Starting your own home business can be a daunting task. This is especially true when you must do everything from scratch and you have no experience of running a business.
However, moving away from salaried employment can be a great way to increase your quality of life. Your time will be much more flexible, and you will be able to do things in your own way. If you do it right, your home business can be both financially and spiritually rewarding.
Below are 5 suggestions to get you started.
1. Self-Employed or Limited Company?
If you own and run a business by yourself without incorporating it, yours is a sole proprietorship. It can be less costly to start your business as a sole proprietor. You’ll have fewer bureaucratic hurdles to jump and less formal paperwork to deal with. However, you can be held personally liable for all the debts and liabilities of the business, and this could put your personal assets at risk.
You can choose instead to register your business in the US as a limited liability corporation, or LLC. This will protect your personal assets. However, taxes and fees on your business could be higher, depending on where you live.
Whether you live in the US or in another part of the world, it can be helpful to discuss these matters with a tax accountant or an attorney who specializes in tax matters before you make your decision.
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2. Register Your Domain Name
Naturally, you’ll need a website. This is a point of contact for your business, and it enables you to market yourself online. You will also need a unique domain. Check if the domain name you want is available by visiting www.godaddy.com. Also, you can register your domain name there, as well as set up websites and email accounts. Choose to either renew them annually or register them for a longer term.
3. Make Room for Your Office
When you start working from home it is important that you have a space free from distractions. This will allow you to work in peace and concentrate on what you are doing.
If you are selling products you will need room to store your stock. One way of clearing space for your inventory is to put some personal items that you don’t use very often in storage. This can help you clear away clutter and give you the space you need. Safestore is a great company to use for storage. Most storage companies offer discounts for new clients. This could help you with cash flow in the early stages of starting your business.
4. Market Your Business
To get customers, you will need to market your business. You could do this online developing an organic SEO strategy or through paid advertising. If your target market is a local one, you could go the traditional route by distributing fliers and making cold calls. Whichever way you go, develop a marketing plan and refer to it often. Smart marketing will make or break your business in the long run. Therefore, even when you’re busy with work from clients, you must hold fast to your marketing plan.
5. Stick with It!
Once you have made the leap, keep going. There will be times when it all gets to be too much. You will feel stressed as you frantically try to keep up with your business. Therefore, stick with your business plan, while always remembering to remain flexible.
Keep a to-do list so that details don’t drop through the cracks. Be proactive and try to stay ahead of things.
Starting and running a home business is hard work, and you’ll need to make some sacrifices along the way. However, you will get the reward of being your own boss. If you learn to balance things well, you’ll have a happier family life as well. In the years to come, you will thank yourself for making the leap of faith and starting your home business.