Are You Well Placed To Start Up A Business At Home?

| September 4, 2017 | 0 Comments

There are plenty of people that wish they could escape their nine to five job and start working the hours they want to do. It’s a dream that too many people never turn into reality. There are plenty of reasons for this. You might now have enough cash in the bank to support yourself while you’re building up your business. Or maybe you just don’t believe in your abilities to make it as an entrepreneur. What you should ask is if you are well placed to start up a business at home in the first place.

Space

A home office is one thing. A cute desk in the smallest room of the house is quite typical. Running a business from home, however, demands a little more. You need peace and quiet to work even if the kids are home from school. You also need security in place if you’re handling client details and data. In the very least you should have a good sized desk with a comfortable office chair. This usually requires a fair amount of space.

Time

If you quit your job, then chances are you’ll have the time to work for yourself. But most startups rely on their regular income to keep going for the first few months. That means you need to set up and run your business in your spare time. How will you tend to your customers or manage your orders out of business hours? And where on earth will you find the time to tend to your home life. Consider your work life balance before committing to all this extra hard work.

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Covered

Even though you’re working from your own home, you should consider all the different types of insurance you will need. Your home contents insurance may need to be updated. If you have a mortgage, you might need to declare that you are running a business from your property. It’s essential you find affordable insurance to cover your business activities like liability insurance. This can be essential even if you meet your clients in their offices.

Subject Matter Expert

What are your credentials? If you are a service provider, you need to be an expert in your sector. Reputation is essential in the beginning, so make sure you have the experience and the credentials to attract new customers. If you are producing goods, then make sure your website is full of great photos of your items. Try to get coverage in magazines or on blog sites. Customer reviews make a huge difference. Remember to ask your old clients to leave some feedback too.

Support

If you are running a business from home, then you need to have the support of all the other people that live there. This can include your neighbors as well if you regularly have clients over to your home. Don’t forget to do your best to accommodate their needs too. If you’re on the phone with one client, would a family member be willing to meet and greet one who visits? Set some ground rules, but don’t forget it’s their home too. Are you ready to set up a business at home?

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Category: Finance

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