Running a home business has many benefits such as flexibility, the ability to create your own schedule and even a tax break. This benefit is hard to beat, but growing home-based business is 'easy-to-hard'.
However, being a home-based business does not mean "stay small" or limit your odds. Actually, some of the most famous companies in the world like Apple, Hershey's and Ford Motor Company initially started their business as a home-based business. Then, 69% of entrepreneurs start their business from their homes.
If you have great aspirations and are looking for ways to turn your brilliant idea into tangible business that runs through your home, then you need a plan. Consider the following tips for starting and running your home business:
1. Evaluate your residence
Running a business from home does not mean your home is an ideal location. Probably, but maybe you need to adjust. Think about your current dwelling space and compare it with the business model you have in mind. If you have to meet with customers or employees, can you comfortably make it happen in your home? Is your home easy to find? Do you have adequate parking space?
Also, see if zoning and laws in your current location prohibit certain businesses or business types. If there is a suspension during this evaluation, moving to a home that is more suitable to run the business while living comfortably may be a good first step.
2. Saving and Preparing the Inventory
Once you are sure your home is ready to run the business, it's time to focus on your actual office space. First, make sure you have a specific area that is suitable for doing business. Maybe you can equip your home with office. If not, consider dividing a certain area from a larger room, Separate a spacious room with a wall cabinet to create an office space. Or even you can turn your garage into the office of your dreams, like the big businessmen who are famous today
Also, think about the supplies you need to do business. Everything from furniture to office supplies should be considered when you are budgeting the initial costs. Check what you need in the future, and look for ways to save. Services like Amazon's Subscribe and Save allow business owners to save a certain percentage of ongoing purchases, so you can save a significant amount of money in the long run.
While preparing supplies, think about the brand for your product. Personal branding is just as important for home-based businesses as it is for big companies. Look at investors in marketing materials that carry your logo and create a website. They also do the same thing. Consult with the designer if you are not sure where to start.
3. Set your schedule
You may dream of flexibility in your business. But if your business is new, then to get it requires hard work. To organize your schedule, consider:
- How many hours per day do you need to keep your business up and running.
- What is your current schedule like? What can you rearrange, and what will you plan to do?
- When you work best. Are you a morning person or a night owl? When do you feel the most efficient and focused work? For most adults, the answer to this question is in the morning. Plan your work on your most productive working hours.
- When your customers and business partners are available. If you work most productively in the middle of the night, but you should contact your customers or major business partners during normal business hours, this may be difficult.
4. Get your book straight from day one
Here is the problem. Running a business from your home is certainly equipped with many tax benefits. However, there are still penalties for failing to comply with the tax laws and failing to report the right level of income. To avoid this, consider investing a comprehensive tax software from the early stages of doing business to keep your business book straight, or start working with a tax accountant. Ensuring that your operations are in compliance with government regulations will protect your business in the future.
5. Consult a business attorney
Just like government regulations, there are many laws that apply to home-based businesses. This is especially true if you are going to use a contractor or hire an employee. Missteps or omissions can damage your business. Consider looking for a reliable business lawyer in your area and ask for a consultation. A lawyer can help:
Setting up the right structure -> LLC, corporation, partnership or other options.
Make sure you have the appropriate documents for each employee.
Determine whether a person should be considered a contractor or employee.
Ask the right questions and provide feedback to ensure you are moving forward according to the law.
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