Taking that plunge and deciding to turn your home-based business dream into a reality is an exciting and life changing decision. Deciding to start any kind of business is something that is going to come with highs and lows, and our guide is here to try and make the process as stress-free as possible.
By keeping a few things in the back of your mind, some solid planning and a dose of enthusiasm, you will be on the way to creating a successful home-based business in no time.
1. Map out a plan
Now that you have all the grand ideas, it’s time to turn them into grand plans. Having a plan is really important when you are starting out as a small business owner. Your business plan will be the backbone, your point of reference, your blueprint for how your home-based business is going to succeed.
Every business will have their own style and type of business plan, put generally you will find most business plans will address the following areas:
- Create a vision – vision statements can help you clearly establish what the aim of your business is. Make sure your statement is realistic and something which you believe in.
- Understand your market – doing your research and SWOT analysis (Strengths, Weaknesses, Opportunities and Threats) will help put you in a clear position to see what your competitors are doing, what market trends are going to impact your business and seeking opportunities to help grow your home-based business
- Chat to a financial expert – speaking to someone like your business banker or accountant can help when ensuring you are on the right financial track with your business. The last thing you want to be doing is putting your financial situation in jeopardy by starting a new business venture.
- Have goals – this will help you stay on track and motivated with your business and its direction. Setting some milestones that you would like to achieve and celebrating them when you do is important to the momentum of your home-based business.
2. There’s no place like home
One of the advantages of running a home-based business is that you can have total control of your working environment and make it your own. This is going to be the space where new ideas emerge, and major business decisions are made. These are some things to think about when decking out your new working space.
- Make it comfortable- invest in a decent office chair. You want to be comfortable and looking after your body when working from home, so an uncomfortable chair/ desk set up is not going to do your back any favours!
- Embrace natural light- don’t underestimate the importance of natural light when picking your work from home space.
- Check your internet- now that you are using your home internet connection for your business, you may want to check and increase your current speeds/ rates and data usage limits to make sure it can take on the extra usage.
- Establish a PO BOX or other mailing address for your business. You may want this to be separate to your actual residential address to give you some privacy
3. Official stuff
Now the dream is in place it is time to get all the nitty-gritty official stuff happening to make it a reality.
Starting off with some of these business administrative basics:
- Check that your business name isn’t already taken
- Register your business with ASIC
- Get a trademark for your business and make sure you register it
- Get a domain for your business
- Set up a website
- Get a business account set up
Recommended reading: Registering a business name in Australia: A guide
4. Socially aware
The next step is using the wonderful world of social media to get your brand out there in the marketplace. Get the word out there and let everyone know you’re open for business. This is where getting active on social media can help build your business.
If you haven’t already, set up some social media accountants for your business. A good rule of thumb to remember is that you don’t need to connect with every type of social media platform out there. Narrow it down to a few that you can give your attention to and do them well.
Different platforms offer different channels for you to connect with your audiences, so for some businesses live videos using TikTok may be ideal, while for some Facebook may be more suitable for sharing things like blog posts and product information.
5. Get your business insurance in place
You’ve worked so hard to get this far and make your small business dream happen, the last thing you want is for a claim to send it all crashing down. No matter what kind of home business you are starting, there are certain types of business insurances that you need to think about to protect your business for the long run.
These are some of the types of business insurances to consider when it comes to protecting your home-based business.
Public and Product Liability*: Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities. This covers your activities both at home and when you are conducting your business at other locations.
Product Liability insurance protects your businesses against claims by third parties relating to property damage or personal injury caused by your products.
Professional Indemnity*: Professional Indemnity protects you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
Contents*: Covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy.
Cyber Liability*: Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a cyber breach or attack.
Starting your home-based business journey is exciting, with so many new things to explore and discover. There’s plenty of things to set up and arrange, but one less thing you need to worry about is shopping around for your business insurance.