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Have you been thinking about starting a brand new venture? Maybe the current events happening around the world have put you out of work and you’re looking for a new opportunity. More and more people are starting to work for themselves. With that in mind, we’re going to run through some top tips about setting up a company from home.
A Space To Work From
One of the best tips I can give you about setting up a company from home is to have a dedicate space to work from. When you mix work and life at home, your work life balance can be affected. When do you switch off from the job? What hours are you working? Emails and notifications coming through on your phone during family time can be distracting. Figure out a space, a zone, a room in your home for work. This might be transforming the spare bedroom into a productive space. It could even mean clearing out a corner of the garden and installing a log cabin. However you’re going to do it, a space to work from is important when you are setting up a company. Otherwise, how do you do the work?
Brand Yourself
Your new business needs branding. It needs a name, an identity, some personality stamping on it. This will means working with a graphic designer or getting your creative claws out. You’ll probably need a website but you need to start with the name of your new venture. Branded business stationery, a logo which stands out from the crowd. Top notch photography of the products you’ll be selling. This might even include bespoke packaging for your products. Your branding is an important part of your business going forward, spend some time getting it spot on.
Price & Profit
You need to find your products or settle on the services that you will be selling. Then figure out how much you will charge for them. You need to earn a profit, that is what business is all about. Figure out your price points and see how much profit this will earn you. Take into account you’ll have other expenses and taxes to pay. What hourly rate do you want to earn? Do the maths and figure out your price and profit.
Marvellous Marketing
Marketing is a huge part of setting up a company from home. You’ve got the brand, you now need to put it in front of people so they can buy into it. Buy into you. Make use of social media marketing, find clients you’d like to work with and contact them directly. Don’t overlook word of mouth as that is a fantastic marketing tool. Do a great job for one person and they’ll tell someone else who could then become a customer.
Develop & Grow
If things go well with your new venture, you’ll need to look at how you develop your business and grow your client base. That might be moving out of the house and getting a dedicated unit to work from. It could mean taking on other staff. It could maybe change from being work done via self assessment to setting up a company that needs to be VAT registered. You never know how successful your idea could become!
