6 tips for starting a business from home

If you’ve thought about starting your own business, no doubt you’ve considered running it from home to begin with. Running a business from home can be a great start, being a more cost effective and faster start.

Develop a business plan

It’s good to know what you’re setting out to achieve, how you’re going to do it and what you’ll need in order to get it done (preferably in a certain time frame too).

Creating a business plan can set out these goals, highlight your priorities and develop strategies for a clearer vision. Not only does it help guide you through starting your own business, it also allows you to plan for the future, so you don’t have to be reactive to the unexpected. 

Leverage technology

This might sound like common sense, but it’s worth reiterating how helpful the right technology can be to your small business. 

Would you need a laptop for meetings on the go, a printer and photocopier at home, multiple monitors to help with the spreadsheets or just high speed internet? 

If you’ve worked in a similar environment before, take note of what helped with all the processes. For example, if you worked in an office and used 2 monitors, would that make a difference to how you work from home? Know what you will need to be as efficient as you were previously.

Also consider the different platforms available for processes such as bookkeeping, website management and much more. Ask for demonstrations and compare products before you decide.

Stick to a structure

It’s quite a change when you become your own boss. There’s no management lurking about to keep you in check. These changes can be difficult at the beginning, so why not stick to a routine?

This routine could mimic the activities you were used to at your previous job, such as waking up early and still going on that early morning jog, to taking your lunch break as soon as the clock hits 12pm. Or, this routine could be a structured timeline of how long you will spend on each task every day. 

Having set work hours can also help to define when you should start, and also switch off at the end of the work day, so these lines don’t get blurred, which can lead to burn-out.  

Know a little but about a lot

When you first start your small business, it can be confronting running all of the departments at the same time. While it can be challenging to begin with, spending the time to learn a bit about all of these areas can go a long way.

Having a basic understanding of all departments and processes (such as IT, bookkeeping and accounting) can help you work through problems yourself, rather than outsourcing or finding an expert - which can get rather expensive.

Set up your finances

It’s recommended that you set up a separate account for your business. It can keep your bookkeeping organised and accurate, help with accurate taxes and deductions you may be entitled to and gives you the ability to have multiple business account signers. 

Creating a budget to manage your cash flow is an important step for your business. It can help you focus on the goals you have established in your business plan, review your finances regularly, consider seasonal trends and adapt to changes.

Reach out for help

There are many people out there with valuable knowledge who are happy to help. Whether they’re successful small business owners or experts in their field of work, be open to asking for help and support.

We understand small business

When you’re in business, having the right finance and risk planning in place can mean the difference between thriving and surviving.

And no one is better placed to understand your needs than another small business owner. This short video shows you how we might be able to help.

Already your own boss? Kick things up a notch with these tips

For those of you who have been working in your own small businesses for some time now and are looking for tips to boost efficiencies and processes, here’s what you need to know.

Don’t forget about marketing

Kick your business up a gear with investing into your marketing strategies, and when we say investing - we mean time and money. 

Finding new and innovative ways to reach potential customers and show off your products or services is well worth the effort. Especially tweaking these marketing activities when you know something is working and when something isn’t.

Continue (or start networking) 

Get to know who’s out there and make connections to help succeed in your industry. It can give you the ability to boost your business’ profile as you start to become a familiar face, which is especially helpful if marketing and advertising budgets are tight.

You can also benefit from sharing advice, providing valuable opportunities to learn as well as ask questions.

Do some market research

Market research can provide valuable insights into discovering your brand loyalty, how to achieve higher customer satisfaction results and even improve sales.

Not only does it help to see where you are with your business, but also help identify new target audiences you might not have considered, refine your marketing messaging and materials and keep yourself updated on market trends.

Consider moving out

If your business is expanding with a few employees working out of your home office, or you are in need of more equipment and space, it may be time to consider an external office space. 

If you’re looking to kick start, or even expand upon your small business, call your local Mortgage Choice expert today who can help you with a range of needs for your small business. We can help you understand the finance options available and do all the legwork in sourcing the right business loan for your needs.

Posted in: Small business

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