Diana Smith, Negosentro | In 2018, a person with an idea and ambition can start a business from their own home and, for the time being, run their company on their own. Once the company is on its feet, they can grow their operations in the same manner by hiring remote workers and virtual assistants, as well as switching to more sophisticated digital tools. Still, the world of home-based business is not all milk and honey either, so, here are five must-know tips for running a successful home-based business.
Create a schedule
Running a business from your home has the same innate problem as telecommuting – it’s easy to forget you’re working altogether. You get sleepy so you go to the kitchen to brew yourself a coffee and, on the way there, you see that your favorite movie or TV show is on, so you sit down and watch it for a half an hour. Can you imagine doing so in an actual office? Of course not and for a very good reason. The first thing you need to improve in order to make your home-based business successful is your schedule and you need to stick to it as much as you can.
Handle the problem of networking
One of the greatest problems for a home-based business or entrepreneur is the fact that working from home keeps you away from people who could help you improve your business. In order to overcome this obstacle, you need to start attending industry-relevant events and find another way to get in touch with other home-based entrepreneurs such as yourself. Sure, this step might not seem crucial to your business at the moment but neglecting your networking is bound to cause a problem at one point in the future unless you can figure out a way around this problem.
Make sure your grid is up to the task
If your business is based in your home, then you need to make sure that your electrical grid is up to the task. For starters, you want to look for a local electrician to inspect the quality of your home’s installations, seeing as how your home office might draw more power than a regular household in the vicinity. Some neighborhoods have infrastructure flaws, which is why your quest for an electrician needs to be location-based. For instance, NSW home-based businesses have a better shot at finding a reliable electrician in Sydney than somewhere else. Needless to say, this is a vital step even if you’re just going to install an ADSL or phone line later on. The last thing you want is to lose a client due to a power shortage in the middle of your work hours.
Utility bill deduction
For all those who have a home office or an area of the house that is dedicated to their home business exclusively (storage or a copy room) might be eligible for a tax deduction. Due to the fact that this office takes about 8, 10 or 20 percent of your entire home, you can safely claim that this percentage of your utility bill consists of your business expenses. Over the course of the year, this can save you quite the amount. Nonetheless, as we already stated, this room has to be business-exclusive. This means no children playing around, no pets sleeping in the corner and definitely no dual-function rooms. A bedroom-office does not qualify.
Consider moving, eventually
Finally, keep in mind that, although running a home-based business may have its advantages, this is usually not a long-term solution. Eventually, you might want to move to a real office or at least start using a shared workspace. Moving to an actual office is great for your company’s credibility, makes you look better in the eyes of your investors and helps you move to the next level as an enterprise.
Running a successful home-based business may seem easier than running a traditional company yet, in the long run, it could be equally as challenging. Nevertheless, with the right amount of organization, focus and willpower, nothing can stand in your way for long.