Top Reasons to Start a Home Business

by | Feb 27, 2023 | Entrepreneurship, Flexible Working | 0 comments

Working desk of VeturePoint Coworking space in San Antonio

If you’ve ever wanted to start a home business but decided it wasn’t for you, now’s a great time to think again. Today, VenturePoint offers reasons why you should and provides a few startup tips to help new entrepreneurs launch on the right track.

Why Start A Home Business?

Starting a home business comes with many perks. These include but are not limited to:

  • No commute. TitleMax explains that the average commute to and from work is around half an hour. When you eliminate the drive, you reclaim around five hours each week.
  • You are in control. Think about all the things you would have done differently in a working environment. As your own boss, you don’t have to do these, and you are in control of how your business operates.
  • Time with family. Having a work/life balance is crucial to our overall well-being. When you work for yourself, you can take time off for vacations, dance recitals, and even just lazy afternoons.
  • Wealth building. Nobody ever gets rich working for somebody else. Start your own business today, and you put yourself in a better position to build wealth for the future or to pass it on to your children.

Getting Started

Your home-based business won’t happen overnight. Ideally, you’ll take the time to prepare yourself for success. Here are a few things you can do now to get ready.

Establish your savings.

While you can start a business for as little as $2000, according to Business News Daily, you also need to have money in the bank to cover at least six months of expenses. If possible, save enough money so that you can pay your bills for a year while you take your time and start your business the right way.

File your LLC.

Starting a small business, especially at your home, is a risky process. You can mitigate some financial risks by filing as an LLC, which separates your personal money from that earned or lost by your business. Look for a formation service (this is less expensive than an attorney) that has good reviews and offers the support and services you need.

Get business cards and other marketing materials.

Your marketing should not reside solely in the digital world.

While you, of course, need a website and social media presence, you should also have business cards, which you can pass out at networking events.

A business card is a great way to leave a lingering impression, and you can design a professional-looking card using a template. Even if you’re not design-savvy, this may help you come up with just the right color schemes, fonts, and text that will help your business cards match your overall brand.

Research the competition.

No matter what industry you’re in, you’ll have competition. As the new kid on the block, you have to know who these are and how to make yourself stand out. MailChimp explains that a competitive analysis can also be done internally to identify your business’s strengths and weaknesses as well as your overall market.

Have a separate business address.

Even though you’re going to work from home, for your family’s safety as well as to look more professional, you need a physical address.

Having a separate address (you can often do this through a mail and package center or co-working space) allows you to keep your personal space private and allows for packages to be delivered without cluttering up your front porch. You can also get your corporate address set up when you work from a coworking space – reach out to VenturePoint to learn more!

At the end of the day, we all want the same thing: success. But when you want to put this success to work for you instead of a corporation, starting a business is the way to go.

A home-based business not only allows you to spend more time with the ones you love but also helps you determine how much you make.

To get started, know your strengths and weaknesses, file your business structure, and have plenty of marketing materials ready. After all, you never know when a networking opportunity will arise, and you want to be prepared.

Eliminate the hassles of maintaining a traditional office space while minimizing your overhead expenses when you conduct business at VenturePoint, your coworking solution.  Connect with us today to learn more! (210) 598-5595