How to Start a Small Business at HomeLindsay Chambers
If you’ve ever imagined yourself having the freedom to set your schedule and work on your terms, now might be an ideal time to start a small business at home. One silver lining of the COVID-19 pandemic is that it’s motivated more people to explore entrepreneurship.
While being self-employed has some advantages, there’s a lot to learn before you hit the ground running. In this guide, we’ll break down what you need to know about starting and running a successful home business.
1. Decide What You Want to Do
Ultimately, there’s no wrong way to come up with a successful home business idea, but some are more feasible than others. Make a list of your skills and passions, then evaluate whether any of them translate into something you can realistically turn into a full-time job.
In the early brainstorming phase, ask yourself questions like these:
- Do you have the self-discipline and motivation to work without supervision?
- Would people be willing to pay for your services or products? How much will you charge?
- Is your business idea something you can do 100% from your home?
- What’s your unique value proposition?
- Who is your target audience – and how will you position yourself in front of them?
- Do you already have the equipment and space you need to do this job?
- Are there any startup costs associated with launching your home business?
2. Create a Home Business Plan
Writing a comprehensive business plan can be time-consuming, but it’s worthwhile to go through this exercise – especially if you’re hoping to break into a new industry and need to familiarize yourself with the field. Your plan should include all the elements you need to start and manage a home business, such as a market analysis, a sales plan and a budget.
Having a written business plan will give you a roadmap for future growth and profitability. It will also be an asset if you need to apply for financing down the road – when deciding whether your home business is a worthwhile investment, lenders will want to see proof that you’ve done the research, evaluated market demand and weighed potential risks.
3. Set up Your Workspace
Though running a small business from home offers several outstanding benefits – like saying goodbye to stressful commutes and frustrating office politics – you may have trouble separating your work from your leisure time when everything happens in the same place. That’s why creating a designated home office space is crucial for establishing a healthy work/life balance and avoiding burnout.
When setting up your workspace, consider what tools, technology and equipment you need to get the job done. Invest in a comfortable desk and chair, decorate in a way that expresses your personality and take steps to minimize distractions. Once you have the space you need to work from home full-time, you’ll be more motivated to start your small business.
Expert Tax and Financial Advice for Home Business Owners
Starting a business may be the fulfillment of a lifelong dream, but preparing your taxes when you’re self-employed can feel like a nightmare. At Clear View Business Solutions, our knowledgeable team stays abreast of all the changes in small business tax law, so we can help you maximize your deductions and credits and minimize your tax liability. We provide full-service accounting and bookkeeping for gig workers, freelancers and home business owners at our two Tucson locations.