Starting A “Home Based” Business-What You Need To Know

home-based-businessIn previous article posts we have talked about working from home, how to be successful in doing so and different jobs that can be done from home.  However, what if we went down a slightly different “At Home” job path and instead of just working from home you set out to create a home based business?  While the two do have similar qualities they are also very different.  When working from home you are still working for another company or person.  When you start a home based business you are not only working for YOURSELF,  you are also creating your own business, which is very exciting in itself! While most home based business can be kept running from the confines of your own home there are MANY successful businesses that started out as home based and eventually grow into a full fledged business that requires additional office space.  So how do you go about starting your own home based business and grow it to succeed into a well oiled machine that grows into something larger and even more successful???

Going into creating a home based business the number one thing to ask yourself is, “will my business work from home”? Meaning if you wanted to start a business that required you to meet with an abundance of clients would you feel comfortable or want to give that many strangers your home address?  Is your business practical to run from your home and will you know when it’s time to move your growing business to an actual storefront or office space?  Rick, owns a hot tub maintenance business is Fort Collins, Colorado.  As of now he has two physical business locations that can be visited by his consumers but it wasn’t always that way.  He in fact started his hot tub business from home and overtime became more and more successful which lead him to opening his two stores.  What are some words of wisdom or advice that Rick has to offer others just starting out to ensure that your business is successful too?

Rick’s Tips On Starting A Successful Home Based Business

  1. Permits, Licenses, Structure- When starting a business from home you want to go at it as you would any “real” business.  Meaning you want to have the right permits, licenses etc. in place when beginning.  Some neighborhoods/HOA prohibit home based businesses.  Starting out above board and with all of your cards(permits/licenses) on the table will ensure that you are doing everything legally and by the book so as to not reap any negative side effects down the road
  2. Get a Post Office Box- That’s right, it’s always a good idea to rent a post office box for business related correspondence and mail.  This will limit the amount of people that have direct access to your home address, to help ensure the safety of both you and your family members.
  3. Homeowners Insurance- You may be thinking what do I need homeowners insurance for for my business?  Isn’t that what business insurance is for?  To cover all your bases and to protect your personal and business assets its best to look into if your homeowners insurance covers your home based business or if you will need to add further coverage.  Remember having all your cards on the table from the beginning helps to prevent liabilities and such down the road.
  4. Create a Business Environment- Just like with any other job from home you must treat it like actual work.  Set boundaries with friends & family during “office hours” and make sure to create a work space where you feel organized and able to get things done.  You will also need to make sure that you are keeping records, receipts and such of all income etc. This will help to make running your business easier and more efficient as well as simplify things when tax time rolls around.

work-from-home-strategyWhile there is a bit more that goes into starting a home based business these main tips provided by Rick can definitely help to make both you and your business successful.  Just remember Rome wasn’t built in a day, things take time but if you start out on the right foot and stay organized success is in your reach too, just like Rick!