There is somewhere in the ballpark of around 3 million home businesses in the UK. This comes out to more than £300 billion contributed to the local economy each year. Home businesses can be successful, but you must be prepared first.
Here are a few tips to help you get started.
Invest in training.
Even if you’re an expert in your industry, training from Business Qualifications can give you an even greater skill set. Professional development courses in business management are flexible, affordable, and practical. You might, for example, take an accounting course or something to help you better understand entrepreneurship or employment law.
Make your home conducive to work.
If you’ve never worked from home before, get ready to spend a lot of time in one place. While this sounds great – no commute, working in your slippers – when you’re home also doubles as work, things can begin to feel negative and cramped quickly. Look for ways to keep things bright and positive. This could mean cleaning, decluttering, and even smudging with sage, which can all help you transform your environment into a place you don’t want to leave when you log out of work. Even if you can only dedicate a small space to your home office, you want it and the rest of your home to feel cozy and comfortable.
Learn how to market yourself.
Marketing is an uncomfortable task for many people. Even when you know your job/business inside and out, telling other people can sound like a boast. But you have to learn how to market yourself as a small business if you want to reach your potential customers. In the digital world, this starts by using social media platforms. Social Media Today suggests Facebook, Instagram, and LinkedIn, among others.
Get a business license.
Not all home-based businesses will require a license, but it is up to you to do your research to know which do. If you’re selling alcohol, handling customers’ money, playing music, or processing personal data, you may need a specialty license.
Open a business bank account.
As soon as you start making money as a business owner, you need to separate your personal finances. Even if you’re a sole proprietor, it makes sense to have a dedicated business account so that you can track incoming payments and outgoing expenses. Further, if you plan to establish a legal business entity, you may have to have a dedicated business account. Verizon also explains that it looks more professional and provides credibility for your business.
Write a business plan.
A business plan is described by Shopify as “a document that describes the business, its products or services, how it earns (or will earn) money, its leadership in staffing…other details essential to its success” Your business plan doesn’t have to be anything fancy, simply write out important information about your business, such as your name, officers, information on your competitors, how you plan to get customers, and where the money to run your business will come from.
Confirm zoning requirements.
Depending on where you live, you may be prohibited from running a home-based business. Keep in mind that this typically only applies to businesses that require foot or vehicle traffic. If you’re renting, you may also need to talk to your landlord or housing association. Your tenancy agreement may expressly forbid a residential property from being used in this way, according to Simply Business.
Running a home-based business is a great way to take the reins of your own financial fate. But, without the proper preparation, you may find that the dream of entrepreneurship becomes a nightmare. Research is your best friend when you’re ready to launch your small home business. Without it, you won’t be fully armed with the information you need to get started without a hitch.
For More Info: https://www.businessqualifications.com/