Starting a new business entails risk on your part especially with the high cost of capital outlay involved but yet this avenue can be the most rewarding approach. The good news is that there are businesses that can be operated from the home and this will reduce your risks significantly. Apart from being the easiest and cheapest way to become an entrepreneur, there are many advantages of starting a business from home.
The benefits
- First is the savings on rental. This amount can be substantial especially with the current economy doing well, rental for shops and offices are also on the rise. You can eliminate unreasonable increase in office rent thus eliminate the need to relocate.
- Savings in the form of lower unit rate charge for utilities, phone, fax and broad band services.
- Your productivity will be increased too as no time is wasted on commuting, waiting, traffic jams and vehicle break-downs. There is also saving in the form of transport cost - commuting to your work place is nil.
- Savings on work clothes. Who cares if you are in your pajamas working at home.
- Clients may find that it is more profitable to enter into a business relationship with a home-based business if they can see the benefits of home working. Lower overhead could mean cheaper price.
- And of course one of the most endearing reasons to work at home is, you are always near your love ones.
There are many Services business that can be started and operated from the home, however there are certain restrictions. To find out what are the pre-requisites and restrictions, you can log on to the HDB or URA websites.
The setup
The set up for your working area is easier as you need only the necessary equipment and furniture. To furnish your home office, you will need a table, chairs and some bookshelves. Equipment you’ll need are a PC and a 4-in-1 printer, copier, scanner and fax machine. Have the equipment arranged ergonomically around you, so that you can be more efficient in your work. Also have a separate telephone, from the home phone, dedicated to your business only. Locating and designating a separate area as the office. Examples: corner of a house, a corner bedroom, a basement, garage, store-room, dining area or kitchen.
A good office address
Working from home does not mean that you cannot have the façade of an international company. For your mailing address, you can choose to use a reputable services office in the Central Business District area. They also provide services like answering phone calls in your company name and redirect them to your home phone or your mobile. If you need to hold meetings, they have meeting rooms for you to rent on an ad hoc basis. Virtual office with prestigious address and facilities can be had for $100.00 per month.
Marketing tools
The business card is your first contact when meeting potential client. Get a professional to design them. List your contact numbers and your services in your cards, letterheads, invoices and envelopes too. Also invest in a well-crafted website so as to project a professional image of your business. Use technology to leverage yourself and your time. Communications through land line phone, hand phone, email, snail mail, SMS, fax and video conferencing through the PC. Technology has made it easier for you to go into new ventures with more ease and confidence. It is possible for even the smallest one-man-operation home-based business to have the appearance of a Multi-National Corporation and to establish a global reach.
Bank account
Do not mix your personal money with that of your business’. Open a bank account in your company’s name. Shop around as most banks now offer many kinds of services to help businesses besides just an account.
Stay focus
Home-based businesses are real businesses. Stay organized and plan a proper schedule to manage time effectively. Avoid distractions like noise, light, friends, family members, pets and guests during working hours. Set regular working hours and have a schedule around your family’s timetable to maximize efficiency, productivity and quality time with the family. Maintain a professional attitude and cultivate self-discipline.
Time for Action
Start off with the right mindset and a lot of willpower as you embark on your big adventure to be your own boss. After-all, some of the biggest Multi-national Companies in the world today like HP, You-tube and Amazon.com are businesses once started from the home.
By Charles Loh, a self-employed Businessman
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