You’re considering starting a small business and operating it from your home, and you’ve decided to take the leap. You’re not alone. The global COVID-19 pandemic has compelled many people to work from home as remote workers or small business owners.
There are many benefits to running a home-based business. However, like any other type of business, you need to get things right for your home-based business to succeed. In the article below, you’ll find some pointers on starting your business, buying a suitable home for it, and moving into it.
Starting and Running a Home-Based Business
The process of starting a business in your home requires careful planning. You need to prepare and acquire relevant documents to run the home business legally. It may seem daunting, but the process is manageable when you take it one step at a time.
The steps to launching a home-based business are as follows:
- Choose a home business idea.
- Write a business plan.
- Come up with a business name and business entity.
- Register your home business.
- Obtain a business license.
- Create separate accounts for your business.
- Secure financing for your business.
- Set up your home business space.
- Learn about business taxes and deductions.
- Invest in business insurance.
- Create a website and social media profiles for your business.
- Market your business.
While starting your business, you may decide that going back to school could help provide you with the skills you need for success. While this may sound overwhelming, you can actually go back to school on your own schedule by enrolling in an online university. For example, thanks to flexible start times and competitive tuition rates, you could go back to earn your master’s degree while setting up your business.
At some point, your business will grow beyond your capacity to run by yourself and you may need to hire one or more employees. Running a small business with employees entails additional requirements for tax and insurance.
Consider Moving to a New Home That’s Suitable for Your Home-Based Business
More than half of small businesses in the United States are home-based. Some of the most successful global companies today, including Apple and Google, started as home businesses. So, your home business has limitless potential.
One of the crucial steps to setting up your home business is identifying potential restrictions. Research the zoning laws in your county, city, or state. Common restrictions that relate to running a home business include:
- Altering your home exterior
- Operating a business outside your home
- Signage
- Parking
- Odors and noises
- Use of hazardous materials
If the zoning laws prohibit home businesses, you’ll have to move to a new home that meets your residential and business needs. The ideal home business setup maintains the privacy of your clients and household members.
Here are some of the business needs you might want to consider:
- A dedicated workspace
- Storage space for products and supplies
- Private area for conducting client meetings
- Separate entry for clients/customers
- Waiting room
These and other requirements may raise the cost of the home you need to buy, so consider potential ways to save on your home purchase, including buying a home “as is.” If you choose to buy a home “as is,” consult a lawyer and thoroughly inspect the house. It’s also a good idea to examine land records to identify potential red flags.
Launch Your Home Business Into Success
Even though starting and running a home business can be challenging, you may be surprised to find that you’re perfectly suited for it. The tips this article shares for starting a home business and finding a suitable home for it set you on the path to being a thriving home-based entrepreneur.
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