{"id":5030,"date":"2017-06-21T18:35:02","date_gmt":"2017-06-21T18:35:02","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/the-top-three-considerations-when-starting-a-home-based-business\/"},"modified":"2017-06-21T18:35:02","modified_gmt":"2017-06-21T18:35:02","slug":"the-top-three-considerations-when-starting-a-home-based-business","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/the-top-three-considerations-when-starting-a-home-based-business\/","title":{"rendered":"The Top-Three Considerations When Starting a Home-Based Business"},"content":{"rendered":"

\n<\/p>\n

\n

If you\u2019re 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\u2019s home.<\/p>\n

If you\u2019ve 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.\n\t\t\t\t<\/p>\n

1. Setting Up Your Workspace<\/b><\/p>\n

Setting up your home office<\/a> 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.<\/p>\n

Now, you don\u2019t 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 \u2014 and that’s relatively free from distractions.<\/p>\n

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:<\/p>\n

    \n
  1. Office supplies<\/strong>. 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.<\/li>\n

    <\/p>\n

  2. Appropriate technology<\/strong>. At a minimum, you\u2019ll 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.<\/li>\n

    <\/p>\n

  3. Phone system<\/strong>. If you have customers or vendors who need to reach you by phone, you should invest<\/a> 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.<\/li>\n

    <\/p>\n

  4. Backup plans<\/strong>. At some point, something will go wrong in your office \u2014 your Internet or phone connection will go down or your computer will crash \u2014 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.<\/li>\n

    \n<\/ol>\n

    2. Establishing Sound Budgeting Principles<\/b><\/p>\n

    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.<\/p>\n

    With that in mind, research how much money you\u2019ll 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.<\/p>\n

    3. Developing a Proper Marketing Strategy<\/b><\/p>\n

    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\u2019ll need to work harder to market yourself as a professional and reputable business.<\/p>\n

    At minimum, you\u2019ll need a website, cohesive social media presence and professional business collateral (business cards, brochures, fliers) to get your name out there. Ideally, you\u2019ll work with a marketing expert to create a comprehensive marketing plan \u2014 an expense that will pay big dividends down the road.<\/p>\n<\/p><\/div>\n

    [ad_2]
    \n
     Realtytimes <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you\u2019re considering starting a home-based business, you’re in good company. According to the U.S. Small … The Top-Three Considerations When Starting a Home-Based Business<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5031,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1403,12908,543,627,1004,1007,41,818,219,645,1262,17],"class_list":["post-5030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-home","tag-home-buying-guide","tag-homeowners","tag-marketing","tag-owners","tag-property","tag-real","tag-realty","tag-renting","tag-taxes","tag-vendor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/8588b66711016c3c0377411dc211e5d7_M.jpg?fit=300%2C200&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7891,"url":"https:\/\/amazingproperty.com.ng\/blog\/etoniru-from-one-chair-one-table-office-to-real-estate-guru\/","url_meta":{"origin":5030,"position":0},"title":"ETONIRU: From one chair, one table office to real estate guru","author":"Amazing Property","date":"January 23, 2018","format":false,"excerpt":"MANAGING Director, Joe Etoniru and Associates, Mr. Chidi Etoniru narrates how despite being the son of a wealthy entrepreneur, he created a niche for himself in the real estate sector by applying the lessons he learnt from his father while growing up.In Etoniru\u2019s story the power of can-do spirit manifested\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Chidie.gif","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/CHIDIE.gif?fit=412%2C250&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8308,"url":"https:\/\/amazingproperty.com.ng\/blog\/diy-renovating-donts-we-learned-from-experience\/","url_meta":{"origin":5030,"position":1},"title":"DIY Renovating Don'ts We Learned From Experience","author":"Amazing Property","date":"February 18, 2018","format":false,"excerpt":"DIY always seems like such a good idea in the dream stage. 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