Can You Run A Successful Business From Home?

Running a business from home is the ideal situation for many. Not only does it afford you a higher level of flexibility, but it also means that you can cut out all of the costs that come with having an office. In short, you’ll be earning the same amount of money – perhaps even more – without paying for all of the bills that would usually pile up.

But can you actually run a successful business from home, or do you need to be in the office to make your big ideas work out? We’ve ran through some of the main things to consider.

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Do you have enough space? 

One thing that you need to be sure of is that you have enough space to base your business in your home. If you live in a small apartment with just enough room for you to comfortably live in, you’re probably going to go a little crazy if you decide to base your business in there too, you know? Be sure that you’ve got enough room to work comfortably throughout the day.

Secondly, you need to think about where you’re going to do most of your work. Keeping business and relaxation time separate is vital when you work from home, so make sure that your company won’t be based in your living room. Whilst some people don’t have this luxury, having an office that you can just close the door on when 5pm comes around can be super handy.

Will you go solo?

Obviously, one of the downsides of not having an office is that you have nowhere to get your team together, so that you can make decisions and create an environment where you’re all focused on the jobs at hand. Of course, this won’t be an issue if you’re going solo, but if you’re thinking about getting some team members on board with you, then figure out how you’re going to do so.

If you’re worried about taking everything on by yourself, but you don’t want to employ full-time members of staff, then it could be a good idea to bring people in for odd jobs when you need them, whilst outsourcing some of your other tasks, like your phone call and post management. Why choose a virtual office address, you ask? It saves you time, and you won’t need to bring someone in for admin!

Do you know the ins and outs of tax and insurance?

OK, this is where the boring stuff comes in. If you’re going to open up a successful business from home, you need to make sure that you’ve done all of the legal stuff, so that you’re not breaking any of the regulations. One of the first things that you’ll have to check is that your landlord or mortgage provider doesn’t mind that you change the use of part of the property.

After this, you’ll have to make sure that you’re paying the right rates for tax and insurance, as this can all change as soon as you start operating from home. You may also have to follow certain safety procedures – you might need to get a fire extinguisher and a first aid kit, for example – depending upon where your business is, and what you’re going to be selling to your customers.

Do you have the drive?

Although it sounds like a bizarre point to make – and many of those who go into owning their own businesses have the drive to make their dreams a reality – you need to make sure that you’ve got enough motivation to make your company successful. This is hard enough as it is if you’re working in an office, but if you’re working from home, you need to be self-motivated.

Your success will be entirely dependent upon you, so make sure that you’re ready for that responsibility. You won’t be rocking up to work every day in a suit; in fact, you may be working in your pyjamas. And that’s fine, if you can be certain that you’re still as business-minded as you need to be to ensure that it works. If you’ve got the drive, then why not go for it?

So…If you want to, it is possible to run a successful business from your home. However, you need to make sure that you’ve got enough space to do so, and you also need to get the right people on board, even if you outsource them. Lastly, get all of the legal side covered, and really think about whether you have the drive to make it work. Good luck!