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How to successfully run a business from home

by Staff Writer
26 Aug 2020 at 09:09hrs | Views
Running a business from home is something that many people dream of, and for most people, it was just that, a pipe dream that was a nice escape from reality when your boss is shouting at you for the third time in a day.

However, over recent years, more people have been running their own businesses from the comfort of their own homes, and with COVID-19, there has been an explosion of home businesses. Those who have been locked down within their own houses have used the time and their ingenuity to finally start working towards their dream of being their own boss.

There are some tips to make your home business successful, a few of which can be found below.

Know What You Want
The obvious starting point is knowing what you want your business to do, whether it is technology-based, or manufacturing, you need to have a clear idea of exactly what it is you want to be doing with your business.

It's always a good idea to have seen the inner workings of other similar businesses, so you know how to go about running your business. It may be that you have been working in the industry for years, so you know how everything works. However, if it is a new market for you, see if you can work experience at similar businesses to get a feel for things.

Write down what your product is, and who it is targeted at. Talk to other business owners in the same industry and see if they have any tips for you, and have a look at the pricing of similar businesses locally so you can aim your prices to not be hugely overpriced, but also not drastically undercutting the competition.

Know Your Brand
Once you know what business you are going to run, start building on the brand. Write down the name you want, and a tagline. The tag line doesn't necessarily have to be published, but if you can nail down your core values in a few words, that will help with how you shape your brand.

Getting a logo designed professionally may seem a little bit costly, but it is something that will pay off in the long run. Unfortunately, people do judge a book by it's cover, so if you have a slick, professional logo they are more likely to be drawn to your product.

Once you have your logo, brand everything, from letterheads to stickers. If you are selling clothing, or your own clothing will be visible - brand it! There are plenty of companies out there, such as Dutch Label Shop who do bulk orders to help keep your costs down.

Can You Legally Work From Home?
Before you register a business to your home address, check with your local authority to see if you can run a business from home.

In some places, it is against local laws to run a business from your residential address, whilst in others you may need to apply for a business licence.

You may also need to change your home insurance if you are running a business, and the level of cover you will need will depend on if you are going to have customers entering your home or not.

If you are storing products for your business at home, including electronics, or consumables like hang tags, you may need insurance to cover them if anything happens, like fire or flood.

Just as with a larger, commercial business, you will need to manage your bookkeeping well. You should do this regularly, and keep a track of all your incomings and outgoings so that you can accurately work out your tax dues at the year end.

This can sound a little scary, but it is much better to keep on top of it at the start, than panic and run around trying to find receipts when the tax year is closing.

There are many websites and apps that can assist you, or if you want to outsource it, look into employing a bookkeeper or accountant to do all the workings out for you. This does add cost though, so be sure to add that into your yearly costs.

Keep Home And Work Separate
Although you are working from home, it is important to try and keep your home and work life separate.

Set up an office or work area, somewhere that denotes you are working, so you can get in the right headspace. This should also be a fairly professional looking area so that if you have to take any video calls, you are not sitting in front of the drying laundry that you hung up on your tea break.

Have work times, so that others who live in the house know you shouldn't be disturbed, this will make you far more productive.

Be Safe
It is not often considered, but there are hazards to working from home, especially if you are at home alone.

Having customers visit the house when there is no one else there. Maybe think about having a shared calendar with another person so they can see who will be in the house and when.

Setting up a PO Box address is sensible so that your home address does not become public knowledge.

It's also worth having a separate work phone that you can turn off at the end of your workday so you won't be disturbed.

Installing CCTV around your house or in your visiting space may be worth some thought.

Don't Be Scared Of Failure!
There is not a single business that has gone from new straight to very successful without some failures on the way. Failures are how we learn, so take lessons from what has happened and move on.

Starting a home business will take some commitment on your part, and it will be hard work. But, keep your vision in your mind's eye, be prepared to graft, and it will pay off.

Source - Byo24News