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How to Form a Home Business

Many people dream of starting or switching to a home business. It offers the flexibility of being self-employed without the expenses of a commercial space. But what kinds of businesses can you start at home and what are the legal considerations? We’ll share what different types of home businesses you could start, considerations to make and how to legally establish and form your home business to be successful.

What Is a Home Business?

A home business is exactly what it sounds like — a business you run from home. You’ll need the same skills, passion and drive of any entrepreneur to be successful with your home business. Many different professions are well suited to a home business. You’ll need to check with your local regulations, and your mortgage provider or landlord, to make sure it’s legal to perform your profession from home. Often you may need special licensing, insurance or certifications for the space where you perform your services.

Here, we share some of the most popular work-from-home careers so you can see if you fall into any of these categories. Here are a few home businesses you could start:

  1. Health and Wellness.There are many professions in the wellness industry that you can carry out from home. They include acupuncture, massage, nutrition services, personal chef, psychologist, fitness trainer, yoga or dance teacher.
  2. Technology.You can do any IT job from home. So if you are a programmer, website designer, animator, software developer, game designer, etc. you can start your own business or see if a company will hire you to work from home.
  3. Arts.If you create things to sell online or in commercial shops, you can do this from home. This category includes furniture makers, photographers, fashion and interior designers, crafts, etc.
  4. Business. If you are an expert in anything business-related — like accounting, coaching, sales, management, marketing, writing, copy editing, transcription, translator, event planning, finance or real estate — these are careers you can easily do from home.
  5. Office Assistant.Being a virtual assistant is a popular career choice that you can do anywhere. If you are organised and good at helping people with many tasks, this might be a great option for you. Medical billing, data entry and bookkeeping are great options to do from home.
  6. Bed and Breakfast. If you love welcoming people into your home, consider opening a bed and breakfast. This option may require more logistical and official planning, but it can be a rewarding home business if you have space.
  7. Teaching.If you are a teacher, you can start working from home either online or by having students at your home. Online learning is hugely popular. You can also create online courses that make you money passively.

Do any of these professions apply to you? Then you can start planning your home business! But first, you must create the plan to make your dream a reality.

Make a Comprehensive Business Plan

Before you jump into creating a home business, you’ll want to put together a well thought out business plan that helps you brainstorm all the key elements of your business. This plan will guide you through creating a business that can be successful from the ground up. Without a plan, you are likely to waste time, money and energy, so don’t skip this step!

The best way to create any home business successfully is to produce something unique while offering something the competition isn’t. So research your competition, see what is lacking and figure out how you can set yourself apart. Check out our post on unique selling points (USPs) and spend a good amount of time brainstorming how you will be different from the companies already offering the same services near you. When you figure out your USP, use those points throughout your marketing and advertising.

Here are some important points to consider when creating a business plan.

  • What services will you offer? If you already have the skills needed to start a specific business, then first think about the services you will offer. See what is lacking in your locality so you can fulfil a need.
  • Who is your competition? If you’ve researched what is on offer in your area that is similar to your business, you will have identified your competition. What can you do better than them? Is there something unique you can offer to set yourself apart from the competition?
  • Who is your client? With any business, you want to identify your target market so you can make a plan to find that specific audience. Create a vision board with your ideal client and ask these questions: who are they, what is their age group, what do they do for work and fun, how do they spend money, etc.
  • What are start-up costs and expenses? Even though you won’t be renting a commercial space for your business, there are start-up costs and monthly expenses to consider. Lay these all out in your business plan and make a budget, so you know how much you need to start the business and keep it going each month. You may need supplies and licenses to start, and you’ll want a website, which comes with added costs. This step is one of the most important, because you may need to acquire financing if you don’t have enough saved to start your business.
  • How much income can you make? When outlining the services you want to offer, you’ll need to set your rates based on your experience but also what the market can handle. Now that you have your monthly budget in order, calculate how many hours you would need to work to cover all your expenses and then some.

Ready to Form Your Home Business?

Whether you want to form a limited company or go the sole trader route, forming your business can be a challenging part of starting a home business. At Mint Formations, we help you form your limited company or self-employed business and take away all the stress that comes with starting a home business. We offer standard and bespoke packages to meet your needs and can help through every step of the process to get your home business up and running.

Are you ready to start a home business? We’ll secure your business name and get your company registered fast so you can start doing what you love from home.

Want to register your UK limited company today?

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