The past year has been challenging on all business owners, but it has also inspired a new wave of would-be entrepreneurs. With community restrictions and lockdowns posing new challenges to the commercial sector, aspiring business owners are starting companies within their own home. This trend is not new.
According to a survey from 2013, 69 percent of entrepreneurs in the United States begin their businesses from their houses. Doing so has a number of advantages for budding businesses. For example, you won’t have to worry about renting expensive office space nor will you have a hard time getting to work.
Start an efficient and successful home-based business with the following tips:
1. Consider Suitability
Determine whether your business is suited to be run from home at all. For example, if you’re thinking of starting a small bakery, does your house have a kitchen large enough for you to fulfill orders? If you will depend on seeing clients in person and hosting meetings, will always your residence look professional? If you live with family or have children, the space they need can take priority over your business. So before you commit to setting up a business in your house, see if it’s better to take it someplace else.
2. Identify Legalities
Even if your home is a suitable location for your business, you should consider the legalities involved. Many municipalities allow certain businesses to operate from a residential location. However, you need to make sure your area is one of them. Go online and read up on your city or state laws regarding home-based business. Secure the necessary paperwork and permits before operating to avoid any ugly entanglements with the law. You should also at least make sure your neighbors won’t be negatively affected by your business activities to prevent complaints.
3. Get Connected
Your business will rely on internet and cellular connectivity to operate seamlessly. A strong internet connection will allow you to meet with clients through videoconferencing platforms, set up an online store and upload your documents safely to the cloud. You need to ensure you have the right providers who can give you the bandwidth you need to conduct your online affairs. Telecommunications providers like Kital and others can hook up your business with the right hardware.
4. Find the Space
You need to establish boundaries between which spaces in your home are for business and which are for your private life. The best way to do so will be by setting up a designated home office. This office is preferably a separate room with a door so you can have maximum privacy. Physical space isn’t the only type of space you need to secure. If you live with other people, firmly establish when they can or cannot enter your business space. Have a serious talk with your children about the importance of respecting these boundaries to avoid distraction.
5. Free Up Storage
Unless your business is a product-free operation, you’ll have inventory. Depending on sales and your own production process, this inventory can quickly become overwhelming if you don’t have enough storage space. If you live in a house, you should immediately free up some space like the garage or the attic to store your inventory safely. However, if you live in an apartment or shared home, you should look instead for a rental storage unit. Find one that is within easy walking or even driving distance from your home for increased convenience.
6. Upgrade Security
Businesses are targets for robberies and similar crimes. Your new equipment, especially if you have dedicated work computers and the like, will be a tempting target for thieves. Beef up the security on your home. For example, you may consider installing security cameras or upgrading your alarm system. You can also install more lights outside and inside your property to deter criminals from breaking in. Just to be on the safe side, take out business insurance so you have full financial coverage in case of accidents or crime.
Running a home-based business requires high levels of organization to keep your personal and professional lives separate. These tips will make it easier for you to improve the efficiency of your home-based business right from the start, ensuring you’re on the path to success.