology has allowed faster telephone lines and Internet into places other than just business. However, it still means you need to make sure you have the right services coming into your property before you embark on your new career. You need to speak to your telephone company to see if they can offer you a business rate for your telephone line, and if they can offer you the type of service that you need to run your business. You also need to ensure that you can have fast enough Internet speed to do things such as video calling or sending large amounts of data to the cloud. It's also a good idea to speak to your cell phone operators to see if they have a business deal you can use, and if the signal in your area is good enough to make and receive calls.
You might not think initially that you need a business bank account as you probably won't be making a lot of income. However, for tax purposes, it makes things far easier if you do have a separate account for any money relating to your business. You can start off with a separate personal account your business if you wish, but if you're planning to expand your company at any point or looking to borrow money in the future, it is worth starting out with a business account. It is also a good idea to have such bank accounts so that you can deal on a trade basis with suppliers.
Even if you're just starting out, it can be important to get everything in place before you can commence work. One thing that you need to get in place as early as possible is an accountant. Although many business owners do their own accounting, it can be confusing and stressful if you don't know what you're doing. It can be money well spent if you get someone in you can help you through the basics and advise you about the regulations. They can also help prevent any nasty surprises at the end of the tax year if you've done something wrong.
Just as with running an online business, running a business from home can be a challenge when it comes to attracting custom. Initially, people don't know where you are or who you are, so you need to put your name and your brand out there for people to see. That means you need to prepare a marketing strategy that will get your business to those that need it. One way to achieve this is to use social media and other online platforms to find and encourage your customers to click through to you.
Starting a business can be both exciting and scary, but the benefits for doing so can be well worth all of the hard work and commitment you need to give. However, it's also important to know that because your business is running from home, that you make sure you get the work-life balance exactly right. That way you can have the best of both worlds.