Five Questions to Ask Yourself Before Setting Up a Home Based Business
Maybe you want to escape the rat race and start your own business, something you can put your time, passion and creativity. Perhaps you just want a side hustle, a business you can run in your spare time earning you money around a full time job. Either way, a home based business is something that most of us could make work with enough passion. In many cases, you don’t need a large amount of money to get started, and you could even monetise a hobby or use equipment that you already have. That way, there’s no real risk of failure since you have nothing to lose in the first place, and everything you earn is a bonus. However, there are a few questions to ask yourself before jumping in.
What will my business sell?
The very first thing you will need to decide is what your home business will sell. You could buy products from a wholesaler or manufacturer and then resell them for a profit. You could make your own items to sell, if you already have a hobby making soap, candles, jewellery, cakes or anything in between then this is something you could earn money from. Alternatively you might choose to sell services, if you’re a writer or blogger you could write articles to order. You could design websites or apps depending on the skills that you have. Either way, work out what you’ll be doing.
Where will I work from?
Since your business will be run from home, you need to find a way to keep the two separate. It can be helpful to have a room that’s dedicated to your business, set up a home office and work only from there. That way, the lines between work and life don’t become blurred and this helps to keep you productive. If you’re going to be selling stock, then ensure you have enough space to store this. A large shed, a garage or an outbuilding might work well providing it’s secure and weather resistant.
What hours will I work?
Speaking of finding the work/ life balance, you need to be sure to set cutoff times so you’re not spending every free minute working on your venture. Work smarter, having time away helps you to stay productive and is good for your mental health. Will you have weekends off, or a couple of random days during the week? Will you stop working after 8pm maximum? Whatever works best for you, decide what work hours you’ll be doing.
How will I keep your business safe and secure?
Since your business is run from home, keeping your business secure involves keeping your home secure. CCTV and burglar alarms can prevent thieves from getting away with your assets. However, you also need to think of your online security. Criminals love smaller and home based businesses as there’s rarely sufficient security in place- use strong passwords and two step verification where you can. Keep your computer protected against malware and viruses. Another thing you can do if your business requires it is to verify customer IDs in real time, this is a good security measure for many types of businesses as you know exactly who you’re dealing with.
Will I outsource some work?
People think that having a home business means you have to do it all. But if you don’t have all of the time in the world or all of the skills you need, you can easily outsource instead. Whether it’s your marketing, your blog writing or your accounting, be aware that you can hire third party companies to run just about any area of your business. This allows you to grow without having to hire people yourself, and also frees up some of your time.
This is a collaborative post.