It isn't always necessary
to rent or lease commercial space to have a successful business. You
can start and run your business from the comfort of your own home.
Running a home-based business allows you to profit without dealing with
the high overhead typical of traditional business settings. You also
avoid long commutes. Running a successful small business from home isn't
always easy, however. Home businesses require investments of planning,
time and effort.
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Brainstorm
businesses you can run from home that suit your talents and experience.
For example, if you are a crafty person, consider starting a gift
basket company or a floral arrangement service. If you have a technical
background, start a computer repair or technical support business.
Determine
how you will fund your business. You may, for example, use your savings
to start a business or ask friends and family members for funds to help
you get started. You may also consider credit cards and traditional
loans as you plan your business.
Comply
with the business licensing requirements in your state and city or
town. You will most likely need a business license to run a business
from your home. You may need additional licensing and permits to run
certain types of businesses. If you run an in-home daycare, for example,
you will need a daycare license. If you will prepare and sell food, you
may need a food preparation license. Contact your state or town office
of business registration to learn the requirements in your area.
Prepare
a business plan for your home-based business. Having a business plan
helps you to stay on track as you start and run your business.
Open a business bank account to avoid mixing your household funds with those of your business.
Create
space for running your business. The amount of space you need to run a
business from home depends on the type of business you choose. If you
need an office, clear out a spare bedroom or clean up a basement for
this purpose. Some businesses can be run from a kitchen table. If you
stock products, consider shelves in a garage or an unused walk-in closet
for storage.
Set
business hours. One of the keys to success in business is developing a
routine. If you fail to set business hours, your business may encroach
on your personal or family time. Likewise, you may put off important
business tasks in favor of doing things around the house.
Develop
a system of accounting. Purchase a filing cabinet for storing receipts,
invoices and statements, and use a ledger or computer program for
recording input and expenses.
Insure
your business. Many homeowner or rental policies don't cover damages or
injuries related to the business use of your home. Your insurance agent
may recommend adding business liability coverage to your current policy
or purchasing a new policy altogether.
Take
tax deductions for business use of your home. If you have a designated
space from which to run your home business, you may qualify for
deductions on your federal tax return.
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