Starting a new home business can be an exciting time in your life but it also pays to be cautious. When you’re starting out it’s easy to make mistakes that can bankrupt you before you get out of the starting blocks. Fortunately many of these mistakes are easy to avoid with some simple forethought and we will discuss the most prominent of these in this article.
Limited Business Skills.
You may be an excellent architect, hairdresser, or artist but you may have no idea about bookkeeping, record storage, telemarketing, or running a mailing list. There are professional that can help you out with this matters but as a new business owner you will need to do as much as you can for yourself in order to save your money. Join a local small business group or service organization and network with other small business owners. Call your local Junior College, University or Small Business Assn and take a small business class to help you brush up on your business skills. It is imperative you learn about payroll and sales taxes if you don’t want to find yourself in a mess. Overlook the accounting aspect of your business and you will find Uncle Sam knocking at your door quickly.
Not Acting Professionally.
Many home businesses operate where clients may need to come to your home, you must make sure that it is a professional place to visit. Instill confidence. You will need to make a good impression when you are inviting people to your home office. You are operating a professional business and your clients won’t be confident in you if you have a messy office, the dog is barking or the kids are screaming when you are meeting with them. If you don’t have a separate space for your home office such as a converted garage or detached office space, consider hiring help to professionally clean your home, and look after your children and pets while you are meeting your new clients.
Not Managing Your Time.
You are used to being in an office from 8 to 5 Monday to Friday so an easy trap to fall into is not managing your time effectively when you work for yourself. Working in your pajamas during the day may sound exciting, but remember, you no longer have a boss asking you if your report will be on time or if you’ve met your sales quota. This is now your responsibility and if you aren’t careful it can be a difficult situation to adapt to.
Prioritize, draw up a schedule and stick to it. Remember even though you are in your home, you are running a business and you need to make sure you can accomplish your business. Keep your work space separate from your…