Home-based businesses are growing in popularity
Home based businesses have become a large part of business communities while opening up great opportunities to start and run a business. They can be exciting and special when you follow a few basic rules. In Australia, there are approximately one million people running a business from their home. Working from home can offer flexibility and convenience and can be an opportunity to start a new career. With a home-based business, your tomorrows will be different and if done well very rewarding.
Identical home-based businesses can have different levels of success because everyone will have slightly different approaches. Success will depend on including available resources and the initial planning and advice that is put in. Competitiveness is enhanced by reduced overheads, more flexible working hours and because you are able to utilise modern technology. Technology has made home based business the most rapidly expanding business activity in the world.
Home-based businesses will continue to grow because:
- People are looking for a better work/life balance.
- The new mobility of the workforce.
- More people are sick of commuting to the same old routine.
- Companies are seeing the benefits of outsourcing their work.
- More people want to do their own thing.
- Health and well-being are more important to some.
- Others want to make more money and good jobs are becoming more scarce.
Home based businesses contribution to communities is impressive and vital to every community.
Home based business are lifestyle businesses
Not happy with your job, been retrenched, need to readjust your business to suit your lifestyle? Like to move out of the city for a quieter country lifestyle? Well, stop majoring in minor decisions and get moving. There has never been a better time to start your own lifestyle business, where opportunities abound.
A lifestyle business is a business that is set up primarily with the aim of sustaining a particular level of income and no more. The income provides a foundation to enjoy a particular lifestyle. Some types of businesses are more suitable than others to the lifestyle business person. Traditional businesses usually require extensive capital and are difficult to launch and sustain on a lifestyle basis. Others such as small creative businesses are more practical for sole practitioners or small groups such as husband-and-wife teams.
Making your breakthrough
Move from the status quo, with less pain, less expenditure and more fun. Take action to create the future you want particularly in the face of globalisation and constant change that bring new trends and issues that need to be dealt with. Through constant research, you seek to understand and minimise your frustrations and problems.
Sometimes it’s just a single thought or one simple action that will shift you and your organisation into a more productive and sustainable mode. Our goal is to put you on a fast track so you don’t have to struggle with the many frustrations and problems people are experiencing today.
Marketing Breakthroughs, will help you to think about what you are doing every day. This is a simple strategy where each day we focus on one important word that can make a difference. When making changes most beginnings are small and appear trivial and insignificant. But in reality, they are often the most important things to bring about change.
We believe much of the wisdom and knowledge in the world is encapsulated in good quotations. They are ageless along with short statements that capture important practical knowledge.
Things to consider before starting a home based business
A successful home-based business will require you to handle a wide variety of matters. It will make it easier if you take the time to think, reflect and plan what you want to do with the start-up of your home based business. Taking the time to research and plan your business will certainly help in securing the future you are looking for.
Your home based business may be small, but it doesn’t mean you don’t need a working business model, business plan and budget. In creating your plans, you need to consider the following issues as a first step.
- Is your home the best location for your business?
- What space will be allocated exclusively for the business; office, garage, shed?
- Will you have your family’s support?
- Will your home based business allow you to balance your work and family life?
- Do you have the Internet, website and online capability?
- Have you sufficient capital to cover the establishment?
- Do you have an understanding of your legal obligations?
- Will the type of business you want to comply with local government regulations?
First things first
Perhaps the first thing to doManage expectations of your family. Your teenage children may resent having to keep their music on low. Your spouse may not appreciate you keeping late hours to catch up on work. Keep the peace by keeping them well informed.
Don’t try to be a ‘Jack of all trades master of none’.In order to maintain control over your home based business, you must be conversant and deal effectively and efficiently with many business roles at the same time. You must be involved in every aspect, planning, marketing, relationships, finance, operations and of course management. Don’t forget to outsource, it can play a big part in your success.
Perhaps most important will be maintaining your fitness. It is likely your old job required you to do a lot of walking to and from work and in between. Now the coffee pot is the longest walk. Again discipline yourself to walk every day, even if it is on a walking machine.
One of the major benefits of having a home treadmill is that you can plan your workout routine as per your convenience and yours only. A big benefit is that you can better handle interruptions.
You do not have to wait for your turn and can jog a little whenever you are in the mood.
Taking the first steps and getting advice
When you’re taking the first steps in starting up a home based business, take advantage of the wide range of advice and support that is available to you. Home based business can be provided with tools, processes, checklists, kits, fact sheets. These are invaluable when you’re starting a business for the very first time.
Establishing solid foundations of your business is a critical factor. Seek out a business advisor who can lead you through the maze in a reliable, practical and helpful way. Make sure their personality and values fit with yours.
Depending on your requirements it may be beneficial to investigate having a virtual office service to support your home office. These can be inexpensive but can increase your efficiency dramatically, particularly if you have a lot of phone calls.
This option may only provide a street address and answering service. But it can also provide office and courier services as well as boardroom and meeting room hire. There are many business centres offering virtual office facilities, an option worth consideration.
Be sure the professionals you use understand home-based businesses
It is also important you find a good financial and tax advisor, along with a bank manager and legal advisor. Networking is also an important way to find the right advisors, and keeping up-to-date with business trends and issues. Networking can also be beneficial in creating new ideas and opportunities and how to develop them.
A common misunderstanding among home-based business owners that has caused some grief. They believe they are adequately covered by a domestic Home and Contents insurance policy. It is important to check this out with a good insurance broker.
Receiving external advice should be ongoing as it should, provide you with needed objectivity and perspective. Keep in mind you may need to abandon the comforts of your home based business and you should be prepared for this eventuality.
Meeting government requirement and regulations
Like all businesses, home-based businesses need to register business and company names, taxation, business licences and permits. Using your home as a place of business may also mean complying with particular state and local government regulations.
The impact of your business activities on the surrounding residential area can have serious implications. Depending on your type of business, you may need special permits relating to zoning, parking, noise, signage, or health issues. Even though you are a small business Workplace Health and Safety needs to be addressed.
Further information can be obtained from:
- Registration and licences for information about registration for all business types.
“You will never change your life until you change something you do daily”. Mike Murdoch
“It’s better to be happy doing something you love, even if you don’t find success right away”. George Burns