For me, the catalyst to leave the 9 to 5 existence was for family reasons. However, I didn’t count on all the other benefits that have come with working from home. Being able to spend extra time with my husband. Giving myself a half day off every week to run errands. Being able to stop for an hour to have a cuppa with a friend. Being able to choose to work on a rainy weekend, then taking a little time on a sunny weekday to ride my horse. I’m sure that you can think of any number of ways that your life would be richer if you had the freedom to work your own hours!
Without doubt, walking away from a regular salary is probably one of the most daunting things you will face. However, thoroughly researching your potential business can help you gain the confidence you need to make the massive change in your life.
My tips for those who are thinking about starting a home-based business:
Do your research
Identify your market, and research potential clientele and the income that your business could generate for you. Consider what demand you may have for your business, and what competition is out there. Think about things you can do to set your business apart from everyone else.
Talk to an accountant
It is vital that you speak to an Accountant, before launching your new business. An accountant will be able to give you guidance on the most appropriate way to structure your business and manage your cashflow. Your accountant will also be able to advise you on what establishment and ongoing costs can be claimed on your tax, and what can’t. It is important that you have a good understanding of how a business is run, from a “under the hood” perspective. There’s a lot more to running a business than producing goods and/or services and selling them!
Talk to a business coach
Don’t be afraid to have a yarn to a business coach who can help you to decide what you want to achieve and then help you to actually do it.
Check with your local council
Depending on what sort of business you want to start, you may need to check with your local council to ensure that you are permitted to do the type of work you want to do from home. For example, if you want to set up a panel-beating shop in your back shed – there’s the chance that Council will have something to say about property zoning. If you’re planning on working in a home office (like I do), there’s generally nothing to worry about – but ask the question if you’re not sure.
Do your sums
New businesses generally take a little while to gather momentum, before your hoped-for income starts rolling in. One of the things you should think about is whether you have sufficient cash reserves or another income coming into the household to cover your living expenses whilst your business is getting going. Money pressure is one of the biggest stresses in life – make sure you have contingency plans if things take a little time to get rolling, so that you don’t hobble yourself before you start.
Hedge your bets
If you can, an excellent way to start a home-based business is to get it started part-time, whilst you are still working. Whilst this wasn’t really an option for me due to the nature of my profession, you may be able to trial your business idea by working it on weekends or at night. This can help you get a bit more of an idea of how it could work for you before making the leap.
Set yourself goals and guidelines
Set yourself realistic goals. There aren’t too many business opportunities out there that can make you a million dollars in your first year, so be kind to yourself and focus on building your business steadily.
For most of us, starting our own business is the culmination of a dream. It’s a means to getting us to where we want to be in life, and to achieve a lifestyle not generally available when you work for someone else. By taking your time to think it through, do your research and implement your plans carefully, you are setting yourself up for success. Believe in yourself, and you will be amazed at what you can achieve!!Debbie Foale DipFS (FP), JP (Qual)Edendale ContractingParaplanning, Training & CompliancePhone: (07) 4123 3573 Mobile: 0422 813022 – By Debbie Foale