Write a business plan
You have your idea, you've done your research and you want to get started. Writing a brief business plan is important as it will act as your map, guiding your business from start to growth. The plan should include how you intend to get started, what your business objectives are, and how you aim to reach them. You'll also need to refer to resources and finance; what you have already, what you'll need and how you'll pay for it, whether that's with a loan, your own savings or a combination of the two.
Have a dedicated working office
If you are serious about starting a home-based business, it is important that you have a dedicated private area such as an office to work from or at least somewhere where you can deal with your admin. Ensure it will be free of noise and distraction. You'll also need to consider space if the nature of your business requires meetings, advanced technology, and large equipment.
Deal with household and company admin
Upon starting your business from home, there are a number of people who you will need to information including your mortgage provider, insurance firm, and potentially the local authority if you need planning permission for any reason. You may also need a health and safety check if you plan on having customers visit your home, and it's wise to inform your neighbors too. You'll need to register your business with HMRC and Companies House.
Establish professional business practices
If you're not employing an accountant to do it for you, set up a bookkeeping system to keep track of all your accounts, business expenses, and income. It may also be worth going on an HMRC workshop or registering for a webinar to get some free advice.
Get technical
To operate properly, you're going to need to get fully equipped with a computer/laptop, working landline telephone, printer, external hard drive, and possibly a webcam for those virtual meetings. You'll also need a superfast broadband service to avoid downtime at those crucial moments.
Consider marketing
A mix of offline and online marketing efforts is needed to get your business out there.
Join professional associations, hand out business cards, send out brochures to potential customers, and place adverts in local magazines and newspapers. It is also worth joining professional networking groups in your local area.
It's a great way to build your connections and spread the word about your business locally. Online, you should list your business on directories, set up accounts on social media, and start blogging about relevant topics. LinkedIn is another great network where you can share your knowledge and promote your business.
