Housework: Kickstarting a Business From the Comfort of Your Home By Guest Writer: Adam Evans
Every company needs a base of operations and, according to recent industry figures, the kitchen table is the new office space. These days, you don’t need to spend big to succeed in business - here are our tips on how to (safely) start a venture from home.
Create a Designated Work Space
Having an assigned workspace is a surefire way to maximize your productivity and protect the sanctity of other living areas. It's an important part of ensuring that your mind remains focused on the tasks at hand and it can also prevent distractions from other members of the household. If your apartment is open plan, carving a place of your own can be difficult, but the recent shift to remote working across the globe has resulted in an expansion of home office equipment that can help accommodate almost any setup.
Get Approval From Your Landlord
With over 4.3 million Americans working from home, landlords have had to adjust accordingly. Chances are, you can get away with turning a corner of the living room into a live-in office. This said, it’s advisable to seek permission before you begin any work operations. Most landlords won’t mind a computer setup, but, if you’re intending on manufacturing products from home, you might create some unexpected friction. Securing approval beforehand will circumvent the risk of losing your deposit or of a spontaneous eviction.
Form an LLC
Although the laws associated with running an LLC vary from state to state, forming one early on in Florida has a multitude of benefits that could prove to be pivotal in getting your business off the ground sooner rather than later. Some advantages of forming an LLC include limited liability, tax breaks, and less restricted profit sharing. You’ll also have far less paperwork to worry about, leaving you with more time to spend on bringing in revenue for the business.
Separate Work From Personal Time
While most people view working from home as a positive experience, there are a number of those who feel as though it has impacted their mental health. This often arises from working over and above scheduled hours simply because it’s convenient to do so. Segmenting your time is vital in ensuring you don’t become too stressed or suffer from burnout. Not only is this detrimental to your physical and mental health, but it will undoubtedly negatively impact the growth of your business too. Be sure to delegate certain days of work to personal leisure, and keep yourself physically separate from your place of work.
Keep Business Above Board
As tempting as it can be to skip certain items of paperwork, starting a business should mean keeping to legal processes and maintaining your good standing at all times. This might include registering with the relevant authorities, meeting tax obligations, and making sure records and accounts are well kept. If you get into the habit of following these procedures right from the start, you’ll avoid facing hefty penalties should your business be found to be non-compliant.
Taking the leap into entrepreneurship can feel daunting, but using a methodical approach and researching the best practices in your field will ease the difficulty. If you still feel uncertain about getting started, you might want to consider a business consultant to help point you in the right direction.
Pivot Business Consulting is dedicated to helping budding entrepreneurs refocus their businesses by targeting their purpose & plans, processes, and people. We’ll help transform your ideas into winning strategies that are guaranteed to help you take your business to the next level. To find out more visit: www.pivotbusinessconsulting.com