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What You Need to Know About Running a Business from Home

Estimated reading time: 2 mins

Do you dream of running your own business? Would you like to run one form the comfort of your own home? Be prepared for lots of hard work and maybe some tears and laughter. A growing number of people now choose tostart a home-based business. In America, for example, more than half of all businesses are home-based. If you’d like to take the same step, here are some tips.

  • Make Sure You Can do the Tasks That Need to be Done

There arelots of steps involved in running your own business, and in the early days,you’re going to be wearing lots of hats. As well as the many tasks that are involved,you’re also going to need to be able to deal with hassles, frustrations, fatigue, andslow results. If you can’t do the tasks and haven’t got the stamina to stick with it when things get tough,then a home business might not be for you. Some of the day-to-day tasks you might be required to handle includeinvoicing and billing, marketing, filing, setting appointments, ordering supplies, answering the phone, andreplying to emails. Think you’re up to it?

  • Find Out the Legal Requirements

There may be rules and regulations relating to running a home business you need to comply with. It reallydepends on where you live. If you don’t comply withthe rules that are in place,you may find yourself having to pay a hefty fine or be forced to shut up shop. Look into the local zoning laws, obtaining a business license, whether your planned business is regulated and will require additional permits or licenses. You also need to register for tax purposes and get an employer identification number in caseyou need to employ people.

  • Determine Startup Costs and Funding Sources

Starting a new business requires a certain amount of expense. Work out how much money you need to set up shop. You’re not going to be able to be specific, but you should try to get as close as possible. Common expenses you’ll have to pay include the professional services of a lawyer and an accountant, office furniture, supplies, licenses, marketing material, and other items more specific to your business. Once you’ve got a clear idea of how much it’s going to cost, you’ll need to look for funding sources. https://www.bingoloans.co.uk are a direct lender you could approach for a short term loan.

  • Look for Ways to Save Money Wherever Possible

You’re running your business from home, soyou don’t have to worry about paying rentfor your business premises. Thisis a considerable saving, but don’t let that stop you looking for other ways to cut costs. There are cheaper alternatives for a business phone line. Cloud-based software can be used to suit your accounting needs. Buying in bulk, outsourcing, and a social media marketing campaign are also ways you can cut costs.

Running a home-based business requires a significant time investment. Put in the hours andthe end resultcan be a very successful business.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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