What You Need to Know to Start Your Own Home Business

Young professional working from home
September 18, 2018

What You Need to Know to Start Your Own Home Business

Being your own boss and working from home is the new American dream, and this is an exciting time to venture into entrepreneurship. Rather than buying property or signing a traditional yearly lease, modern technology and evolving standards have made it more than possible to work from home to pursue your passion and make a viable living.

Here are some of the most important practical things to consider before starting your own home business and making your business idea a success.

Establish Your Professionalism

There are many advantages to running a virtual business over a traditional one, including lower startup costs and greater flexibility. But one thing that many home business owners struggle with is establishing a sense of professionalism and respect in their industry.

One way to add legitimacy to your growing business and to boost your local connection is to set up a high-profile business address through a virtual office arrangement. For example, NYC Office Suites offers New York City locations at high-profile locations like the Rockefeller Center, Graybar Building, and Citicorp Center. Not only will you have a Manhattan-based mail room and answering service to handle your mail and calls, but you’ll also be able to legitimately print this prime address onto your business cards and list it on your website.

Address All the Logistics  

It should come as no surprise that there are many logistics involved in setting up your new home business. For example, you will likely need to look into licensing, insurance, and setting a phone number solely for business calls. With NYC Office Suites’ virtual offices, you can get a premium 212 area code phone number or any area code you prefer to help establish your local presence.

Other logistics to figure out include potentially hiring a bookkeeper or accountant to handle your business finances, establishing a marketing plan, and having a basic understanding of small business law in case a legal issue arises. You’ll also likely need to choose the best legal structure for your company, such as sole proprietorship or a LLC, open up a home business bank account that is separate from your personal accounts, and secure financing from loans, crowdfunding sources, or investors to get started with your home business plan.

Set Up a Dedicated Home Office

Successful work-at-home entrepreneurs have a dedicated space to work in the house, rather than just kicking back on any couch or bed that looks comfortable at the time. Working from home is much different from working in an office, which is why having a dedicated work space can help keep you focused, motivated, and professional. Unless you are particularly technology savvy, you may need to enlist the help of a tech professional to get the connectivity and equipment you need to make your home business thrive.

But even with an optimal home office setup, many home business owners still find it beneficial to have access to an occasional meeting room for client communications, idea pitches, and team meetings. NYC Office Suites offers professional meeting spaces, conference facilities, and convenient day offices in Midtown Manhattan. These are great ways to maintain your flexibility and independence at home without having to invite clients into your personal residential space.

Embrace Your Niche

If you’re now at the stage of setting up your own home business, you’ve probably already identified and defined your niche in a particular industry. But now is the time to truly embrace it and make yourself stand out among the competition.

You’ll need to keep a steady eye on what your customers need and care about and what ideas you have work well with that customer base. Given the current market situation, you’ll need to have a better solution and/or a better price point for your products or services to keep your home business flowing smoothly and profitably. Regularly testing new ideas on a limited basis, keeping tabs on what your competitors are doing, and leveraging the power of social media influencers can go a long way in making sure the niche you have carved out continues to grow and prosper.

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