If you’re looking to set up your own home-based business, there’s a lot of factors you’ll need to consider.
As great as working from home can be, there’s a lot of challenges and downsides which need to be factored in prior to launching your business.
To help, here you’ll discover some of the top things to consider when starting your own business at home.
Taking care of the legalities
Before you get started, there are a few legalities you’ll want to sort out. Firstly, it’s important to register your business with HMRC within three months of setting it up. Before that, however, you’re going to need a business name and a logo. Although a logo isn’t technically something you absolutely need to start with, it does greatly enhance your marketing efforts and sets you up as a brand.
You’ll obviously be responsible for your own taxes too, so you may want to consider getting an accountant.
If you’re setting up a business where you’ll be sending parcels to customers, you’ll need a strong delivery system in place. Customers expect a high-standard delivery service and if they don’t get it, they’ll head right over to your competitors.
As you’re first starting out, you may only need to send a parcel at a time rather than bulk deliveries. So, it’s a good idea to compare different couriers to see how much single parcel delivery is and to find the cheapest prices.
Once you have your business registered and set up, it’s time to market it. There’s a lot of marketing methods you can try out, including online and offline marketing. If you’re looking to save money, you may want to research more about marketing, but if you have the budget it could be a better idea to hire a marketing specialist to take care of it for you. This can be expensive though so it’s not a great option if your start-up capital is low.
Social media is a great place to start if you don’t have a huge budget. You’ll need a website, which you can design for free, then create social media pages where you can advertise your site, generate new followers and direct them to your website.
A Business Plan
If you’re planning on getting funding to start your business, you’re going to need a business plan. These basically highlight the potential you see in your business, how much cash you expect to earn within the first three years and your goals for the company. Even if you don’t plan on seeking funding, it’s still a good idea to have a plan in place.
These are some of the main things you need to consider before setting up a home business. There’s so much to learn so it’s always a good idea to do as much research as you can before getting started.