A Step-by-Step Guide to Setting up Your Home-Based Business

Mums Tips

Mumpreneurs & Mums at work

Published on Thursday, 23 January 2020 14:56

Last Updated on 27 March 2020

Monica Costa

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The London Mums archive section dedicated to inspirational mumpreneurs is growing by the minute, because more mums decide to go solo and become mumpreneurs. Setting up a Home-Based Business is so exciting. Hopefully this blog will provide a few more ideas. Maybe you’ve already got an awesome idea, have completed all the necessary research, written your business plan and you’re ready to go. Before you launch your home-based business, however, there are a few more steps you need to take.

1. Decide on Your Business Structure

Many of the things you have to do depend on the business structure you choose so it’s always best to get this decision out of the way at the beginning. You could opt to be a sole proprietor, partnership, or limited company. Each has its pros and cons and you’ll be able to read about these online. Alternatively, seek professional advice from a solicitor or accountant.

 

2. Give Your Business a Name

You can choose to name your business after yourself or pick something relating to your business. If you’re stuck for ideas why not ask friends and family for suggestions or pick a name at random out of a hat?

 

3. Work Out What You’ll Need to Get Started

You’re going to need to open a separate business account, decide whether you want to take on members of staff, rent, borrow or buy equipment and you might also need supplies.

 

4. Get all the Legalities Out of the Way 

Depending on the type of business you’re opening there might be licenses, permits and permissions you need to apply for. There’s also the matter of registering your business name, finding out about paying tax and VAT and looking for the best business insurance plans.

 

5. Find Space in Your Home 

You’re going to need to find a space in your home you can call your own. While it might be very tempting to set up your business on the dining room table the rest of the family might object. Having a separate workspace is important or you’ll find your business taking over family life.

 

6. Set up Your Website

As a home business owner you want to be competitive so you’re going to need a professional website. An online presence is going to help attract new clients. You can also use your website to showcase your work, list your services and prices, and post testimonials from satisfied clients. You might think setting up a website would be expensive but you can do it yourself for little or no cost at all. WordPress is a great starting point. Online marketing using social media platforms can be embedded in the website tools. 

 

7. Market Your Business

Marketing your business is an important step for any startup. Start marketing as soon as possible, preferably before you open your doors for business. There are many free options if your budget is tight. Social media, blogging, website content, and email newsletters are a good place to start.

 

8. Sort out Your Utilities

Utility expenses might be better off in your business name. Gas and electricity business rates might be different from general household prices in your area, and are worth checkout out. To make it easier for you, Utility Bidder has created an online comparison tool to help you determine the best provider to help support your home-based business.

 

Running your own business is an exciting venture. Follow the tips in this guide and you’re well on the road to success.

 

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