Have you always wanted to run your own business? Launching a home business and becoming your own boss is an incredibly attractive idea, but it takes a lot of work to get there. Coming up with a business idea is just the first step. Once you know what you want to do, you'll have to navigate several other steps before you can launch to the public. Here's what you need to know.
You’ll want to make sure you have the knowledge needed to launch and manage a successful business. Getting an MBA through an online program can be a great way to supplement the existing entrepreneurial knowledge that you have. These programs can often be completed in less than two years and offer coursework on everything from operations management to communication to marketing. Completing this education can be a great way to ensure you have the foundation of skills needed for ongoing success.
You must establish a strong financial footing before launching your new business. Once you become your own boss and have employees of your own, you gain control over not only your financial future, but your employees’ as well, so make sure you’re prepared for the responsibilities that come with this move. For example, make sure you have a good system in place for managing payroll. A company like PayrollSetup.com can help you get started. It’s also important that you understand your tax situation and reporting obligations, especially with respect to your employees.
There are also many legal steps involved in starting a business. Doing everything correctly from the start will ensure your business has room to grow unhindered by legal hurdles and compliance issues.
One of the first things to do is choose a business structure and register your business. You’ll have to choose between four business structure types: sole proprietor, partnership, limited company, and limited liability partnership. Read up on the rules and regulations around forming each structure.
Once you’ve tackled all the “boring” stuff, you can finally start building your business. As a home-based business, your online presence is everything, so your primary goal should be getting a website up and running. Make sure you register your business on Google My Business if you want to attract local clients. While you’re at it, set up some social media accounts for your business and start creating engaging content to spread the word about your brand.
Most home-based businesses are one-person operations, at least in the beginning. But handling all of the work involved in running a business can be tough on your own. Take advantage of digital tools and automation technology to save time, reduce mistakes, and lay the groundwork for business growth.
For example, project management platforms like Asana and Trello can help you collaborate with freelancers and keep track of everything on your to-do list. Social media management tools like Sendible and Sprout Social can help you monitor social media feeds, schedule posts, and engage with your audience. Email marketing apps make it easy to design and send out email campaigns. Take advantage of tools like these to keep your business streamlined and efficient.
Most people find it challenging to stay on task while working from home. Staying focused will be even more difficult if you’ve got young kids at home or your partner also works from home, so make a plan to keep yourself motivated. For example, establish a schedule and a dedicated workspace. It’s also important to schedule breaks and practice self-care so you can avoid burning yourself out.
Are you ready to take the leap and become a small business owner? Don’t wait for the stars to align — the timing will never seem perfect. Start tackling your startup steps right away so you can get up and running as soon as possible.
*All blog posts solely reflect the views and opinions of the author.
Julie Morris is a Life & Career Coach & contributor to Payroll Setup.com blog.