Tips for home businesses

03 Feb Tips for home businesses

Tips for home businesses

Home based businesses are on the rise. People love the idea of being their own boss and having a more flexible schedule.

The drive behind this trend is technology. Technology allows you to do business anywhere in the world – even from your bedroom.

However, there are things to consider:

Permits / License – are you required to have a special permit to run your business from home. Check with the proper authorities.

Insurance – does your insurance cover your business?

Legal structure – a lot of home businesses are sole proprietorship which do not require formal legal documentation. However,
you many want to consider other possibilities such as an LLC (Limited Liability Company) or a Sub-S status corporation.

Business practice – Set up a bookkeeping system. Also, you need a separate business bank account and credit card so that personal expenses are not mixed with business expenses. Make sure you keep a record of all business transactions and activities for tax purposes.

Work environment – set up a good space to work in. A dedicated space is the best – somewhere quiet where you can focus and stay apart from the household noises and distractions.

Work parameters – although working from home allows for flexibility, make sure that you have some sort of “work hours” set up. Make it clear that these hours need to be respected by family and friends.

Marketing – don’t neglect advertising and marketing. You don’t need to spend a lot of money but they need to be part of your business strategy.

Online – get your business online. The internet is the best way for a home based business to reach customers.

Discipline – make sure you are disciplined in your work – don’t allow distractions to draw you away from your business goals.

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Info drawn from – https://articles.bplans.com/home-based-business-start-up-success-tips/ and https://www.allbusiness.com/10-tips-for-home-based-businesses-3346-1.html