The world has changed a great deal in the past five years. The undeniable impacts of COVID-19 are amongst the most visible, as the working world was near-completely forced into adopting work-from-home and virtual collaboration initiatives. These capabilities were by no means new, but their global utility paved the way for a new world of hybrid working and ignited the spark of possibility in many an entrepreneur’s mind.
A good business doesn’t necessarily require commercial or industrial premises to succeed. An excellent idea, executed well, can be executed at home – creating a new world of potential for prospective business leaders like yourself. But how can you leverage the possibility of running a business from home? And what considerations do you need to make accordingly?
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Develop a Viable Business Idea
Every good business starts, of course, with a good idea. You may already have a good idea for your next business pursuit, but before you proceed you should ask yourself some key questions. First, does your business idea aligns with your skills? Secondly, does it align with your interests? And thirdly, does it align with market demand?
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Research Your Market
That last point is the one which requires the most time investment. Before a penny is spent on the formulation of your new business concept, you need to spend some serious time researching your business idea’s place in the wider market – both geographically and industrially. Fundamentally, will there be an audience for your product, and is there a compelling enough reason for said audience to abandon similar products on the market?
You will also find it beneficial to research your competition a little more thoroughly, as well as to ascertain what customers value in both product and service. The latter consideration is key for any remote business, as customer contact will only ever be somewhat second-hand in nature. Something as simple as offering next-day delivery can have dramatic impacts for the success of your service over others.
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Understand Legal and Regulatory Requirements
There are some regulatory challenges that may present in running your at-home business, dependent on the nature of your business and on your home living situation. In short, and dependent on your situation, you may need permissions from your mortgage provider, landlord, or local council to run a business from home – and may need to factor in business rates too.
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Set Up an Efficient Home Workspace
The final piece of the puzzle, ahead of officially incorporating your business and undertaking the necessary marketing, is to create a dedicated workspace in your home that can guarantee productivity and keep your business activities separate from your personal life. If you have a spare room available, you should consider turning this into your base of operations; even just investing in a good desk, some ambient lighting and a filing cabinet can be enough for you to properly start your business.
