Gone are the days when only catering and bakery businesses could be operated from homes. With the advancement in technology and remote working, it has become possible to run all types of businesses from your residence.
Home-based businesses are on the rise in the country because of their cost-effectiveness and comfort factor. The ease of running your venture without any commuting and rental payments is gaining momentum among aspiring entrepreneurs.
So, whether you wish to buy a business for sale in Perth or start your own thing, working from home can offer higher profits and a healthy work-life balance. However, many are still not sure about it because they do not know how to make it happen.
Identify the Business idea and Secure Funds
When you decide to start a business from home, you need to find out the most suitable venture that fits your budget and experience. Many entrepreneurs use their hobbies and subject matter expertise to create a brand that resonates with people. From homemade goods to online consultancies and dropshipping, there are tons of options for budding entrepreneurs.
As the business owner, you need to secure funds for the venture you intend to launch. Calculate the expenses and the working capital needed to operate and then apply for a small business loan. To get the loan, you must have a business plan in place that will envisage the financial projections and goals of the business.
Choose the Business Name and Get it Registered
Find a name for the entity that is easy to remember, displays uniqueness and is connected to the product you are selling. It will become the identity of the business and must be chosen carefully. Also, you must choose the structure of the venture – sole trader, company, or partnership. Whatever business type you pick, you will have to register for an Australian Business Number. It is needed to register for GST and PAYG Withholding.
Remember if you are considering starting a company, you will have to first register for an Australian Company Number. Ensure to get your domain name registered and the legal documents needed to operate the business and the website.
Separate your Personal and Business Finances
The next step is to open a business bank account and keep your personal finances separate. If you do not open a separate account, it will become challenging to differentiate between personal and business expenses. Thus, you will have a tough time while filing your income tax return and may lose your savings while paying for business transactions.
You should also get a separate business credit card to conduct the official transactions. The business bank account will be used for paying the salaries, suppliers and buying equipment. Also, the payments from the customers will be received in this account.
Set up a Home Office and Work Schedule
Just because you are working from home doesn’t mean that you will sit in your bed the whole day. To become productive, you will have to create a work environment at home. Thus, you must set up a workstation resembling an office and get all the tools you need for smooth working, including software and hardware.
Also, set a fixed schedule for your work hours and do not curtail it with household chores seeping into the office work. Keep other work on standby until you finish your work hours. Keep all the distractions at a distance to focus on work without any interference.
Find Co-workers and Delegate Responsibilities
If the business requires needs more people to take charge of the accounting, administration, marketing, etc., you need to hire people remotely. You can also recruit freelancers or offshore candidates who can connect online at the same time and work with you.
Delegation helps in reducing the workload and delegating responsibilities to improve the efficiency and output of the business. Technology has made it possible to collaborate with people in far-off places without any disruption. Thus, you can hire the best people for your home-based business.
Start Networking and Digital Marketing
Once everything is in place, you need to start contacting industry people and professionals from the field to create awareness about your brand. You will have to promote the business at small business conferences and events to find investors, employees and stakeholders.
In addition, you need to build online visibility of the business through the website, SEO and social media marketing. Local marketing is also essential for home-based businesses to find customers in the geographical territory. An affordable and engaging promotional strategy will help in building the brand quickly.
Conclusion
Starting a home-based business is easier because you do not have to worry about site selection, lease negotiations, fit-out, signage, etc. It saves the money spent on these expenses and the time of commute. Follow the steps mentioned above to start a business from the comfort of your home.
