Home based business is a perfect way to get a jump start on entrepreneurship. You can do it with little investment. You can manage it on part-time basis while you work on making it an established business. Many well-established businesses of today, such as HP, Google got their start in the home garage.
While it is easy to start a home-based business, it doesn’t mean you don’t need to worry about any regulations or laws. There is a more to consider besides visibility, access, and parking. Failure to do so can put you in hot water down the road. Here is a checklist of items to investigate before hanging up your shingle.
Can you and your business share a space?
What portion of your home will be reserved for your business? Is it a space that you still need to use as a family or is it an extra room? Imagine a day in your business. What hours will you be open? Which doors will you be using? By imagining the flow of traffic through your business space, you can make plans to ensure customer privacy and family comfort.
You also need to think about what else will be going on in your house during business hours, and what sort of noise, smells, etc., are being generated by your home and your business that might interfere with comfort levels on either side.
Small children may not be able to nap if loud noises are coming from your business area. You also need to consider pet management for everyone’s comfort. It takes careful planning, but running a business out of your home is certainly doable. Many successful businesses that are major multi-national corporations today had their start as a small, home-based business, run out of someone’s garage or back room. You are in good company.
Get a financial foothold
One of the first things you need to do when setting up your home business is to obtain a line of credit. This is the most economical, efficient way to access credit for inventory, marketing, and other start-up expenses. You may also qualify for government grants and loans reserved for small or home business. Check with your local small business enterprise center to see what is available. Doing your taxes for a home-based business can be quite complicated if you aren’t familiar with the process. It’s a good idea to hire a tax preparer who is well-versed in all of the special deductions and credits you are entitled to. You don’t want to miss out on any of the perks of a home-based business.
Make sure all systems are go
Most businesses depend on a strong high-speed Internet connection. Ensure yours is up and running before you open your doors to customers. Find out what you need in terms of licenses and permits from your local municipality. Make a business plan and do a comparative market analysis. The last step is a grand opening. Your municipality can help you with this, and you can do the promotion yourself. Contact the local newspaper, create posters and share the news on social media.
Running a home business is a great way to be your own boss and enjoy the freedoms that come with that. But it also takes discipline to balance work and family life. Ensure you stick to a schedule keeping family time separate from business hours and take a regular vacation.
