For a lot of people, starting a business from home evolves from being self-employed; a business of one. As you start building a business, if you are home-based, there are some key aspects to consider that will differ from setting up in an office environment. There is your planning, mindset, communication, leadership, and workspace – all of which require a different approach. Establishing a business from home involves specific legal and financial obligations which you will need to research for your country. These include taxation laws and permits, and HR and payroll obligations for a remote team before some of the other practical and strategic issues.
Develop a plan
All businesses require a plan. A comprehensive business plan outlines your business goals, target market, value proposition, revenue streams, marketing strategies, and financial projections. A well-thought-out plan will serve as your roadmap and help you stay focused on your business objectives.
This is particularly important if you are setting up a business from home as it gives you a sense of purpose. It can even help serve as a mission statement, something that inspires you and keeps you motivated.
A plan is a foundation to your business but it needs to be something you can adapt as circumstances change.
Manage your time effectively
One of the most important elements of starting your own business is managing your time effectively.
Parm Bhangal started his construction business from home and talked about the mindset and systems needed in The Believe issue of The Homeworker magazine. One of the principles he uses is to always diarise and time block his tasks.
“It can help to implement a routine. When I was starting my business, I always began work at the same time every day and blocked out chunks of time to do certain necessary tasks such as emails, business development or marketing.”
With running a home business, you are wearing many different hats so ensuring you have discipline over your time is an important part of success.
Have a physical address that’s not your home
If you’re going to be setting up your business from home, then it is a good idea to get an address so that you can list it online. You may not wish to list your residential address publicly and it is possible potential customers will see you as less official than other companies if you don’t have a proper ‘business address’.
Address services can help you with a professional online presence. It can make your business look more legitimate, which can be useful, especially when you are just starting out.
Create your work environment
Designate a dedicated area in your home as your workspace. This should be a quiet, organised, and ergonomically comfortable environment where you can work without distractions. Having a separate space also helps create a clear boundary between your work and personal life.
Think about what you will want in your work environment that will motivate you and keep you focused. A space that inspires creativity and helps you feel like the ‘CEO’ of your business is going to help you get into the right mindset.
Make sure you catch all the home office and workspace ideas inside The Homeworker magazine issues.
Manage your mindset
Starting a business from home requires self-discipline and self-leadership. An entrepreneurial and growth mindset will help you stay innovative and engage with continuous development and learning.
Award-winning life coach and author, Simon Alexander Ong sees gratitude as being the ‘ground zero’ of a positive mindset. He says this is what so many other thoughts and emotions hinge on.
Without gratitude, Simon suggests, “It’s very easy to be a magnet for toxicity, for negativity, and complaining when you’re coming from that mindset. It’s difficult to accomplish any of the great things you want to achieve and to be adaptable and flexible in times of uncertainty, which we are experiencing at the
moment.”
Ensure you keep in touch with employees
If you are more than one person – or frequently use freelancers or a virtual assistant, communication is vital. This can get more difficult when you are an online business where you don’t really see your employees. You need to ensure that you are setting up schedules for meetings, and that these are happening at least once per week to keep everyone up to date. If you do this, then everyone will understand the status of the business.
When there is disconnect between members of the team, that’s where problems can arise and you can even start to lose trust.
“Even though we are all remote – it doesn’t feel like that at all,” says Tonia Galati, owner of TG Consulting. In an interview with The Homeworker magazine, she says: “Everyone has a thorough induction where the values and ways of working are explained, and they also have a point of contact or line manager who is there to provide direction and check in. We also have weekly team meetings, and we ensure individuals are not just working independently but are also involved in cross-team projects so that they are in regular contact with others.”
If you are looking to start your business from home it’s not always a straightforward process, and like all businesses it’s going to take a lot of effort to see success.
Cultivating a strong and positive mindset will not only help you navigate the challenges of starting a home-based business but also contribute to your overall wellbeing and success as an entrepreneur. While it offers flexibility, it also demands careful planning and consistent effort to achieve success.
Dedicated to helping you thrive when you work from home, The Homeworker publishes articles that are designed to keep you healthy, happy, and more productive in work and life.
