So you’ve found something that you’re great at, that people have paid you to do for them, and you want to set up your own business from home – but where do you start?
You already know what you want to sell, be it products or services, but who do you want to sell to? Finding a market for your new business is essential when starting out. You will also need to consider your competitors; are you offering something unique or entering a saturated market? There a few things which you need to decide:
- Who is it that you’re targeting?
- Is your business local, nationwide or even worldwide?
- Are you targeting specific groups (mums, families, kids)?
- How will you persuade people to purchase from you?
- What is your unique selling point?
Setting up your business
You’ve decided on what you want to do and who your market is – now you need to decide where you’re going to be based and how you’re going to reach them. If you’re planning on working from home, ensure you have a dedicated space for working or arrange a place, such as the garage or summer house, that can be solely yours.
There are plenty of marketing avenues available – from digital and telemarketing to print and door-to-door; it all depends on what suits your business best. Many new businesses are now looking to digital and social marketing, as it is often more cost-effective and has a potentially endless reach. This is also something that can be started yourself as you get off the ground before bringing in the professionals.
Legal and Insurance considerations
Multimillion pound companies right down to new single worker start-ups all need to ensure they know their legal obligations and are properly insured. When creating a home-based business companies like Markel offer specific cover for home-based businesses.
Money is the lifeblood of any business and keeping the cash flow going will determine your success, but before you get into any of that you will need to cost up launching your business. You will need to decide:
- How much you will spend on supplies/products?
- How much will you charge for your time?
- How much will you set aside for marketing?
Forecasting cash flow and expected business will help you know exactly how much work you need to do and how long you will have to carry your start-up costs. Accountants are a great help in terms of this, and finding one you work well with means your yearly accounts will run much smoother.
What’s your plan?
You have everything you need now to put together your business plan. Start with what your business offers and why it appeals. If you’re looking for investment make sure you portray this in a professional way, as it promotes more faith in your business stability.
If you’re still stumped on how to go about it you can find a business template at the Gov.uk start-up website.