Owning your own business is a life-goal for lots of people, and when you consider the benefits, it’s not hard to see why; spending your days earning a living doing something you love, flexible hours that fit around family and being your own boss are all wonderful plus points. It can be hard to know where to start though, and there are several things to consider before you take the plunge; premises, financial implications and business skills are all things to think about. If you’re thinking about setting up on your own, then read on – we’ve rounded up the three most important things to look into when starting a home-based business.
Dedicate A Space For Work
Most new businesses start out based at home, which means you’re not going to have the luxury of an office space or studio in the beginning – so you’re going to need to think about the practicality of where you’re going to work from. If you’ve got a spare room, then great – this can act as an office, photography studio, appointment room or manufacturing space, depending on what your business entails. If you don’t, then consider adding a large summer house or shed in the garden – once equipped with power and lighting, they’re just as comfortable as a main building, and there’s the added bonus that there’ll be less distractions during work hours!
Look At Expenses
The first year of any business is tough, and it’s unlikely you’ll make much of a profit – which is why it’s important to have a healthy financial buffer zone in place. Savings are great, but reducing day-to-day bills is just as important; once you’ve registered as a business, you can look into commercial accounts for everything from mobile phones and internet to bank accounts. You can even apply for a business account for your utility bills – but before you commit, shop around for the best prices and look into which is the best business electricity supplier, as this will avoid problems and save you more money in the future.
Brush Up On Social Media Skills
Social media knowledge is vital for any business owner in this day and age, for a variety of reasons; it’s a great way to connect with other small businesses, it’s one of the best methods of reaching new customers, and it helps to promote your brand in a way that email marketing just can’t manage.
If you’ve never used social media before, it can be daunting, but there’s plenty of help available online; Sprout Social have a great introduction to why you should be using social media, and setting goals, and online learning websites such as Skillshare offer courses free of charge once you’ve paid the monthly fee. Alternatively, if there’s room in your budget, you could employ a specialized company to set up and populate your social accounts on your behalf – you’ll retain complete creative control, but won’t have the hassle of learning all the technical skills!