Numerous companies have started from their home and it's impressive where they are today. Apple, Google, Dell, Microsoft, Walt Disney and many others have been a successful business from the comfort of their home.
If you have been holding off from starting your own business because you don’t have the office space then you are just creating excuses. Starting a business at home can be a cost-effective way to trial your business idea. Let's take you through the steps of how to start your own business.
The first thing you need to do is think of your business idea. It cannot just be a generic idea. It needs to be something that stands out and is unique. If it isn’t one of its kind, you need to think about how you can stand out from your competitors. Why will your business be more likeable? What can you offer customers that your competitors cannot?
Your business will be possible from home on the computer or via your mobile phone. If you need a spacious area to build things then this will be more difficult at home unless you have the space.
Once you have decided on your business idea, you must create a business plan. The business plan doesn’t need to be too long, you just need to understand the direction you wish to take your business. The business plan will explain a few things such as; explaining your product, your target market and how you will profit. If there is any key information that you need to say in a sales pitch, mention it in your business plan.
Ideally, your business plan should answer all of the important questions such as how you source your product, your marketing strategy, sales goals and who you will need to help you if you need anyone else to help.
Creating a financial plan is essential as you will be spending a lot of money at the start of your business. It can take around 3-6 months before you see your first sale and even then, you might not be in profit.
In your financial plan, you need to have your initial budget so you don’t overspend. You also need to understand when you expect to break profit. When pricing your product or service, you need to make it affordable for your customers. Ensure that you offer competitive rates.
Neither things which you will need to include in your finance plan are your business. Will you need a loan to get your business started? Finally, you need to ask how you are going to pay yourself. If you have another job and just do this in your spare time then you won’t need to worry.
Now that you have your finances and business plan, you need to think of a name. A name that stands out or mentions something about your product/service: remember to make your name catchy and memorable for when people see it advertised.
Research to ensure your business name isn’t taken already. You will also need to make your business name official. To do this you must have your trading name, trade mark and domain name for your site.
Once you have done all of the above, speak to HMRC for your UTR number. This is a tax number that will identify your company with HMRC. Additionally, you will need to apply for VAT registration with HMRC.
Once your tax and business registrations are completed, you may have to apply for a business licence but that depends on your industry. They are given by the local authority.
With this being a business from your home, you still need a place to work. This could be anything from a dining table or a desk in the corner of your room. If you have young children, consider getting a garden studio so you are separating yourself from the noise in your home.
We all need peace when working plus, you need that extra room for your equipment. Ensure you have all the right technology in your room to ensure you can complete all business operations.
As you can see, there are many things you need to do for your business to work at home. However, once you have the initial tasks out of the way, you can start doing the hard work and generate sales for your business. As we mentioned earlier, it may take you a while before you start to see any money in your back pocket, however, it will be worth all of the effort in the end and then you can quit your full-time job.
