Our work place and workday world is changing. Companies are downsizing and outsourcing services allowing some the liberty of working from home. The trends towards changing technologies and family dynamics have led to opportunities for creative individuals to work from home, and in many cases create or purchase a home based business for sale opportunity.
Better money, more flexible working hours and being your own boss are cited as the key reasons people like to work from home in a home based business. Home based businesses range from internet based opportunities through to trades like plumbers, electricians, caterers, gardeners and builders, to professions such as accountants, lawyers, advisors and counselors to mention a few.
Home based business opportunities provide freedom
Not all people need the security of working for a company - some are excited by the opportunity to manage the risks, and take on and enjoy the benefits and freedom. Many succeed and enjoy the richer pleasures of working from home, although its not all plain sailing.
Before jumping in work out:
- What type of business best suits you and whether you have the discipline required.
- How much backup capital will you need, with some set aside for that rainy day.
- What additional knowledge or skills you may need to acquire or outsource.
Running your business from home
While setting up a business from home is often seen as a safe or convenient way to venture into the business world, there are risks and it will help to have a plan and possibly a back-up plan. You will need to manage clients, suppliers, and workflow to ensure you have continuity of work and cash to meet your commitments.
The part-time financial advantage - Consider starting your business part-time or with family or staff running it while you continue with your full-time day job - that way you don't have to stress about your finances in those early months.
Get support - It is vital to have the support of your family and friends if you plan to work from home. They will need to understand that you must have quiet, undisturbed time to concentrate on work, and will need to help you maintain a home environment that is professional and welcoming to business clients.
Your home office and workspace - Set up a dedicated home office or workspace within your home. This will keep it professional, help minimise distractions and allow you to close the door when the workday is over.
Visiting clients? If you are setting up a service based business, like hairdressing where people will need to visit you at home, you'll need to consider how you feel about sharing your home with the public, and how you can maintain your family's privacy.
Having a business phone or PO Box? A Post Office box could help with your business needs and image as some customers can be put off by a residential address and consider it unprofessional. You might need a separate phone line or mobile phone for your business, as children answering, or your family's voicemail may make customers think they have dialled the wrong number.
Manage Isolation - Chances are that if you are running a business from home, you are working by yourself. While this gives you freedom, it can also be isolating. Build business support networks and schedule business and non-business activities. This will help keep you informed, motivated and connected.
Your tax and compliance obligations - You'll need to complete a tax return for your home business. If you are self-employed, any income you earn is your personal income. If you set-up a company then you will need to furnish an annual return and may need to register for GST too, a Chartered Accountant can help with this. There will potentially be vehicle and business expenses you can claim, and business taxes to pay, for more on this see Inland Revenue. There are often other regulatory and compliance issues from business licences to consents, for more on these check with your local council and the business.govt.nz compliance section.
Check out our Home Based Businesses for Sale in New Zealand.
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By Richard O'Brien - nzbizbuysell
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