How to Set Up a Successful Home Business

Setting yourself up for success – the nitty gritty

So far you’ve got the idea and recognised the time is nigh to get a start on your home business. You’ve began to set yourself up for success by recognising the difference between a hobby and a business, you’re getting involved with the wider community (or at least making steps to), and created a work space for yourself – both physically and mentally. Now is the time to get into the nitty gritty, but don’t worry! There’s plenty of helpfull resources out there, and we’ve got your back.

The storm before the paperwork

Once you’ve determined what you are in fact interested in is a business, it’s time to look forward. Get out those notepads you’ve been scribbling in for months (years? decades?!) and start to make some hard, measurable goals. While right now might not be the perfect time to post in that paperwork, you should at least have an idea what’s coming, and when. Research the different types of business and determine where you want to take your business, print out the documents you think you might need or make a checklist. It’s important to stay organised and creating those habits now, at the start of the game, is going to get you some serious brownie points from ‘future you.’

Here are some questions you might consider asking yourself:

  • What type of business will I be? A franchise? A sole trader? An importer? A family business?
  • Will I offer products, services, or both? Will I need any certifications, licences, or training to offer any of these?
  • What type of business structure will I have? Will I be a sole trader, or is this a partnership? If this is a partnership, are there legal considerations? What will happen if one of us wants to pull out?

You might find that by going through the paperwork you’ll need to fill out in the (very near!) future, it might require answers to questions you didn’t even know existed. Plus, when it comes time to jump through the bureaucratic loops, you’ll have a head start. It’s also great to pop those deadlines into your calendar or work list so you know when you have to have them handed in by.

A rose by any other name… Picking the perfect business name

Shakespeare was correct when he wrote that famous line “A rose by any other name would smell as sweet,” but the fragrant rose may not be the lovers flower of choice on Valentine’s day if it was called “The Toad Flower” or “Puss Petals.”

You want your business name to reflect your business and your values. You want a name that not only brings attention to your point of difference, but that communicates to your customers. What do_ you_ want to communicate? Is it your affordability? Your service? Your modern aesthetic? Or perhaps you quality? Your name can do all of this, and more.

Not only do you want your business name to bring attention to your point of difference from your competitors, you want it to be different from other organisations. Not only could you be entering yourself into a world of lawsuits, but it could be harmful to your business if you’re seen to be copying and trying to shoulder in on someone else’s customer base with an act as lazy as taking their name.

Once you’ve settled on the right business name, it’s time to register and trade mark your name, something that will help you repel those lazy business owners we touched on a moment ago. We’ll be going into that and more in part 4. Don’t forget that registering contact details for your business is an important step, and Zintel can help! Zintel provides 1300 numbers as well as 1800 numbers, to give your business – no matter how small – a professional appearance.

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