With more people at home, home-based businesses are growing in popularity. If you are considering setting one up for yourself, there are quite a few steps you will need to take to get started. We’ve chosen some of the most crucial moves you need and included resources to help you make them.
Form Your Plan and Business
Having a business plan is a good idea for any entrepreneur. If you’re on the fence about writing up a formal plan for your home-based business, you should know that the benefits of doing so are plentiful. These include:
- Having a tangible plan to show potential investors, clients, and business partners.
- Being able to make tough decisions without agonizing over any grey areas.
- Identifying business gaps before they evolve into major issues or obstacles.
- Having an action plan that will help keep you organized and focused on goals.
You can also find fillable business plan templates online to save you time and effort. So really, there’s no reason why you can’t come up with at least a basic plan for your business.
Part of your overall business plan may be deciding whether to form an LLC. Setting up an LLC is smart when you’re a sole proprietor because it offers the following benefits:
- Personal asset protection.
- Protection from double taxation.
- Fewer management requirements.
- Reduced need for reporting.
To establish your LLC, you will need to submit a Certificate of Formation in addition to any other paperwork required by your state. If you want to avoid the time and expense of working with an attorney, you can use a formation service or file the needed forms on your own.
Create Your Business Identity
If you want your home-based business to be successful, you need to develop your brand’s identity from the start. Powerful branding is what sets thriving small businesses apart and attracts those first loyal customers. As you brainstorm about building your own identity and brand, you will want to think about the following elements:
- Your business logo.
- Your business website.
- Your packaging and materials.
- Your marketing efforts.
Being strategic about each of these will help you develop improved marketing plans in the future so that you can connect with even more potential customers.
You can also save yourself some time and stress when you work with a professional. Doing so will ensure unique and professional results, which can lead to more success for your new business.
Carve Out Your Workspace
Finally, you will need to create a dedicated space in your home for your new business. When it comes to setting up a productive and stylish home office, most people face one of five major challenges.
The first is a lack of square footage. If your home is already feeling a bit cramped, try setting up a compact desk in a spare corner or even a barely used closet. You really only need a small area for a functional workspace, so feel free to get creative with your placement.
The next two dilemmas are also pretty simple to solve. If you need more light for your work, set up your desk next to a window, or add a desk lamp. You can also place mirrors around your office to reflect more natural light. If privacy is a concern, a door is your best bet. But if you can’t close a door, you can also use room dividers like shelves, plants, and folding screens.
A home-based business can provide the ultimate control and convenience. Getting yours off to the right start can also provide the most chances for success. You can begin with the aforementioned steps and then do the homework to figure out what comes next. Just keep in mind that as you build your business, you are also building your reputation and brand.