5 Tips to Ensure Success when Running a Business from Home

If, like many of us, you have been working in an office for the last few decades, it can often seem like a luxury to be able to establish your own business from home.

However, despite what many may think, there can be some serious issues with managing a start-up from your house if you are not careful, organized and driven.

So before you hand in your notice, purchase an unnecessarily large desk and start making steps to work from home, consider whether you are truly ready for such a huge undertaking.

These handy tips should ensure that anyone who decides to run a business from home, does so successfully.

1.  Get Legal and Financial Issues Sorted Quickly

Despite the presumption that running a business from home is far more relaxing than working from an office, there is actually some very taxing admin that needs to be sorted when you first start.

Depending on certain circumstances, you may be required to pay additional business rates on top of your council tax. This includes whether or not you have other employees working at your home, if you convert a part of your property into a storefront or workshop or if clients pay daily visits to your property.

While some consider it an unnecessary expense, you should always consider hiring an accountant to help with your businesses finances. They will offer sound advice as to what costs you can offset as business expenditure, including how you can claim for some of your household bills such as heating and electricity.

2.  Do Not Change Your Working Attitude

For some people, finding the motivation to work from home can often be extremely difficult.

However, you must remember that the success of your business depends on the hours that you put in.

While you should always be aware that running a business from home doesn’t mean you should be answering emails long into the night, you must be able to put in a good eight hours of solid work without taking a break to watch daytime television, ploughing through the laundry, or even going for a pint in the mid-afternoon sun.

Create a realistic schedule and stick to it. The primary indulgence of working from home is the fact that when 5:30 rolls around, you are within touching distance of your home comforts.

3.  Ensure That Technology is Faultless

One of the most disregarded issues that can often be detrimental to a home-based business is incessant technical problems. A loos of internet connection or a broken printer could potentially lose you a couple of days’ worth of business and consequentially, a large amount of money.

Ensure that all of the equipment around you is reliable and, most importantly, research which broadband package will be able to cater to your specific needs.

Many broadband companies now offer business packages for their customers. You will receive around the clock customer support specifically tailored to your industry and could also receive compensation should a disruption in service effect your business.

4.  Prepare for the Worst…And the Best!

It can be immensely hard to generate instant success in a home-based business, especially if you are entering a particularly saturated industry.

Whether your business doesn’t take off, you dislike working from home, or you have too much work to do by yourself, have a contingency plan prepared.

If you can read the signs of an early failure or success, you are more likely to be prepared for the consequences.

For example, if you do not like working at home on your own, always be on the lookout for local office space. Or if your business is expanding more rapidly than you first imagined, be ready to employ someone to help with the workload.

5.  Enjoy It!

Let’s face it, the majority of people who decide to start up a business from home want to do it to escape the repetitive monotony of office life. However, they can often become so attached to their work life, simply because their desk is now located in their property.

Never forget the reason why you decided to start a business from home. Enjoy the small victories that it brings. Make sure you don’t get too lonely by visiting clients or going to trade shows. Turn your computer off in the evenings and don’t answer the phone call that comes in at 9pm.

If you manage to maintain the perfect balance, you will honestly see your business going from strength to strength. You will then realise that starting a business from home is the best decision you will have ever made.

We’d like to thank Informi for this insight.