Guide to managing a home-based business presents the main considerations to take into account before operating solely from home.

Running a business from home can sometimes seem rather daunting but can also be extremely rewarding, especially when you start to reap the rewards, but sometimes you can need a little help on how to manage your business, which is why we’ve created this guide to help your business grow and improve your success rate.

The key to good business, apart from creating a space solely for work, is the relationships that you create with your suppliers, customers and other like-minded business owners. Not only will you be able to haggle for the best prices and manage your reputation, but you could also be introduced to opportunities and avenues you hadn’t thought of before.

If you have a creative business, such as jewellery creation, illustrations or independent films, you may be able to obtain funding from Kickstarter to help you in the right direction, and with that backing you could improve your networking, whether that’s via social media, press or events.

The next big thing for new or small businesses is cash flow. Without cash you can’t continue with your work, and as such it’s the heart of every business. When money is owed for your products or services, issuing invoices quickly can make all the difference. This includes protecting the cash that you earn and the premises on which you earn it.

It’s unlikely that your home insurance policy will stretch to your business, even if you do work from home, and as such it’s essential that you obtain business insurance. Not only do you want to cover your income and materials, but also the loss of any documents or data that could include designs or pitches. There are other aspects of business that you might not have thought about yet either, such as unintentional breach of copyright or being accused of defamation or libel. For more information on what you would be insured against with business insurance, visit providers like Markel.

The final consideration for new and small businesses is outsourcing. No one is an expert on everything; and as such, as your business grows you should look into outsourcing to agencies or freelancers to help with things like:

· Digital and conventional PR and marketing

· Copywriting and design

· Accounting

· Meeting areas

You might not want to invite potential investors or clients into your home for meetings, and as such it’s essential that you know where you want to meet. Although many people choose coffee shops or restaurants, if these are busy it can be difficult to get anything done. Renting out meeting rooms with companies like Bruntwood means that wherever you’re based, there’s a professional space available to you for business meetings.

Further reading on homeworking

Related Topics

Flexible Working

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