How To Start A Home-Based Business
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In Australia, there are over 2 million small businesses. Many of these businesses are operated out of the owners’ homes. For many people, starting a home-based business is a major life goal. Here are some simple steps to help you get started on your journey to building and launching your own home-based business.
5 Steps To Starting Your Home-Based Business
Step 1: Come Up With A Business Idea
The first step to starting a home business is coming up with an idea for the business. You’ll need to decide what kind of business you want to operate and which products or services you will provide to your customers.
If you are reading this article, you likely already have an idea of what you plan to sell. If not, start with thinking about what skills, passions, and experiences you have. Would someone be willing to pay for you to provide these services? If the answer is yes, this could be a viable business idea. Make sure that before you go any further, you get feedback from other people to validate your idea. What sounds great in your head, might not be of interest to others.
Step 2: Create A Business Plan
Next, write a business plan. This will be your guide as you build your business. This doesn’t have to be a complex document. It’s likely that you will start out simple and make changes as you further develop your business. At a minimum, your business plan should identify the services or products you will provide, your ideal target customer, and how you plan to grow the business.
Step 3: Register & Start Your Business
Depending on your income level generated from the business and what structure you choose, you may need to get an ABN (Australian Business Number) for tax purposes. You may also need to register your business with your local municipality and register your business name with ASIC. An attorney can help you decide the best way to approach this to ensure your business is compliant with all laws and regulations. It's also a good idea to go through a list and make sure you do everything you can to get your business started off right.
Step 4: Create Your Home Working Space
Having a dedicated space in your home for your business can help you separate work from your home life. Even if you don’t have a dedicated space, you want to make sure that your office or work area is organised and has all the tools you need such as a computer, desk, and office supplies. Having your own space will help you operate your home-based business more efficiently.
Step 5: Build And Launch Your Business
The details in this step will vary depending on the type of business you are planning to launch. However, there are some basic steps that apply to most businesses including:
- Build a website and social media profiles.
- Create marketing materials.
- Purchase tools, raw materials, or other supplies.
- Create processes for the creation and delivery of your products and services.
- Set up the appropriate bookkeeping process.
- Find your first clients.
Our article on 10 steps to starting your own business is a great place to begin!
Protect Your Home Business With Business Insurance
It takes a lot of time and effort to build a business. A single lawsuit or claim against your business can ruin everything you’ve worked so hard to build. At upcover, our mission is to make sure small business owners have the protection they need through comprehensive insurance. Check out our instant quote generator where you can get an estimate on market-leading insurance in seconds! Simply enter your occupation and expected revenue to get started.