Working from home can often be a dream for many, and so making it your reality at whatever stage of life you are at can feel like such an achievement. Committing to a new business requires direction, focus and it also might require you to step out of your comfort zone and learn new skills yet be confident in your ability. Statistics show that businesses set up by women over 50, with the benefit of so much diverse life experience, have a higher success rate than businesses set up by their younger counterparts. Here are a few things to consider when setting up a new venture
Getting your business registered
When starting a business think about whether you want to operate as a sole trader, limited liability partnership or limited company. Take advice from an accounting professional to determine the best option for you. In the early days it may feel more like a ‘side hustle’, but as a business grows, it could become your full time job and provide you with a completely different lifestyle. An accountant will help you determine the best option for tax reasons and to have a clear direction depending on your business end goal. Websites like Your Company Formation can also come in handy. Helping you to decide on the best course of action to take.
Setting goals and structure
To run a successful business you must create a business plan – and set goals. Most of us work best with some structure in place and goals to achieve. Be realistic. We all seen Dragon’s Den when the would be entrepreneurs have their plans pulled to pieces due to unrealistic goals. As well as the bigger picture identify smaller goals that are realistic and achievable. This will help to keep you on track – and motivated!
Solutions to problems
Finding solutions to problems is part and parcel of being a business owner. You need to ensure that you and your business run smoothly. Be that a specific department, your sales, what you outsource and the whole company. Plan ahead, be pragmatic and creative. Solutions are not always easy to find, but they can be the key to success. Problems can come in all shapes and sizes, but the solutions are what matter. Be confident in your own abilities and know when to ask for outside help.
Having a dedicated area to work
This may sound very trivial, but working from home is not always the easiest thing to do. You have so many distractions in your home. Household chores you may want to do, a TV that is tempting to have on in the background. There might always be something to do in your home that isn’t necessarily work related. Have a dedicated working area. Set yourself business hours and let friends and family know that you are working during those hours and not available for general chit chat. You need to be disciplined. It can give you that separation between work and home life, and help you to draw a line when you are finished working for the day or night.
What’s the next step?
Finally, it is always good to have an idea of what the next step will be for your business. Is it to move out of the home and have a shop or business premises? Is it to expand your business in terms of the products or services? Knowing what you want can help you make the right choices.
Running your own business can be incredibly rewarding. Wishing you every success in moving your home business forward.