7 Ways to Run a Successful Business from Your Home
Today, it's easier than ever to start a business from home and enjoy a comfortable level of success. If you have an idea for a new venture or a passion for your field, you can take your revelation and turn it into a real marketing possibility with a business you run completely from home. Running a business takes discipline, knowledge, and lots of hard work. Here are 7 ways you can start and run a successful home business.
1. Establish an Office Space
Before you get started on running a business, you need to make sure you have the necessary space and setup to be successful. Even a home business needs a designated area to house all company materials and resources. No matter how small your home or apartment is, you need to find a spot in your place that can be a separate business space. At the minimum, you'll need a desk, a computer, and a place to file important paperwork.
2. Set Business Hours
Next, you'll need to determine the hours of your business. Most home businesses rely on the internet and can offer products or services 24 hours a day. For a home business owner, working every day at all hours is not realistic. Create a schedule for yourself and set aside blocks of time during your day for work. With a home business, you get flexibility and can use any hours of time you want.
3. Research Business Types and Structures
Another key part of any business, including a home business, is the structure. When you're ready to register your business' name in your state, you must also choose a structure for the general operation style of your business. It's common for first-time home business owners to go with the simple structure of a sole proprietorship, but you can also opt for a partnership or a corporation.
4. Create a Website
Your home business will also need a website that stands out from the billions of other sites online. You can help give your business a little more pizazz with a professionally-designed site that incorporates lots of information but also functionality. Most home business owners use their websites to conduct transactions and provide services.
5. Use Social Media, Video, and Pictures
Along with your website, your business' presence on the internet can also be boosted by social media, videos, and pictures. Sign up for all of the top social media sites. Post visually interesting pictures that promote your products or services. Create videos that evoke something emotional in your audience, such as the famous Chipotle videos from creator Mark Crumpacker.
6. Apply for Licenses or Permits
Before you start officially running and conducting transactions, make sure you obtain the proper permits or licenses for your venture. You'll need to get a tax identification number and research corporate taxes for your type of business. If you sell products, you may also need to collect sales tax and reimburse your local area quarterly. Failing to do your homework on this subject could result in hefty fines and penalties.
7. Hire Additional Staff
Lastly, if you anticipate needing more people to help your business get up and running, start hiring staff right away. Use the internet to post job openings and carefully review resumes to find the best candidates. When you have employees, you must also decide if you'll designate them as independent contractors or staff. Freelance-style workers will be responsible for their own employment taxes, and you must pay employment taxes for regular staff.
A home business is a great way to start your career as an entrepreneur. If you're ready to get started, use these tips to make your first year in business a big success.
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