There are 2.9 million home-based businesses in the UK and they contribute Â£300 billion to the economy.
Working from home isn’t by any means an easy process, so it’s important to anticipate and plan for potential problems and challenges.
Here are a few key things you need to know and do when starting up your own home business.
What to consider before starting your home business
Starting your own business can be very exciting, but it can be tough to get a new business off the ground, especially if you haven’t asked yourself the right questions.
Some key questions to ask yourself include:
- Why are you starting up a home business?
- Are you suited to working at home? (i.e. if you’re someone who procrastinates, it might not be the right choice)
- Can you work independently?
- Can you be accountable to yourself and your clients and customers?
- Are your goals realistic? Building a profitable business takes time and consistent dedication.
- Do you know how much income you need to start and what you need to earn?
Defining your business identity
Your business will need an identity of its own. It pays to go about creating your identity in the right way from the start, as to avoid going back and re-doing a lot of the steps.
Deciding on a business name and creating a logo can be an exciting process, however other tasks may seem more tedious like choosing your business structure.
When creating your businesses identity, you need to consider the following:
- A name and logo for your business
- A clear and concise way to communicate your offering
- Identifying your target audience
- Registering your business
- Creating a website and utilising social channels to promote your business
While the identity of your brand is key, success in any business is in the quality of your product or service, and how well you market it.
Setting up your workspace
Every business that is operated or managed from home will require some sort of workspace, and having a comfortable place to work that is away from distractions will help with focus and productivity.
Not all businesses will require an office in the traditional sense, i.e. a chair, desk, computer and phone.
For example, if you operate as a freelance photographer, your main workspace in the home may be your darkroom. If you operate a dental practice from home, then your workspace will probably be a portion of your home used for a waiting room, a treatment room, and an office.
In other words, workspace requirements will vary depending on the type of business you choose to operate.
Workspace options can include a spare corner, home office or extra bedroom, converted garage, outside structures or a new addition onto your home.
Remember, before you can start your home business, you need to decide if you’re up for the challenge, identify the right option for you, research your idea, and plan every detail of your success.