If you are thinking of starting up your own business working from home, then it is worth taking some time to consider your decision before jumping in at the deep end. It is quite likely that there will be details about working from home that you haven’t really thought about. Here are our top tips on the things that you might not have considered from cheap storage to discipline.
It’s a simple question that you should ask yourself. If the answer is because you hate your current job then starting up your own business may not be the right solution for you, you should probably explore other avenues first such as looking for a new job.
If, however you have a great idea and the desire to do something completely different with your life, perhaps you are doing the right thing.
2. Can you afford it?
If you give up full time employment to become your own boss, there is a chance you wont start making money immediately. Would you still be able to pay your bills and buy groceries? If you are fortunate enough to have a partner who also works and earns enough money to over the bill and the essentials then in the short term you will probably be fine, if not then you may need to build up some savings first.
3. Are you disciplined enough?
Working from home can provide you with all sorts of distractions, can you be disciplined enough to not let them get in the way of your productivity? /if you are easily distracted then this might not be for you.
4. Do you have space?
For some businesses, you may only need a desk and a computer to work from home but if you are going to set up some kind of online shop you will need to consider whether you have space.
In the short term you might prefer to just find a corner of your home to store your stock whilst you get set up but if business takes off you may need to look for a more permanent solution. Look for a local self-storage facility and check out the prices. This could be the ideal solution to the problem of a lack of storage space in your home.
5. Do you have funding?
If you want to set up an online retail business, then you will need stock and you will need to pay for it. Make sure that you have to fund in place for this otherwise your business is doomed to fail before it has begun.
6. Dont break any rules
Check the rules and regulations for the type of business you want to run and make sure that you follow them. You should also check that you can in fact run a business from your home, if you are renting there may be something in your rental agreement that says you are not allowed to.