Print   RSS

5 Keys to Opening a Successful Home Small Business

Tina Samuels

July 10, 2013

Opening your own small business from home may seem intimidating, but you can make it successful if you start off on the right foot.

Consider all of the different factors associated with owning your own business and working from your home office, including what distractions you might experience, paying business taxes and hiring employees.

As the sole business owner, it is up to you to handle everything from answering calls to advertising your business.

Here are the five key tips for a successful home business.

1.    Create a Business Plan

Start by creating a business plan.

By now, you have already determined what a good business would be, based on your interests or special skills. The business plan should always be one of the first steps, even if you adjust it later on.

Make all of the most important decisions with your business plan, and when it is perfected, you can use it for when applying for a business loan if it is relevant.

2.    Taxes and Legal Issues

Next, be sure to visit your local small business association to discuss legal and tax details.

You will need to register your business with your local business office and the name if it isn’t a sole proprietorship under your own name. Each state’s tax and legal laws are different, so find out what the rules are for your state.

3.    Organize Your Work Space

This is important because you will be working from home, at least most of the time. If you fail to set up a good work space, you will become easily distracted and not get as much done as you would like.

Start by designating an area for your work, preferably an office or quiet area in your home. Organize it and make sure you have all the essentials.

Choose an area close to outlets for your computer, printer, phone and other electronic devices. Keep it orderly and clean to maintain a good level of productivity.

4.    Determine if You Need Employees

When you first start your business, you may not be in need of employees, but consider the possibility at a later date.

After your business starts becoming more successful, you will start finding it hard to keep up, requiring the need for an assistant, customer service rep, or office assistant.

This requires figuring out a salary and learning some basic payroll and accounting skills. You will also need to find out what further taxes there are to file for any employees you have.

5.    Consider Multiple Marketing Strategies

Since you’re also going to need to market your home business, consider using more than one marketing strategy.

This helps you reach the largest audience. So combine social media marketing, email marketing, networking, and local advertising to get the most attention for your business.

With these tips in mind, you can begin working on your business plan and taking it step by step.

Don’t rush through this process, or you may forget key steps and have to start over again.   

 Feedback   Submit Article