Now you’re almost ready to begin your UK home business. You have an idea of what equipment you need, you have the capital on hand, you’ve decided on a name for your business, and you have products and services to offer. On top of that, you also did your market research, and have found out that your business model is viable, and you’ve also found a good client base.
Now what? What should you do next after doing your homework? Well, time to make your UK home business official with these seven setup tips.
First things first
From the outset, you don’t need to do anything, except maybe get a bank account to track income and expenses. There’s no need to contact the tax man or register as self-employed until you start making sales.
If, however, you intend to start as a limited company, you should register your business immediately. It’s an advantage to have capital injection into your company formalised. Doing so, you can start expensing costs as you incur them. Keep a close record on the financials so your records don’t bleed out (aka your business drowns in debt). Also – and this is absolutely important – keep your receipts and invoices in a safe place for your accountant.
Build your workstation
Think about what equipment you will need to start off. Certainly you’ll need a computer, phone line, and printer (and lots of paper and ink). Landline phones are almost unnecessary these days, as mobile phones are just as good, and you can bring them anywhere. A good internet connection is a big plus; however, it’s a must for an online business.
If your UK home business has any specific requirements, invest in those equipment as well. For instance, you may need a graphics tablet if you’re a graphic designer, or a DSLR camera if you’re a photographer.
A vehicle is optional, but you may need it when your business involves selling any physical products. You could hire courier services to deliver the products for you; this is more convenient. Though if you want to ensure that your customers really get their orders, delivering them by yourself is also a good option. It also gives that personal touch to the delivery if your customer sees the business owner himself/herself bringing the order.
Depending on the kind of business you have, you may need external premises. When starting out, look for rented premises or serviced offices. When you are more established, you can then move into areas with more space and higher property value.
Otherwise, use your own home as your office, especially if you have an online business! If there’s not much space at home, you could have a space built as an extension of your house, to serve as your home office.
Copyright and Intellectual Property (IP)
Everything you produce – anything technical or even a simple company logo – is your intellectual property. Make sure you protect your ideas and products with copyright, so that only you can make money out of them. You can find many lawyers who specialise in IP or patent law to help you. Or, you could study the principles yourself. There are many resources online that you can read up on.
Advertise your UK home business online and offline. You can do this in many ways: there’s social media, online ads, newspaper ads, flyers, posters, etc. Both online and offline advertising work in synergy toward the same goal: making people aware of your business and what you have to offer.
Word of mouth is particularly important, as research has shown that it increases sales more than any other advertising method. Earn people’s trust, and they will reciprocate that trust by recommending your business to the people they care about.
Look for local meets of like-minded entrepreneurs and industry networking events. Small business associations can have good networking opportunities too. Use these events to learn expert advice, know the latest trends in the industry, and of course build rapport with your fellow business owners. It’s also a great opportunity to partner with others, so you can help each other’s businesses grow.
Hire a VA (Virtual Assistant)
VAs are quite valuable, as they can help you with a lot of tasks, in turn saving you a lot of time. Hire a VA when you have already established your business and have a routine / plan that you can train your VA to do.
Just like with website design, many freelancers and online companies offer VA services. They differ in cost depending on the kind of work you’ll ask them to do, and the amount of time you’ll ask them to work. The good thing is that you only pay VAs per hour of work, so it saves you the higher cost of hiring full-time employees.
With all that being said, you should now be all set to officially begin your UK home business! Don’t worry if you have to start small; everybody has to start somewhere. Just take your business seriously, manage your time well, and set goals. Doing these things will guide you on the path to success.
Would you like to know more about how to start a profitable UK home business?
Then head over to http://icopyit.co.uk to find out more from an expert. You can also copy his online business idea that’s proven to work!
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Every success to you,