A simple Google search will offer thousands of articles filled with tips on how to manage a small business from home and what you should do before, during, and after setting it up to make the whole process as seamless as possible.
That’s because, when starting any business there are MANY things to consider before you’re up and running, like organising your finances; choosing a business name and logo; registering your business, and deciding on a location.
Location is one of the key decisions when starting a business. Many of us may be unable to make the commute between home and office everyday — especially if you have children to look after, a household to run, and what may feel like a million other errands to complete.
So if you have a small business and it’s just you doing the work, your home can be a great location for you to work from.
As mentioned, there are an overwhelming number of articles on how to manage a small business from home, with a lot of them having an overlap in their tips and advice. That’s why we’ve done some reading for you and compiled a small list of tips that may help you get your small business started and able to manage it from home.
Set up a work space separate from your living area
This is critical. Having a space dedicated to your small business, such as a home office or your garage, can help you work more effectively and concentrate better because of the quiet space and solitude it provides while you work.
A separate workspace can help you get into a ‘work mindset’ as it will remove you from any distractions you might face from working in another part of the house.
Structure is a must
Having a routine based on when you work best, (early morning, afternoon, or nights) and when you take breaks is key to managing your small business – it will help you focus and get more done than if you work at your most productive times.
Connect with outside networks
It’s important to check in from time to time to stay up to date with information that may impact your business. Having a network of like-minded people to meet or chat with on regular basis – to talk business and share ideas can be a great way to socialize and be in contact with likeminded people and stay in the know of latest trends in your line of work.
Tell the taxman
A great thing about a small business is that it may create potential tax deduction opportunities. Main or not, if your business is a source of income for you, then you need to tell the taxman so that they know what you’re doing and you can pay the right amount of tax every year on your business – and maximise deductions.
Not doing this can get you into trouble and you may end up having to pay money back.
Talk to an accountant
As a small business, you may take on a lot of jobs yourself, that larger businesses may have staff for, or entire dedicated departments.
Engaging the services of an accountant is wise – they know exactly what you can claim at the end of each financial year.
Invest in a scanner
Buying in a scanner can help you keep all of your business documents in order so that you have digital copies of all business expenses, receipts, who ordered what, shipping details – so that when the end of the financial year arrives, you have all your records on hand and ready to be dealt with.
Claim small business expenses
When you spend money on your business, such as buying supplies, equipment, office furniture, etc, remember to keep your receipts, as many of these expenses may be able to be claimed as tax deductions.