Tired of the 9-5 routine at the current job? Want to get out of the rut and be your own boss? Then, yes. Setting up your own home-based business is your best way out of the mundane life and into a more exciting one. You may be in a hurry to start your new venture but it’s best to get all your basics right before you get into it.
For starters, you need to thoroughly research on how to setup a home-based business. From online research to talking to small business owners, there are many outlets that will give you all the information you need.
Choose your product or service
For a business to success, you need a product or service on offer. In case you already have one in mind, you have one less thing to worry about. But whatever you have in mind must also be in demand in the market. Do your research well and understand the supply and demand of the product in the market among consumers.
Once you know there’s a demand for your product, you must make sure you have an edge over your competitors. You may want to start small and are curious about how to setup a home-based business, but you should know that no matter how small, there is tremendous potential for a business to grow and flourish.
Pick your business structure
Once you have your product or service in place, it’s time to think of the business structure. Do you want to be the only proprietor or do you want it in partnership? Do you want for your business to be an LLC (limited liability company) or a corporation? Each one comes with its own set of regulations.
Their pros and cons vary too. The best way to go ahead is to talk to a lawyer or a business consultant to learn about what structure might be best suited for a home-based business. Such professionals will have all the legal insights on how to setup a home-based business in your city.
Get the required permits and licenses
To learn how to setup a home-based business, you should know that different kinds of businesses require different kinds of permits and licenses. After talking to your lawyer or consultant, apply for whatever permits you need to setup a home-based business. Now apply for sales tax permits.
If you’re going to sell products or services, you will need to get a tax permit for them. Your city’s controller office will have all the information you need and the necessary forms to fill out to get your sales permit.
Pick your business name and register it
A very important aspect of how to setup a home-based business is to pick the right name for your business. It should be in line with the product or service you’re selling. It should be catchy and relevant as well.
Once you have the name finalized, remember to register it. Before that, look up your business’ potential name. You don’t want to give it a name that has already been registered by someone else. Let yours be unique and register it so no one else can have it.
Set up financial accounts
When you are going to become a business owner, it’s best to keep your business and personal finances separate. Make sure you hire an accountant to help you with that. You need separate savings and checking accounts for easy financial flow.
Talk to multiple banks to makes sure you have all the information you need with regard to service charges, credit charges and other charges they may have. While learning how to setup a home-based business, especially a small one, you might want to be very careful dealing with banks and money.
Set up a physical office
Now comes the fun bit – setting up your office. While sitting in your cubicle, if you have wondered how to setup a home-based business, you would surely have thought about having a cool office setup in your home. Besides the additional fun things like photos, cool fixtures, and accessories, there are important things you need to have for the functionality of your business.
Some of the things you will need are a phone line just for the business, printer, scanner, and computer with all the required applications for your business operations. Keep files and folders handy for physical copies of invoices and receipts. Keep your space organized and clean so working becomes easy.
Get your own website
One of the more important parts how to setup a home-based business today, however small or large, is having a professionally built website. You could build one yourself too if you have some coding knowledge or you could build a simple one on WordPress. Make sure you have all the details of your business with your products and services on your website.
If you are not online, you will be missing out on a big chunk of customers. Businesses are all online these days. You should be as well. Customers will have an outlet to reach out to you on and give you instant feedback too. Facilitate these options for them and you could see your business grow in a short time itself.
For all those young working professionals, if you are an entrepreneur at heart, don’t wait for the ‘right time’. There is no such thing as the right time. Get out there and give it your best shot. There are enough and more materials out there that will help you with research. And there are professional consultants, lawyers, and accountants who can help you learn how to setup a home-based business.
With all this help, you can sure give it a go and work on growing your home-based business one milestone at a time. Just get all the legalities and finances in place. The rest is up to you and your drive. Stay focused and get the ball rolling. However small a business, it is bound to flourish when nurtured and nourished. Apply yourself and be a proud business owner.
