If you’ve been dreaming of starting a business from home but think you’re not qualified, there’s probably less holding you back than you think. There are many small business ideas that will allow you to make a reasonable income from home.
There’s no need to take classes, become an accountant, or hire a manager. You don’t even have to spend months filling out complicated paperwork or cutting through legal red tape.
You can probably do everything you need to start a successful home business in the course of one afternoon. Starting a business won’t ensure success or even secure a sale, but to begin a journey, you must take the first steps.
All too often, we are our own biggest stumbling block by allowing fear of the unknown stand in the way of success. Taking these steps can give you the confidence you need to take action and turn your goals into reality as I did.
Step 1. Postpone Branding
You may feel doubtful when your first step is to avoid something that’s been plastered on every business article you’ve ever read. However, if you’re spending months or years dreaming up the perfect company name, you’re not making money.
Even worse, you’re not launching your business idea out into the world. Branding your business before you begin not only puts your priorities out of order, it gives you limits you don’t need as a beginner.
Branding only works when it mirrors the company’s actions and ideas. As you get your company off the ground, your brand will
It’s perfectly fine for your home-based business to operate under something other than your company name. Besides, a company name is something you can easily change in the future.
Step 2. Register Your Trade Name Before Starting A Business From Home
Unless you plan on using your legal name for your home business, you might be required to register a trade name. Generally, state law mandates whether you need a trade name.
Registering your trade name is a simple process that will require you to fill out a form with your contact information and a few details about your business.
If you’re working with partners, all names involved with the business will likely be needed on this form.
Step 3. Starting A Business From Home Might Require A Business Plan
“A goal without a plan is just a wish.” This brilliant phrase was first uttered by French aviator and writer Antoine de Saint-Exupery (author of “The Little Prince” written in 1943) over half a century ago.
It is a fitting description of how so many people face their hopes for the future. Whether your goal is to complete your education, get a better paying job, or to thrive instead of just survive; wishing won’t get you there.
If your goal is starting a business from home, it will take more than a plan. You’ll have to take action.
If you need financing to start your business, you will need to know how to set up a business plan.
But, even if you already have the money you need to get started, a business plan will help you figure out how much money you need and what direction your business needs to go.
Your business plan is a map—a way to list the necessary steps you need to take to achieve your goals. A business plan is a tool that you’ll use to manage your business and stay on track.
In fact, your home business doesn’t need a formal business plan; it can simply be a list of milestones you want to reach and financial goals you hope to achieve.
If you don’t have to present to investors, don’t think of this as a formal document, but instead an overview of your business, the problems your business will solve, and your target audience.
Creating a plan will help you uncover any areas of the business that you may not have thought through.
Step 4 . Open a Business Bank Account For Your Home Business
To truly calculate the financial success of any business, you need a separate bank account. Even if you are the only person involved with the business, your personal finances can quickly get in the way of the clarity you need to run your business.
As your business grows, the importance of keeping your company a separate entity from your personal life only becomes more important.
Opening a business bank account can protect you from unexpected problems and provide the necessary convenience for smooth transactions.
Reasons a Business Account Is Vital
Legal protection – If for any reason, your customers aren’t satisfied with your exemplary service and decide to sue the business, your personal finances cannot be dragged into the lawsuit.
Convenience – Distinguishing between personal and business expenses is difficult without a business credit card. Additionally, a business credit card may have more to offer than a personal account.
Accounting clarity – You might not need to take a professional accounting course to run your business, but you do need to properly keep up with the cash-flow entering and leaving your business. A separate account will allow you to make business size deposits and deductions without a hassle.