Leaving the corporate world to start your own home business is a dream for lots of people. After all, there are lots of advantages to being your own boss, setting your own hours and following your dreams – but it can be difficult to start with. Recent research from the Bureau Of Labor Statistics found that 20% of businesses fail within a year, and 50% of businesses fail within five years.
Do you want to make sure that your new home-based business succeeds? If so, here are four handy tips to help you.
In the past, home technology was fairly limited, but in the last decade, things have significantly changed. Now there are hundreds of useful, affordable tech tools that anyone can download and use themselves, which is excellent news for business owners. So think about your tech needs as a business; does your business require a printer, or can you go without? Maybe you completely rely on tech to conduct business. If so, consider investing in a smart home system that will provide you with everything you could want to run a successful home-based business that allows you complete control.
Owning a home-based business can be difficult, but you can make day to day life easier by becoming a jack-of-all-trades. Don’t put yourself in a box; you can be the CEO, the tech support, and the secretary while things are getting started. Once you have more money, you can hire employees (or outsource the work to virtual assistances), but if you have a tight budget, there is nothing wrong with doing a little extra work yourself.
It can also be useful to use a filing cabinet, especially if you have lots of sensitive documents. Sure, you can keep them online, but it is often safer to keep sensitive information in a locked filing cabinet in your home as hackers can’t access it. You may also need to keep the information so that you can send it to the IRS at the end of the tax year.
Finally, you should make sure to keep a record of your expenses so you can claim them back at the end of the tax year. There are lots of things you can save money on as a home-based business owner, including;
This is very useful for new business owners who are looking to save some money, but it is very important to make sure you don’t claim too much as you could get fined. Thankfully you can avoid this by hiring an accountant to help you with your expenses.
Opening a home-based business can be scary, but it can also be rewarding and fulfilling. Use these tips so that you have a successful first year as a business owner.