[su_dropcap style=”flat”]S[/su_dropcap]O YOU’VE DECIDED to start a home business. Congratulations! You’ve taken the first daring step in what we hope is a positive career change. But if you thought it would be easy, you need to check your attitude. Make sure you keep all of this in mind!
The product or service
You have one, right? You can’t just be motivated by a desire to stay at home and make money in your pyjamas. You need to have a product or a service, and it needs to be something you feel passionate about. If you’re just doing it for money, you’re not going to enjoy yourself. And enjoying what you do is a big part of being a successful person of business. Write yourself a mission statement, or an in-depth product design document. Make your goals clear!
So: what do you have to offer? Are you knowledgeable about the product itself, as well as your competitors and your potential customers? What makes what you’re offering a better alternative to similar items? These are all things you need to know in order to figure out how you’re going to sell this thing and yourself.
There are other things to consider. Is it seasonal, or can you market it all through the year? Are you sure what you’re making won’t be a quick-burning fad? If certain areas of the economy fail, how does that leave you and your product? Make sure you’ve researched all of this as thoroughly as you can.
The boring stuff
By the boring stuff I’m referring to tax, business forms and mail arrangement. This may, of course, be terrifically exciting to certain people. We hope that applies to you, because you’ve got a lot to sort out!
Wherever you are, the government is going to tax you based on what kind of business entity you’re establishing. You may get income tax, self-employment tax, employer tax, or excise tax. So what kind of business are you starting up? Sole proprietorship? A partnership? A limited liability company? Make sure you are clear on this so you can stay in the legal financial area.
Everyone is going to need to receive mail at their place of business. But if that place of business is your home, that may cause some inconvenience. You don’t necessarily want all your potential customers knowing your address. Nor do you want business mail getting mixed up with personal mail. Consider getting a virtual address for business use, at least at first. Sites like physicaladdress.com provide such services.
Home is an easy place to get distracted. You need to be working hard if you’re setting up your own business. Perhaps harder than you’ve ever worked before. So you need to make sure that your work space is free of distractions and has everything you need.
You need to ensure you have plenty of standard office supplies, like paper and pens. You should also get your home hooked up with a second phone line. Don’t rely on your mobile phone for everything, especially if you use it for personal reasons too!
You should have a room in your home dedicated solely to work. Make sure it has a door you can close so you can shut out the outside/inside world. And don’t keep play items in there! No TV, no guitar, no game consoles: keep it strictly business. You need to be utterly focussed to succeed on this exciting career path.