Wednesday, May 23, 2018 / by Leon Zhivelev
Upsizing Tips: How to Start a New Home Business
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Article contributed by Jim Mckinley
Starting a business out of your home may sound like a pipe dream, but it’s actually very feasible
if you have a good plan. More and more people are deciding to work for themselves these days,
either because they are unsatisfied with their current job or because they simply want to build
something for themselves. Creating your own company and being able to call the shots is
essentially the American dream, and while it’s not an easy feat, it doesn’t have to be
overwhelming.
One way to help make your business a success is to run it from your home. This will allow you
to be in the thick of it, running things from the inside with minimal overhead. If your business
doesn’t require a lot of labor, you can save a ton of money by pairing your home with your office
space. The key is to find the right home and set a goal from day one never to mix business with
your personal life. The right house will allow you to run your company without interfering with
your family or personal finances.
Keep reading for some great tips on how to get started.
Know What You Want
No matter what sort of business you’re starting, it’s essential that you know what you want from
the beginning. Does your business have a name? This is one of the most important parts of
getting a start in the business world. It should be memorable and unique. Need help coming up
Start with a solid business plan and work out a budget, both for your professional and personal
lives. Will you need employees? Outsource production of goods? Talk to other small business
owners to find out what their business models are; they will be an invaluable source of
information. Once you have these ideas on track, think about the type of home you’ll need.
The best house in which to start a small business is one that will give you ample room to spread
out and keep things separate. Consider whether you’ll need space for employees or to store
inventory; a home with a finished basement and a spare room for an office could be a great start.
You also want something in a good location. However, keep in mind that if you decide to turn
part of your home into a storefront, it needs to be in an area for foot traffic.
Keep Your Money on Track
If you can help it, never use your own money to build up the business. Go for loans, grants, and
investors as much as possible. If you do have to dig into your own coffers, make sure you have
plenty of cushion in your savings account. It’s a good idea to start a savings and checking
account just for the business , and open up a line of credit in the company’s name. Keeping
Finding the right loan to secure for your business needs is essential, and there are several things
you’ll need to take into consideration before you talk to a lender. First, your business plan should
be rock-solid. Second, you need to know exactly how much money you need, when you need it,
and how long it will take you to pay back the loan. If possible, talk to a financial consultant who
can help you answer some of these questions.
Making tax preparations is imperative when you’re funding a new business, as well. Take this
into consideration when shopping for a loan, and make sure you have the extra cash to pay for
Starting a business is a big job, and when you add in buying a home, it can be overwhelming
without the right plan. Make lists of the things you’ll need to take care of, get organized, and talk
to some pros before you make any decisions. Garner support from friends and family as well.
With a little preparation, you can make your home business a success.
