The future still looks uncertain, but in this time of crisis many of us have re-evaluated how we want to live our lives. People across the UK are looking to take control of their destinies by becoming their own bosses. Indeed, a recent study revealed one in five are looking to launch their own business this year. Thousands of these new enterprises will be run from the comfort of our homes, as the internet has made this viable. If you’re thinking of starting your own business from your home this year, following these basic tips can get your venture off to the best start.
Set your goals and do your homework
No matter where your business is based, you need to be clear about what you want to achieve from the start. Having a defined personal goal will help you decide what your business will be and how it will look. Take a close look at yourself and be realistic – will working from home suit your personality? If you’re easily distracted and sometimes struggle to motivate yourself, then a home business may not be for you. Finally, don’t launch a business until you’ve thoroughly researched your product/service and the market. You may think you are on to a winner, but if people don’t buy what you are selling, you’ll be one of the many start-ups that fail in their first year.
Make your home ready for business
You can’t run a business from your sofa. One of the most important steps in a successful home-based venture is to secure dedicated workspace. Whether it’s a converted spare room, your loft or your basement, you need somewhere to set up equipment and eliminate domestic distractions. If your environment makes you feel unfocused and unproductive, your business won’t stand a chance. It’s not just about your mental state either; a recent UK study found that 48% of people who had worked from their sofa or bedroom during the pandemic had developed musculoskeletal problems. Great ventilation, the right lighting, good software and reliable equipment are must-haves. Keep your space clean and make sure you have a house plant and a picture of your family nearby. However, avoid clutter!
Register with HMRC
When you are starting up, you’ll need to register your business with HMRC. Whether you are setting out as a small trader or want to be a limited company, failing to register will end in all sorts of unnecessary stress and fines. If you choose to go down the limited company route, you’ll also need to inform Companies House. Either way, some admin is unavoidable, but it doesn’t have to be a complicated process. Now is also a great time to finalise your business name – if you are still scratching your head, hop on to this free business and company name generator https://businessnamegenerator.com/ to get the inspiration you need.
Get insured
Depending on the nature of your home business, while you might be able to get by with a minor alteration, you may need an entirely new policy. It is critical you don’t leave this to chance. If an incident related to your venture happens at home and your current package doesn’t cover it, you could be left in financial hot water with a wrecked business. There are many types of insurance that might be relevant – public liability, product liability, employer’s liability, business interruption, building & contents etc. Successful businesses have the package that covers them in any eventuality.
Market your business
If you have relevant connections from a previous job, when you launch your venture, use them! Talk to them and discuss what you can do for them. Make liberal use of your LinkedIn network too. Get out to as many networking events as possible: even in these socially-distanced times, you will find many events taking place online. The more people you talk to, the higher your profile will be. A smart marketing strategy will enable you to connect and communicate with your market. There are lots of options you can take without breaking the bank. Social media, SEO, blogging and email marketing are excellent, while there are many fantastic national, regional and local newsbrands where press ads and online opportunities can get your business purring.
Stay sane
Remember, you started your own business to take control of your life. Make sure you keep your work-life balance firmly in focus at all times. It can be a great idea to set regular business hours and stick to them as closely as you can. Set to-do lists every day and focus on getting through everything, but do not work around the clock. Keep time for your family and friends. And crucially, do not sit at your desk all day – make exercise and getting outdoors part of your daily routine.
