Tips for Starting a Business from Home

Thinking of starting your own business from home? As you start to put your plan together, there are a few important factors you need to take into consideration to ensure that you’re set up for success.

Check Your Lease

Are you in a rental? Make sure you check the fine print on your lease, as it may not allow tenants to operate businesses out of their homes. Many landlords include this clause in the fine print because they want to avoid liability in cases of lawsuits, although some will allow certain businesses, favoring options that don’t require any customers/clients inside.

In this case, you may be able to run an operation like an eCommerce business without violating the terms of your lease. If your landlord approves, it’s important to make sure that you get it in writing. Alternatively, if you’re a homeowner, be sure to check with your local Homeowners Association chapter to see whether there are any restrictions on operating a business out of your home.

Get Your Permits

Depending on the nature of your business, you may need to apply for various federal and state licenses and permits before you can officially launch. These are essential to legally operating your business. If you don’t obtain the right permits ahead of time, a regulatory body could force your business to cease operations. You’ll have to shut down until you rectify the problem.

Find Space for Inventory Storage

Your home may not have enough room to store your business’s inventory. You might have a basement, a garage, or an attic with some extra space, but these areas may not be suitable for storing your products on account of the potential exposure to humidity, dust, mold, mildew, and pet hair.

It will be much better to set up separate, dedicated storage space for your inventory. If you have space in your yard, you should consider purchasing a shipping container and using it as a professional storage unit for all of your inventory. All you have to do is find a used shipping container for sale and then arrange for it to be delivered to your property. What are some of the benefits of using a shipping container for storage?

• It can be on-site. Your inventory will be steps away from your home.
• It is enclosed and secure. Your inventory will be safe from rain, snow, wind, and pests.
• It is transportable. If you move and need to bring your container to a new location, you can arrange to transport it by truck.
• It is customizable. You can modify your container to suit your needs. You can add insulation, electrical connections, security cameras, etc.

Prepare for Tax Season

Tax season will be much different as a business owner, even if you’re listed as the only employee. Before the upcoming tax season arrives, you should visit the Small Business and Self-Employed Tax Center to learn about the applications you will need to fill out, the deadlines you will have to meet, and other important details.

While your business is new, you should talk to a professional accountant that specializes in small businesses to guide you through the process. You’ll at least want this help for your very first year.

These tips will help you turn your entrepreneurial idea into a reality. So, start your business!