The current global climate has changed the way many people think about home-based businesses. The pandemic and the necessity of the situation it has left us with has been the push many people need to make the move. Here’s what to consider if you’re ready to make the move to a home-based business…
Even if you are starting your business with no external financial funding or support, it’s still important to plot your business and the milestones you want to achieve, as it will help you focus over the first few years. Here’s what you’ll need to include:
Even if no one other than you is going to read this document it’s crucial for you to understand your business inside and out at this early stage.
Since you’ll be home-based, you need to set up a suitable area to work from regardless of the nature of what you’ll be doing
If you’re lucky enough to have an office or spare room to work from then set up a desk and comfy chair – you’ll be spending a lot of time in this room so decorate in a way that makes you feel motivated, with comfort in mind. Also make sure you have effective filing and storage for any potential paperwork needed for your start in trading.
But not all businesses are office based, and there are other options to explore that can still work at home. You might be able to create affordable working space in your grounds for less than you realise. So for example, you could create a space for a workshop for cars construction or machinery repairs using a roof cover over two former shipping containers.
Whether it’s inside or out – practical or office based – get your space sorted and then you can register your business address and alert both government and financial authorities of your new venture.
It’s a must to ensure that your business is insured against any potential claims. Every application will be tailored for your exact business and products and services, but it’s important to cover yourself and your clientele with effective cover for you, any visitors, your workforce (if you have any) plus the stock you might hold.