The pandemic has inspired many of us to reevaluate our priorities and ask ourselves, “What do I really want out of life?” For some people, the glaring answer is a career change. If you’re in this boat, you might want to consider starting a home-based business. Not only does this give you the power to work out of your home and set your own schedule, but it also puts you in charge of your future. There are few things more empowering than setting out on a path you’ve paved.
That said, many people find the idea of starting a home-based business pretty intimidating. Start Business Journey is here to help make that process easier and more accessible. Here are some tips for how to start a company out of your home:
Determine Your Business Structure
One of the first steps any business owner should take is to decide what their business structure will be. At least early on, for most home-based businesses, you’re going to be deciding between being a sole proprietorship and a limited liability company. Running your company as a sole proprietor can be tempting since it’s certainly easier — you just start doing the work. However, sole practitioners take on all of a company’s legal risk, meaning your personal assets (such as your house or car) can be on the line if you get sued or have business debts.
Start an LLC, and you get a layer of legal protection that can offer some valuable peace of mind. Moreover, the designation offers tax advantages in some situations, so it often makes good financial sense even if you never face legal action. If you don’t want to go through the red tape of registering yourself, a formation service can be the best place to register LLC information. They’ll handle the fiddly aspects on your behalf so you can get up and running.
Create Your Workspace
When you run a business, your risk of burnout goes up. The same is often true for people who work from home since they’re more likely to feel like they’re always on the clock. Combine the two, and you have a recipe for disaster.
Fortunately, you can mitigate this issue by creating a dedicated, sequestered workspace. Ideally, you want to set your workshop or office up in its own room so you can close the door at the end of your workday. If you don’t have space for that, look into a folding or hideaway desk so you can build separation into your work and leisure times.
Get Customers Interested
No matter what kind of company you run, you’ll need to get customers. There are several ways to do this, and the best approach will depend on what you’re selling. If you’re offering a service, you should reach out through your professional networks to get bites and leads for potential clients. Having a referral goes a long way when it comes to getting a business or individual to trust you to work on their behalf.
If you’re selling a physical item, your best bet is to focus on marketing. Social media and online marketing have a lot of room for successful DIY work, so you can get your name out there without necessarily spending a ton of money. However, it takes a specific strategy and a decent amount of hands-on work, so expect the DIY marketing route to take up a chunk of your day.
These steps will give your business a strong foundation. Whether you plan to keep your company to just you or expand at some point down the road, the choices you make early on can empower you to reach those goals. Your company deserves a strong start, and you deserve to see what you can make happen when you create your own way forward.