Setting up a business at home can be both exciting and daunting, all at the same time.
You envisage early finishes, flexible working and all the perks that come with being your own boss, but how do you get to that point without all the panic, tears and tension that can come before it?
With excellent planning and flawless execution, of course.
Enjoy a fuss free road to setting up a home business with our guide to getting started. From trademarking and cheap parcel delivery to fast wifi connections and must-have office comforts, we’ve got it all figured out.
Follow our ten step guide to achieving home business success.
1. Trademark your idea
With so many people quitting their 9 to 5 job in order to become their own boss, you need to make sure you aren’t treading on somebody else’s toes. Avoid hefty fines and another business owner stealing your identity by trademarking your chosen name.
Recommended resources:
- https://noobpreneur.com/2017/03/14/5-steps-to-secure-and-protect-your-brands-trademark-value/
- https://www.inc.com/jeff-haden/patents-trade-secrets-licensing-protecting-ideas.html
- https://www.fastcompany.com/3005065/trademark-or-copyright-options-protecting-your-brilliant-idea
2. Register your company
Declaring your business is a legal requirement and luckily it’s very affordable and quick to take care of. Make sure this is one of the first steps in setting up your home business to avoid getting into any sticky situations later down the line.
Recommended resources:
- https://noobpreneur.com/tag/business-structure/
- https://www.entrepreneur.com/article/38822
- http://time.com/money/4394075/best-structure-small-businesses/
3. Sort out your finances
You will need to ensure you are paying the correct amount of tax, so once you have declared yourself as a business owner, find a good accountant and make sure to keep all receipts and records of sales and outgoings to make your tax return at the end of the year as quick and as easy as possible.
Recommended resources:
- https://noobpreneur.com/2016/10/05/11-finance-tips-early-stage-entrepreneurs-should-know/
- http://mashable.com/2012/05/01/tips-small-business-finances/
- http://yfsmagazine.com/2016/02/19/how-to-keep-your-business-finances-in-order/
4. Invest in good tech
It might be tempting to go for a cheaper laptop or printer to get yourself started, but don’t be fooled by discounted, out of date hardware. It is far more cost-effective to invest in much newer, more robust technology in order to ensure your business prospers, so do not scrimp when it comes to tech. After all, this is your livelihood.
Recommended resources:
- https://noobpreneur.com/2014/08/29/three-ways-improve-business-using-technology/
- https://www.entrepreneur.com/article/244289
- https://hbr.org/2008/07/investing-in-the-it-that-makes-a-competitive-difference
5. Nest
It is always a good idea to distinguish between the areas of your home that are to be used for leisure and those which mean business. Create an office space and keep it clean and tidy, invest in a good coffee machine, surround yourself with inspirational prints to keep you going when nobody is around to meet you by the water cooler and make your area of work irresistible to make you want to jump out of bed and get to work each day.
Recommended resources:
- https://noobpreneur.com/2012/07/09/home-office-design-ideas-for-homes-with-limited-spaces/
- http://www.lifehack.org/articles/productivity/15-office-design-tricks-that-will-increase-your-productivity-work.html
- https://www.fastcompany.com/3023303/10-quick-tips-to-bring-your-home-office-to-another-level
6. Get thrifty
If you are selling a product, you will need to do your research and invest in cheap parcel delivery. If you are a digital company, you will need to invest in the best value software. Basically, make sure you are researching for the best deals – but don’t scrimp on quality, as mentioned above. Check out comparison sites to find cheap parcel delivery options for all package sizes and quantities, in order to discover the best deal.
Recommended resources:
- https://noobpreneur.com/2017/06/15/9-ways-to-save-your-small-business-money/
- https://www.americanexpress.com/us/small-business/openforum/articles/27-money-saving-tips-from-successful-small-businesses-annie-mueller/
- http://www.moneycrashers.com/cost-cutting-ideas-small-business-expenses/
7. Recruit
Most people start off trading by themselves, but as your business comes to life, it is inevitable you will need an extra pair of hands or two to help out, so start networking and sign up to LinkedIn to find the perfect candidate who comes with the right skills and the correct attitude.
Recommended resources:
- https://smallbiztrends.com/2013/09/find-the-right-employees-business.html
- http://fitsmallbusiness.com/find-employees/
- https://www.linkedin.com/pulse/20140327211006-22839074-how-to-use-linkedin-to-find-your-next-great-employee
8. Build a website
There is no way a business can flourish in the digital age without a website. Either build your own for free or invest in developers and designers to do the hard work for you. You want something slick, user-friendly and easy on the eye.
Recommended resources:
- https://noobpreneur.com/2016/07/18/reasons-website-visitors-think-you-suck/
- https://visual.ly/community/infographic/computers/web-design-and-development-diy-or-outsource
- https://www.forbes.com/sites/allbusiness/2013/12/10/key-steps-to-building-your-small-business-website/
9. Spread the word
Set up your social media handles, attend every event you’re invited to and spread the word about your business – ideas don’t market themselves. According to Alex Brad Guzan of Inversion Table Guides, home business owners need to setup a niche website to promote their products, and promote it against a laser-targeted audience around that particular niche to get more bang for the buck.
Recommended resources:
- https://noobpreneur.com/2017/06/13/4-reasons-why-influencer-marketing-is-better-than-traditional-marketing/
- https://www.ducttapemarketing.com/tips-digital-marketing/
- http://www.socialmediaexaminer.com/social-media-marketing-tips-pros/
10. Get going
Although it might feel as though you will never be ready, there is never a perfect time to launch a new business, so just set sail and learn along the way.
Recommended resources:
- https://noobpreneur.com/2015/02/11/youve-validated-startup-concept-now/
- http://www.success.com/article/3-steps-to-execute-a-successful-idea
- https://www.themuse.com/advice/8-ways-to-turn-your-business-idea-into-action
Setting up a home business can be a scary and daunting time, but taking the risk usually pays off. Be bold, be sensible and enjoy the ride.