Some of the most successful businesses in the world had the humblest of beginnings. Before companies such as Dell, eBay, Nike, YouTube, Mattel, and others became multimillion-dollar enterprises, they operated out of homes. Even the original Apple computer was developed by Steve Wozniak and Steve Jobs in the former’s garage.
There are many reasons why starting a business from home is a good idea.
- Flexible hours that allow you to continue your day job until your business is self-sufficient
- Smaller startup costs
- Fewer operational expenses such as rent and utilities
- Multiple tax breaks
- Shorter commute times
Although starting your business from home is often a great idea, there are some challenges involved. Ask yourself these questions before starting a business from home:
#1 Do You Have Space?
Working from home isn’t as simple as sitting in the living room and getting started, especially if you have a family. You’ll need to convert a room in your home into an undisturbed office space. If other people are living with you, then there may be an adjustment period. Strain from running a business from home can impact your family and your operation. It’s best to communicate your wants and needs beforehand and learn to compromise.
Not only should a home office be a private space, but it should be big enough to store your equipment and inventory. A basement with a separate entrance is a good option if you’re going to be hosting clients. Alternatively, a well-ventilated garage can be work if your business requires some elbow grease.
#2 Do You Have the Equipment?
While your costs will be lower when operating your business from home, you’ll still need equipment such as a printer, fax machine, dedicated phone line, desks, cabinets and other items related to your business. You’ll also need a reliable computer. Because your computer will be the heart of your operation and you won’t have access to an in-house IT team in case of a mishap, it’s important to get a state-of-the-art machine that’s reliable and protects the integrity of your operation.
It’s advisable to get a rugged industrial computer and can thrive in any situation. As your business grows, you may consider investing in other Small PC specialized solutions from the same reputable company that sold you your industrial computer. Such PCs can be customized to suit a variety of industries.
#3 Does Your Home Meet the Legal Requirements?
You must confirm that you can run a business from your home before starting one. For example, if you live in a condominium or an apartment complex, then you may not be allowed to run certain types of businesses out of your residence according to your homeowner’s association or lease agreement.
Certain neighbourhoods have strict zoning laws. To operate from such an area, you may need a permit or a business license. You should also review your insurance policy. You may need additional coverage if you’re operating a business from home.
These are three important questions you should ask yourself before starting a business. With your bases covered, your business has greater chances of success.
