7 Considerations to Make When Setting Up a Home Business

Many people dream of setting up their own business from home. Imagine not having to complete the dreaded morning commute. You don t have to spend a fortune on getting to and from work. The winters can be spent, cosy in your study. But, it’s not all fun and games working from home. Setting up a home business should be done with caution. After all, you want to be taken seriously in the business world. This means that you need to have a plan of attack.


  1.    Company Name

Having a company name is important when you set up a home business. Checking that this name hasn’t been taken is important. Have a name that is a reflection of your business. This will give your business an identity and a purpose.

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Image: Flickr


  1.    Marketing Efforts

Marketing efforts can be difficult for those with a home business. After all, you don’t want to expand too quickly if you don’t have the manpower to complete tasks in-house. Aim to keep your business local with offline marketing material. Use lead lefts and flyers. Business cards can be a great advantage. Utilise the power of social media. Twitter and Facebook accounts are free to set-up. You can advertise locally for maximum impact.


  1.    Pricing Structures

Do you have a clear pricing structure? This is one of the most important things that you can do as a home business. While you may not have overheads, you need to account for the time it takes to complete the workload. You also need to factor in bills and utilise. Your prices should reflect the time and effort that goes into your work. But, it also needs to account for the electricity used within your home.


  1.    Company Structure

Will you be considered a sole trader? Will you be a limited company? Take a look online for a wealth of information on the two types of business structures before you commit. Both have benefits and disadvantages.


  1.    Where Will You Work?

Of course, we know that you are working from home, but do you have a dedicated room? Having a study is a great place to work from. You need to have a separate room away from your living quarters. You need to able to shut the door away from work at the end of the day. Achieving the right work/life balance is important when you run a home business. You also need to be comfortable and warm in your room. If you are choosing to work from your garage ensure that you have a Winrow Industrial Heater to keep you warm. After all, being comfortable in your work translates into being productive.


  1.    Equipment

Do you have all of the necessary equipment that is needed to complete your tasks? A computer may be all that you need to get the job done. But, you also need to consider desks, printing and ergonomic equipment.


  1.    Bank Accounts

Ensure that you set up a business banking account when you set up your home business. You need to make sure that you have the right account that fits your company structure. Keep your personal and business finances separate.

7 Considerations to Make When Setting Up a Home Business