5 Key Steps for Starting Your Home Business
We’ve all thought about how great it would be to be our own boss. If you’re clever enough to have a great business idea and something to set yourself apart in your market, you might just get to live the dream. Starting a business out of your house can be complicated, though. Here are five things you will need to set yourself up.
As your home-based business grows, you might start exploring international opportunities to scale up. Hong Kong is a popular choice for entrepreneurs due to its low taxes and global business environment — and if you want to set up a company here, the process is straightforward with the right support and guidance.
A Dedicated Phone Line and Email Address
We all get spam calls or calls that we simply don’t want to pick up at the moment. Having a dedicated line for your business phone helps to make sure you don’t miss critical business-related calls. It’s one thing to let it go to voicemail when it’s Aunt Tabitha calling to chat, and entirely something else when it is a customer with an urgent question. The same goes for a dedicated email address If you are bootstrapping your start-up, try setting up a gmail account for your business (though having your own domain name does look more professional) and use google’s voice product for a unique phone number.
A dedicated phone line, email address, and physical address show that you are a professional.
A Dedicated Mailing Address
Working from home is great. Having all your customers know where you live is not. You can get an old fashioned P.O. Box, but if you use a service that provides a physical mailing location, you don’t have to worry about restrictions on UPS, FedEx, and other shipping services.
A Home Office
Starting your home business generally means working from home. Following these tips from the experts will help you stay focused and get things done. One of the essential work from home hacks on the list is making sure you have a home office. Having a dedicated space will help your brain transition from getting ready for your day and getting to work.
Open a Business Bank Account
The IRS doesn’t like it when your personal finances and your business finances get all mixed up. And if you are doing your accounting, you probably don’t, either. Make sure to open a separate business account for your new business, and never use it for personal deposits or spending. It can also be very tempting to deposit that check from a client directly into your personal account. Don’t succumb. You have to think about all these things before starting your home business.
Comply with all Your Local Regulations
Is your neighborhood zoned for your business, or do you need a variance? Do you need a business license? What kind of insurance do you need to carry? Most of us don’t know these things off the top of our heads, but now, before you start doing business, is the time to find out. This article has some suggestions on what you need to know to make sure you are doing business legally and above board.
You will need to consider other things for starting your home business, like your business plan and cash forecasting, but these are some of the things that you need to anticipate since they may cost you money. They are also ways you can set yourself up to look like a real professional to your customers. Your great business idea and products deserve it!