Published on 01/06/2015 by Punchmedia

The Process to Develop a Thriving Home Business

The lure of working from home has never been greater. Rolling out of bed at whatever time you want, being able to work in your pyjamas, taking regular breaks whenever suits, and staying in your “office” till 9pm if that’s what suits you, are just some of the benefits of working from home. But what if working from home became completely on your terms? That is, you were developing your very own business from your at-home office, rather than working to the deadlines of your employer? We’ve developed a 15-step process for entrepreneurs looking to create their very own thriving business, all from the comfort of their own home.

Before You Begin, Ask Yourself

1. Has this idea been done before?

Most probably, your business idea has been done before. If it has, you need to establish your position in the market. Are you going to go head-to-head with your competitors? Or, do you have completely unique selling proposition? Marketing collateral will emulate the answer to this question so it is important you think about it. On the other hand, if your idea is revolutionary, with nothing else like-it already on the market, consider, is society ready for your idea? Revolutionary ideas are all well and good, however, if there is no use or no market after this product, it is unlikely you will achieve business sales objectives. If the idea has been done before however you feel it is an industry that could use your knowledge, expertise, or ideas, it may be worth digging around to see if there is an existing business for sale within the industry. Why? As we have discussed previously, buying an existing business for sale, has a myriad of benefits. This leads into questions you must ask yourself about the overarching industry. Do you have sufficient knowledge of the industry? Or, is the entire business idea more of a hobby with no sales or business potential?

2. Where can I obtain advice and support?

These days, there are numerous support groups in the form of networking events and evenings, seminars, meet-ups, and more happening near you throughout the year. It is crucial to network as much as possible as you never know when someone you meet at an event could come in handy for the daily functioning of your business. Seeking advice from those with experience can be the smartest thing you do in business. Often, we want to complete the entire process on our own and we forgot there are hundreds of business owners out there with expertise that will be happy to discuss ideas, opportunities, and recommendations. Finding a business mentor can be a great way to set-up your position in your industry.

What does my business plan look like?

Thinking through your business idea methodically over time with sufficient research is crucial. The home business plan should:

• Outline clearly your business objectives
• Prioritise main tasks and plan operations for the next 3, 6, and 12-months of the business
• Prepare for any obstacles that are sure to arise

It may even be worth hiring the services and outsourcing to a business development manager who will work with you to understand the ins and outs of your business, and develop a plan accordingly.

Do I have sufficient finances? How will I manage my finances?

Do you have existing funding that will be enough to get your business off the ground? If not, you can always apply for finances through a lender, broker, or investor. However, this can throw up its own set of challenges, so if you can manage, funding your own business is preferable. As for managing your finances, this is crucial for the ongoing success and growth of your home business. Successfully managing cash flow and budgeting is of course something that experienced professionals will excel at. However, this in itself can be expensive. This may be an upgrade for down the track, but is certainly something to consider before you launch your business.

Now You’ve Begun, Consider

1. What are the licenses and registrations required?

Don’t forget to obtain the necessary licenses and registrations. Whilst you may be operating from home, the below still apply. In fact, you may also need to comply with particular state, territory, and local government regulations. Without these, you may run the risk of closure.

Business Registration

• Register your business name
• Register your company
• Register your domain name
• Register a trademark

Taxation Registration

• Register for an ABN
• Register for a Tax File Number
• Register for Goods and Services tax
• Register for Fringe Tax Benefits
• Register for PAYG (withholding)
• Register for Payroll Tax

Everything Else

• Do you have protection of intellectual property?
• Do you understand taxation obligations?
• Have you arranged insurance?
• Do you understand legal requirements?

As you can see, there is a lot to consider and once again with an existing business, the above processes will not be nearly as tedious or time-consuming.

2. Networking, Again

Once again, we will reiterate the importance of networking to stay up-to-date with business trends and to create ongoing business opportunities and long-lasting relationships. A business association you can join from home may work best if you are operating a home-based business.

3. Setting Up and Launching

Whilst is may be easy to simply do your work from your existing desk, the couch, or even your bed if you are working from home, this is certainly not best practise, and will not set you up for success in the future. Set up a comfortable and safe business environment in your home that will motivate and inspire. You may need new furniture, new office equipment, technology, and accessories that will improve the aesthetics and look and feel of your business space.

What Next?

Basically, the rest is up to you. If you have taken the time to go through all of the above steps and processes, you should have a strong support base to stand on. In terms of the ongoing success of the home business, a lot of the elements will depend on the situation at hand and a sense of general business understanding and best-practise. Ensure continual research in order to best understand your customers and their needs and motivations. Stay relevant in the market by keeping up to date with customers and competitors. And remember to never underestimate the power of networking.

punchmedia

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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