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 Essentials Checklist for Newly Married Homeowners

After a beautiful wedding celebration and exotic honeymoon, you and your loved one are ready to settle in and enjoy your newly married bliss, especially in a new home. Although putting together a house can seem like an everlasting project, you can make it your home right away with the following new-home essentials.

5 Tips to Clean and Prepare Your Air Conditioner for Summer

Making it through the summer without a working air conditioning system isn't feasible in some parts of the country. Even if you live in a temperate climate, your AC system will make you and your family much more comfortable at home.

How To Create A Statement Ceiling

Are things looking up in your home? How about people? If there's nothing to draw their eye up, you may be missing out on a great decorating opportunity. Today, the ceiling is being called the "fifth wall," and it's a great place to add color, texture, and interest to a space that is often ignored.

Do's And Don'ts For Painting Your Bathroom Cabinets

If your bathroom cabinets are old, ugly, tired, or all of the above, you've probably thought about painting them more than a few times. And if you're like us, you may have done a bit of research but failed to take it further for fear that they won't end up looking decent. But the truth is that if you follow the directions of those who've been there before (and, especially, if you heed their warnings regarding shortcuts and mistakes), you can transform your bathroom pretty easily. This list of do's and don'ts will help guide you.

13 Decorations to Pair With Beautiful Dark Walls

Dark walls, from inky blue to charcoal and black, are refined and dramatic - but decorating around them without making your space feel too dark can be tricky. If you've been thinking of painting one or more walls a deep, dark hue, these ideas for color and decor pairings should help.

6 Smart Updates To Make To Your Bathroom

The idea of renovating your bathroom can be overwhelming, but you don't have to knock down walls or gut the whole thing to make it feel new again. Making smart updates can get you closer to the look you want without the big budget, or the big hassle.

How To Safely Remove Window Glass

Why would you need to remove glass from your window? In most cases, it's because the glass is cracked or broken, or it is an insulated pane that's no longer sealed properly. Or maybe it's time to upgrade your windows with tinted or smart glass. Professional glass shops can help you choose and size the right glass for the job, but first you'll have to remove the window glass and bring in the sash. If there is a break on a stationary window or the sash and it isn't budging, you may need to hire a professional glass installation expert.

Replacing Your Bathroom Shower or Shower/Tub

Aside from being a great place to sing, showers are an important place to make sure we stay clean.

Making Your Home More Energy-Efficient

Your home is your place to rest, play, and spend time with your family. It should be a place of comfort, and this comfort need not come at a high cost. Many homes, however, waste a lot of energy in ways that can be prevented. Here are five ways to make your home more energy-efficient.

Simple DIY Projects That Will Increase the Value of Your Home

Looking to boost the value of your home without spending hundreds of thousands of dollars? You can! Making changes in certain rooms, like the kitchen and bathroom, is more beneficial than in others. These simple DIY projects will help increase your home's value the most.

See More Articles