Benefits of Starting a Home Business and Hacks for Making It a Success by guest contributor Lucy Reed

Photo Credit:

If you want to start your own company, think about making it a home-based model. There are many advantages to home businesses, like lower startup costs, no commercial rent, and no commute. Saving time by ditching the commute can also improve your work-life balance, giving you more time to spend with your family. If you’re convinced that a home-based business is right for you, read on—the below guide explains how to get started, step by step.

Start by putting together a comprehensive business plan

A business plan details what your business will offer and how it will be run. It starts with a company description detailing your products and services. It should also include market research, explaining how your business is unique from the competition. Other components of the business plan include a marketing and sales strategy, overview of your business financials, and a description of the organizational and management structure.

Designate a specific space as your home office

If you’re going to work from home, don’t just slump on the couch or set up your laptop at the kitchen table. It’s better to have a designated space where you’re removed from household distractions, like dishes and laundry. If you have an extra room, convert it into an office. Otherwise, set up a desk in a quiet area, like your bedroom. Follow best practices for setting up a comfortable home office, like investing in an ergonomic chair.

Select a business structure and register your company

Registering your business as a legal entity offers various perks, from simplifying tax filing to alleviating administrative hassle. IncFile has a guide to the types of company structures you can choose from, like a limited liability company, s-corporation, and corporation. Instead of hiring an expensive attorney to set up your company, do it yourself using an online formation service.  Note that state rules regarding business formation vary, so check your local laws.

Determine what licenses, permits, or insurance you need

Depending on the type of business you start, you may need additional licenses and permits. The U.S. Small Business Administration has a guide to various types of permits, from agricultural permits to permits for selling alcoholic beverages. There are also state and municipal permits or licenses you may need. Your local SBA chapter can provide guidance. Finally, business insurance can help protect you financially in case of legal issues.

Invest in marketing to promote your business

Once you have the practical steps taken care of, promote your business. There are many ways to do this. For example, Ann Writes Inspiration can help by writing website content and marketing materials like blogs. An attractive website is a great way to raise your profile. Make it eye-catching with infographics that boost brand awareness. Instead of hiring a graphic designer, use a free template and personalize it with your own colors, text, and other design elements. By creating infographics, you can make your webpage more attractive.

Follow best practices for staying healthy while working from home

Working from home has its benefits. However, it’s not all good. You may find that you struggle with feelings of isolation if you’re cooped up at home all day, for example, which can take a toll on your mental health. You may also lead a more sedentary lifestyle when you don’t have to go to the office. Check out these pointers for maintaining health and happiness while working from home, such as taking an actual lunch break.

A home-based business offers perks, from eliminating commuting to saving costs. You can improve your odds of success by following best practices, like registering your business as a legal entity and investing in marketing. Trust the tips above to get you off on the right foot.

For more content to help your business thrive, visit the blog.

Lucy Reed created Gig Mine to help others dig up sharing economy opportunities in a user’s area, all in a single location, so users don’t have to jump between multiple sites. It’s the new and improved way to get a gig job!

Leave a Comment