Running a business from home means you don’t have to find and pay for a commercial space, but you still need to ensure that you are legally, personally, and financially ready. Before you get started, check out these tips.
Dealing With Legalities
Before you take the leap to start a home-based business, check with your housing authority to make sure you’re allowed to run a business out of your home. Remember, the type of business you plan to run can affect your chances of approval. If you’re mainly running an online business, you may have an easier time getting approved than if you want to open a commercial business with lots of people coming in and out of your home.
Depending on the type of business you plan to run, you may also need to register with the Registrar of Companies in your region. Let them know that you’re using your home address and that you may move the company to a larger, commercial space if needed in the future.
Setting Up Shop
To keep your home and business separate, think about designating a set area in your home for work. But, make sure to create a work area that matches your activities. For instance, if you’re making physical products, you need a space large enough to produce the items and store the supplies. In contrast, for a computer-based business, you may just need a small desk area for your laptop.
Balancing Work and Home
When you work from home, there’s a host of advantages. You don’t have to worry about commuting or investing in a business wardrobe. You can craft your schedule around your family’s needs, and you can juggle work and home activities at once. Folding the laundry while on a conference call? Filling out spreadsheets while the baby naps? Tasks like that are easy when you work from home.
However, in spite of all the advantages, working from home can also be challenging. Work is always there, and it can be hard to find a balance. Try to create a schedule that helps you separate work and home-related activities. For some people, that’s 8 hours in the home office followed by 16 hours of “personal time”. For others, it’s 45 minutes of work, followed by 15 minutes of personal tasks for 12 hours a day. You may need to try a variety of approaches until you find what works for you.
Running a business from home can help you save on startup costs, and it gives you time to grow your customer base while your costs are low. Just remember to keep these tips in mind as you embark on your new endeavor.