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Rear view of man working in a home office
A home based business brings a lot of refreshing ideas to mind such as coffee breaks in the backyard, giving time to your kids in between tasks, nap time during breaks, and many more. All of these seem luxuries to a person of today’s era, especially if they are currently running a business somewhere far from home and have a lot of traveling each day. This also seems very appealing if you manage your family and kids at the same time. If you have obvious reasons for staying home and managing your office work from there, it’s definitely something to think about. Or, if you just have started a business and have not earned enough to pay for a leased office space, it’s a good option to save money.

Guide to Running a Home-Based Business

Besides all of the benefits, running a business from home does not leave you without business liabilities. If you are thinking about making this change, here is a guide to get you started with running a home-based business.

Step 1: Prepare Yourself for the Decision

Ask yourself the following questions to if you are wondering whether or not it would be beneficial for you to stay home for office work.

1. Can you manage the interruptions if you are working from home?

2. Can you bear the isolation during working hours if you are living in an independent suite not shared by any of your family members or friends?

3. Do you mind your clients coming to your personal space? All clients may not be of the type to be welcomed into your home. 

4. Are you planning to grow your office and hire people? This will also require more space and furnishings according to the requirements of your office. If your business is growing already and more space is required for your employees, storage, and equipment, you are probably going to need to look into leasing a space.

Compare your home-based business with leasing an office space

Leasing an office is a very good option if it is in your vicinity with low rent and overhead costs. The cons of leasing an office will leave you bearing annual increase in rent, added utilities, etc. When you are deciding between a home-based business and leasing a space, consider all of the costs incurred with both.  

Step 2: Create an Environment of an Office in your Home

Furnish a space in your home with all of the needs of an actual office.  You may want a completely separate room so that you can contain your work space to one place.  It’s good to keep a separation between work and home, even if you are working from home. If you need to buy accounting software or other equipment, consider what you need to make your business a success.

Your home-based business office should be per the requirements of your business. It’s environment must not turn away your potential customers/clients. You can make it warm and cozy, but be sure to keep it professional as well.

Step 3: Put Your Talents and Skills Together and Generate Business Ideas

Before launching your business, consider the following “to-do” list:
  • Tax preparation
  • Bookkeeping
  • Business manager
  • Professional organizer
  • Virtual Assistant
  • Babysitter
  • Writer
  • Blogger

Step 4: Figure out the costs. Do an audit of your own business. Challenge yourself to improve with every passing day.

Consider the following benefits of home based business.

1. The best thing about a home-based office is that you are not going to pay for an additional space for your newly started small business that has yet to make its worth.

2. You do not have to pay monthly or annual rent for a home office space.

3. Your business is new and it could take anywhere from 30-90 days to start making money. Meanwhile, you will need to get a loan if you choose to rent a leased office space.

4. A home-based office means lower overhead costs.

5. You can outsource service providers for your business without hiring them, For example, accountants and contractors.

6. For new businesses, there is a tax-driven advantage to starting out of your home. The IRS allows home-based small business owners to deduct a proportionate part of their home expenses off of their annual taxes.

Conclusion

A home-based business has many potential benefits. Rent and utilities cost less. Taxation matters gives some exemptions. There are low overhead costs. Create your idea, plan it out, work on your plan, and your home-based business is ready to launch.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

full of color image for middle age woman working freedom at laptop outdoor in the terrace, plants and nature in the background for independence concept
Working from home is becoming more mainstream because it is a good and cost-effective way of earning extra income every month. A home-based business is an excellent option for those who don’t want to continue their 9-5 job and want to test their business skills with a low-cost means.

A business needs determination, patience, and perseverance. Using your money wisely and saving money each month can go a long way. Keeping your investments with a bank is not a good choice; instead, invest that money into a low risk with a low return project, initially.

Every business has some risk but starting a small business from home will not be as risky as investing in a major market that you know nothing about. Here are some home based business ideas for kick-starting your business dreams.

Blogging

One of the best home-based business options is to start blogging about a niche topic. Blogs are successful and they are increasing in popularity. Many people have turned their hobbies into major profitable businesses. Blogging takes time to gain momentum while working from home, but the process can be sped up by using google analytics and other paid services for search engine optimization (SEO).

If the blog is successful and you have a large number of readers, the smart idea is to go ahead with Vlogging, the video version of a blog. YouTube and other video sharing websites offer the best opportunity for vlogging. YouTube has a policy to monetize videos once they exceed 10 thousand views. The more ads a channel has, the more money it can generate.

Selling Products Online

Today, social media platforms are bringing people together from around the world. The popularity of these websites has created a very lucrative market for selling items online. Facebook marketplace, eBay, and Amazon are some of the best platforms for selling products. Another useful method to enhance your income from online sales is to drop ship products. That way, you will not need to maintain an inventory. This is one of the best home-based business ideas for beginners.

Registering as an Uber Driver

Uber is a becoming popular for people who are looking for a small business that they can run from their home. With Uber, it’s possible to make over $20 per hour. Uber is technically a taxi service that relies on people to register their vehicles with the company. The best option for registering your car with Uber is that it is possible to earn more by giving it more time.

Uber allows you to work on a schedule that suits you, there are no fixed times to follow, and the rules are straightforward. The more you drive, the more you make. The good thing about Uber is that when there is a surge in the service, you can earn almost double than the rate initially meant to be paid. Depending on the time you devote, you can work at Uber as a part-time or full-time home-based business.

Child Care Service

Childcare services are one of the most sought after services for anyone who has the patience and care to handle children. Babysitting or a childcare service is one of the most profitable businesses that you can start from your home with no or very minimal investments, allowing you to have the option of working from home. If you have a large pool of friends, you can tell them to recommend your services as a babysitter for anyone who is looking for one.

Another way to get more clients is to make a small investment in maintaining a social media website. The website will be helpful in assisting you with highlighting your skills and talents as a babysitter. Encourage your regular clients post actual reviews about your services to attract more clients. Positive referrals from your friends and family will be extremely useful in increasing your clientele for a successful home-based business.

Freelance Services

Freelancing is a very profitable and popular way to start your own business. Highlight any skill that you possess and create a social media outlet to display your skills and expertise. A plethora of websites for freelancing are available that can highlight any skill set that you possess. Some of the most popular freelancing websites are:

  • Fiverr
  • Toptal
  • Elance
  • Up work

Photography, content writing, application development and logo designing are some of the best freelancing options for anyone who is interested and has the talent.

Direct Selling

If you can put aside a small fund and invest it in a direct selling venture online that makes working from home possible, over time it could prosper into a thriving business. Websites that offer direct selling opportunities through their portals provide their services for a small start-up fee.  A few companies offer you similar services without any charges. However, the best option is to choose the websites that request membership or start-up fees; a small payment could be the difference between a safe and risky online portal.

Using these direct selling portals, you can sell services or products that you create. For example, selling candles, bakery items, skin care products, handmade shoes, jewelry, clothing, pillows and other souvenirs. Some of the favorite websites for direct selling are:

  • Country Scents: candles, melts, and home décor
  • Nu Skin: health and beauty
  • Teespring: graphic t-shirts, bags, pillows, and mugs
  • Fibi & Clo: sandals and homemade shoes
  • Mayvenn: hair care products
  • She Anna Bella: homemade jewelry, handbags, and scarves
  • Linen World: handmade products
  • Do You Bake?: food for sale items
  • Kaeser & Blair: offers promotional products

Check out America's Best Bookkeepers

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.


 

 

Man in blue shirt working on laptop at home office
It’s not your fault and you are certainly not alone in facing financial management difficulties. It may not be your area of expertise to put debit and credit at the top of your priorities and that’s pretty normal! Being an entrepreneur, it is your prime duty to focus on core matters of your home-based business and care the least about money-management affairs because there are several accounting services that can take care of your finances with the utmost secrecy and confidentiality. Home-based businesses or industries are growing on a massive scale, which means that the demand for accounting and bookkeeping services has increased significantly.

Gone are the days when trusting online accounting and bookkeeping services used to haunt businesses. Now, the accounting houses are so professional that they won’t dare to get themselves involved in any unethical activities because they know that, if they are going to do such things, people are going to sue them. Although, it is true that home-based businesses find it extremely difficult to manage and overcome accounting and bookkeeping challenges, as they lack superior accounting or even basic accounting knowledge, skills, and experience in tackling tough financial concerns. For that purpose, hiring the services of experienced and well-qualified professional accountants or bookkeepers is a must.

Hiring the Right Accountant

The biggest misconception about such accounting and bookkeeping services is that they are too expensive. Not every bookkeeping firm or individual(s) with accounting knowledge charges you a lot. With so many options on the internet, you can easily find the right strategic fit suitable to your pocketbook. Home-based businesses may have little or no knowledge of account receivables/payables, financial paperwork, payroll, cash flow or closing of financial books at the end of a specified period of time.

Overcoming these accounts and bookkeeping challenges requires you to hire pro-level services of qualified accountants and bookkeepers. Moreover, the time and money invested in procuring the right services always pay off in the long run of your business journey. Hiring accounting services may seem like a challenge but, once you find the services of your own choice and specifications, it will sketch a clear picture of your overall financial standing. For home-based businesses, the right accountant or bookkeeper can serve the right need and, when the need is served, the purpose of the business is served.

Using the Best Accounting Software

If hiring an accountant to combat accounting and bookkeeping challenges is not an option, then an accounting software is a better alternative. As a business continues to expand and grow, the dynamics of the accounting system in place will change. This means that the system will either have to be upgraded per the new specifications or replaced entirely.

There could be several reasons why this could happen, perhaps due to the increase in the number of work staff, increase in customer base, business growth and expansion and evolving industry-specific needs. Therefore, home-based businesses need to ensure that the system recognizes all financial transactions and helps you track each one of them when needed. Whether you are a small scale business or large, you need to come up with a custom accounting software if all other accounting software fail to serve the right accounting needs of your business.

Staying On Top Of Cash Flow

The theory is simple, businesses that do not stay on the top of their cash flow or are not successful in managing their cash influx and outflow will not be able to survive in the competitive business environment for very long. This comprehensive statement indicates that it is extremely important for home-based businesses to manage their cash flow to the best of their abilities and commitment.

However, if you expect to combat accounting and bookkeeping challenges and stay on the top of the cash flow, then you should consider hiring a professional accountant/bookkeeper or employ and integrate the right accounting software. Streamlining the process is the first and foremost critical step towards achieving success and strategic goals. Hence, you must be very careful and play an active role in deciding the fate of your company.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.