As internet connections become both faster and more accessible, more and more people all over the world are able to work from their homes. It isn’t just employees who are working remotely either — the self-employed and business owners can also work remotely. Working from home has many benefits, from flexibility and compatibility with personal life to saving money on commuting. You may be wondering if you could start and run a successful business from your home. Here are a few things to consider.
What Type of Business Do You Want to Start?
Some types of business are difficult or even impossible to run from home. Businesses that require frequent face-to-face interaction with clients or customers can be hard to operate remotely — for example, businesses in retail (with the possible exception of online retail) and hospitality.
However, other business models can be run from home successfully. Businesses in industries that operate mostly online and use computers are particularly suited to home working. For example, online casinos and gaming sites can be created using just a home computer and web development skills. Online casinos also appeal to a different customer base. For example, sites like Paddy Power online casino cater to online customers rather than customers looking for a physical space to play, allowing games like roulette and blackjack to be both run and played from home. The rise of the internet has made the online gaming industry a particularly profitable and accessible one, which businesses like Paddy Power are evidence of.
When choosing a business, consider your own skillsets. It’s usually easier to start a business in an industry you have experience with, rather than learning from scratch. However, you can likely find online courses teaching you new skills that you can use in business.
What Business Models Could Your Home Facilitate?
The environment in which we work can have a significant impact on our productivity, as described in this CoWorkr blog article. When working from home, it’s vital that the home environment is conducive to effective work, from there being enough physical space to the quality of lighting.
It’s also important to have the equipment needed to operate a business — this could range from a basic laptop for a marketer to browse the internet and send emails, to a fully-equipped workshop for a carpenter to build furniture.
Potential distractions are another factor to consider. Although many choose home working for its compatibility with childcare and family life, a particularly busy and noisy home may make it difficult to work.
How to Start a Business
Once you have established your business model and the suitability of your home, you need to work out the details. It’s highly recommended to make a detailed business plan — this Shopify article explores how you can do this.
You then need to work out your business’ legal structure (e.g., sole proprietorship, LLC, corporation, etc.), any licenses and permits you may need in your area to operate your business, and any insurance and compliance requirements (e.g., data security, privacy policies, and health and safety). If in doubt, consult with legal and financial professionals to ensure you’re meeting all legal and regulatory requirements.
Next, you need to market your business to bring in customers/clients. Choose a business name and design a professional logo, and create a website to showcase your products/services and provide information to potential customers. You may also choose to set up social media profiles and consider digital marketing strategies, attend networking events, and create branded materials like business cards and brochures.
Remember that the specifics will vary based on the nature of your business and your location. Make sure to choose an industry that suits you, your location, and your home.