article

The Top-Three Considerations When Starting a Home-Based Business

By Realty Times Staff via Realty Times

bluehammer

If you’re considering starting a home-based business, you're in good company. According to the U.S. Small Business Administration, more than half of all businesses are run out of the owner’s home.

If you’ve already weighed the pros (flexible lifestyle, lower operating costs, increased tax benefits, no commute) and cons (hard to separate work/home life, loneliness, business viewed as unprofessional), and decided a home-based business is right for you, here are the top-three things to consider as you get started.

1. Setting Up Your Workspace

Setting up your home office is priority No. 1 for your home-based business. Without a doubt, having a dedicated office space equipped with everything you need to run your company efficiently and professionally will be key to your success.

Now, you don’t have to necessarily create a new office, but rather a workspace that's set up solely for business purposes, a setting where you feel comfortable working — and that's relatively free from distractions.

Keep in mind you can deduct any expenses related to the setup and ongoing use of your home office on your taxes. What are some necessities for a home office? Typically, that's largely industry-specific, but in general, you will need the following:

Office supplies. Setting up a home business from scratch can be a daunting task, and you don't want to spend several days or weeks buying supplies you didn't realize you would need. No one wants to bite more than they can chew, so visit the home office of a colleague or friend and make a list of supplies they use. Your best bet is to stock up on supplies like envelopes and stamps, printer paper, pens and file folders.

Appropriate technology. At a minimum, you’ll need a laptop or desktop computer for you and any employees as well as a printer/scanner and high-speed Internet connection. Think about other devices and software that would make your workday easier. This might include a headset and video camera for video conferencing or project management software to keep you and any employees or contractors on track.

Phone system. If you have customers or vendors who need to reach you by phone, you should invest in an office-only phone system. Consider the nature of your business and volume of incoming calls you expect. For many small businesses, investing in an interactive voice response system, which allows you to create automated prompts to more easily field customer calls and route calls to different departments, will save you time and money, while increasing customer satisfaction.

Backup plans. At some point, something will go wrong in your office — your Internet or phone connection will go down or your computer will crash — and you'll need to have a contingency plan in place. Do you know of a nearby co-working space? Is your work backed up in cloud-based storage? Do you have a local IT professional on speed-dial? Think through the worst-case scenarios and plan how to keep your business running smoothly.

2. Establishing Sound Budgeting Principles

Developing a realistic budget for starting and running your home-based business is essential to its success. While you'll no doubt save money on renting office space, you're still bound to incur a wealth of one-time and recurring expenses.

With that in mind, research how much money you’ll need to set up your home office, market your business, secure licenses and permits, and pay any employees or contractors. Find accounting software you feel comfortable using. For small businesses, Business News Daily recommends QuickBooks Online and Zoho Books.

3. Developing a Proper Marketing Strategy

One of the biggest challenges for home-based businesses is marketing a product or service. This is one area where you don't want to cut corners, especially if you have plans for growth. By working from your home, you’ll need to work harder to market yourself as a professional and reputable business.

At minimum, you’ll need a website, cohesive social media presence and professional business collateral (business cards, brochures, fliers) to get your name out there. Ideally, you’ll work with a marketing expert to create a comprehensive marketing plan — an expense that will pay big dividends down the road.

Want to estimate your home improvement costs before talking with a contractor? Claim your home for free with bluehammer to estimate costs, secure your home inventory and learn more about your home.

* THIS REPORT IS AN OPINION THAT MAY BE INACCURATE AND IS PROVIDED SOLELY AS AN INFORMATIONAL TOOL NOT DESIGNED TO PROVIDE DEFINITIVE ANSWERS. ALL ELEMENTS ARE OFFERED "AS IS" AND BLUEBOOK EXPRESSLY DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, AND GUARANTEES OF ANY NATURE, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF MERCHANTABLITILY, NONINFRINGEMENT, TITLE, QUIET ENJOYMENT, ACCURACY, OR FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL BLUEBOOK (OR THEIR SUPPLIERS) BE LIABLE FOR ANY GENERAL, DIRECT, SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OF ANY KIND, OR ANY DAMAGES WHATSOEVER (INCLUDING WITHOUT LIMITATION, THOSE RESULTING FROM USE OF THE PRODUCT, INCLUDING : (1) RELIANCE ON THE MATERIALS PRESENTED, (2) COSTS OF REPLACEMENT GOODS, (3) LOSS OF USE, DATA OR PROFITS, (4) DELAYS OR BUSINESS INTERRUPTIONS, (5) AND ANY THEORY OF LIABILITY, ARISING OUT OF OR IN CONNECTION WITH THE USE OR PERFORMANCE OF INFORMATION) WHETHER OR NOT BLUEBOOK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Know what you should pay for your home improvement projects with bluehammer.Claim your home. It's free!

Popular


The Top-Three Considerations When Starting a Home-Based Business

If you’re considering starting a home-based business, you're in good company. According to the U.S. Small Business Administration, more than half of all businesses are run out of the owner’s home.

How To Score A Deal On Home Appliances

Who doesn't dream of a kitchen full of shiny, new appliances. Raise your hand if you want a new refrigerator, dishwasher, oven, microwave - and, hey, let's throw in a washer and dryer, too - but don't want to pay top dollar for them. The expense is definitely a bummer when it comes to buying new, but you don't have to go broke to get what you want. Use a few tips and tricks to get a great deal.

Unique Ways To Dress Up Your Kitchen Cabinets With Hardware

Hardware is the jewelry of the kitchen. In a well-designed space, it can add an important finishing touch. In a space that needs a little help, it can provide some sparkle to help distract from worn or outdated features that may be more difficult to update. And, it's an easy, inexpensive project you can do yourself.

Replacing Your Kitchen Dishwasher

Mix water, moving parts and wear and tear and you get a dishwasher replacement project

8 Amazingly Easy Tips For A Pet-Friendly Home

For many of us, it's an absolute pleasure to share our homes with our four-legged best friends. But there's no denying that our pets can sometimes lead to wear and tear on our homes. Yet with careful planning and some redesigned elements, we can enhance our house so that it's conducive to our pets and ourselves. If you live with a beloved pet, the following design trends and home-living tips are sure to promote a home that's comfortable for everyone -- and everything -- that lives there.

How To Renew Your Deck In 5 Easy Steps

Summer is here, which means you need to take a hard look at your deck. Given winter's inclement conditions, there's a good chance your deck is in need of some attention. Here are some quick and easy steps for getting it in shape:

Maintaining Your Hot Water Heater

Water heaters generally have a lifespan of 8-12 years, but as with anything, the better care you take of it, the longer it will last. There are several easy "set it and forget it" tips that you can use with your water heater, like keeping the thermostat at 120 degrees, and always maintain two feet of clearance around the appliance. You can also conserve money on your gas bill by setting your heater to its "vacation" setting when leaving town. This will keep the pilot light going without heating the water.

Early Planning For Retirement And Inheritance

Question: We are nearing retirement, and are becoming concerned about our future, and the future of our children.

Are You Prepared For Disaster?

How prepared are you if natural disaster descends on your home?

The Best Paint Colors For An Enduring Look In Your Home

Trends come and go. If you paint your walls the "provocative and thoughtful purple shade" of Ultra Violet, as Pantone, itself, calls it, you're probably gearing up to repaint them in whatever the color authority deems the "it" shade next year. If you'd rather pick a paint chip or two and keep your space the same for the long haul, you'll love these colors that endure.

See More Articles