Starting up your own business can be an exciting time. Whether you’ve finally worked up the courage to quit your job and go self-employed, or you’re turning your hobby into a dream job, having your own business allows you to work on your own schedule. No more reporting to a boss, facing the morning commute or making small talk around the water cooler.
However, there’s also a lot to think about when starting your business from home. It’s important to have a plan in place so you know what you need to prepare before you begin working.
Below, we’ll look at the essentials that you need to cover when starting a business from home.
Launching your business can be an exciting time, and you’ll probably want to get going as soon as possible. But it’s important not to rush or make any impulsive decisions before you’ve got your branding right. Once you launch your business and people start to become familiar with your brand presence, it will be difficult to make any major changes.
The first things to establish are your logo, fonts, and brand colors. This will set the scene for your website, business cards, letterheads, packaging, and any merchandise you have so it’s important to take your time.
Once you’ve mastered your branding, you’ll be able to create a strong digital presence too, using your distinct style across all your social profiles and in digital proposals and brochures.
If you’re going to be offering a physical product, consider where you’ll store everything. Not only will you need to find space to store your product but also the packaging too. If you only have a small home office, consider a metal storage building kit.
This option will enable you to store inventory out of the way, without cluttering up your workspace. It’s also a much cheaper option than renting a storage place or considering a home extension.
Get Your Finances in Check
The first thing to do when considering your business finances is to research the best bank to go with to open a business account. Be sure to consider which bank offers the best business perks and account offers as well as low interest rates if you need to take out a loan to support your business.
If this is your first time managing your own business finances, then it can be beneficial to hire a financial adviser or an accountant. The accountant will be able to guide you through everything from submitting your tax self-assessment forms, to handling VAT and budgeting for your business.
Seek Legal Advice
Seeking advice from a lawyer can be highly beneficial when starting up your business. Not only can they advise you on the type of insurance you will need to operate, but they can also help with everything from trademarking your business name and logo, to operating in other countries.
You’ll also need to decide how you want to operate your business. Will you set up as a sole proprietorship, a limited liability company, a partnership, or a C corporation? It’s also important to check with your local city council whether you’ll need any additional licenses to operate, and if you’re renting then check if you need a waiver too.
Consider Your Staffing Options
If you’re looking to bring in help, then it’s important not to become reliant on one person for too many things. Many small businesses become reliant on one employee who tends to know everything. This means that if they’re away. You may find yourself in a difficult position.
Discussing budgeting options with a financial adviser can be beneficial to see how much you can allocate to staffing resources from the get-go.
Overall, starting a business from home can be an exciting time, but it’s crucial to remember to start with a strong foundation to ensure future success.