If you are pondering over the idea of starting a business at home, then you would want nothing less than be able to get the business up and functioning at its best. However, you might experience a few mistakes on your part during the initial phase, but with the eagerness to learn from them you will overcome them. Also, with enough in-depth analysis, you can easily avoid the most common pitfalls that most emerging entrepreneurs tend to make initially.You might also be interest in part 2 of 5 Difficulties You May Face With Starting A Business At Home.
Following is a rundown of 5 of the most common problems faced by new home business owners:
Lack of proper planning: While starting a business at home, it’s important to plan well ahead to overcome any possible difficulty, such as unexpected expenses or curtailment of supplies etc. Unfortunately, some start up home businesses do not back their actions with proper future planning, and thus have to face the consequences if something goes wrong. Business/financial software such as Peachtree or Quickbooks not just help you manage your budget, but they also allow you to plan out your future income potential and expenses well in advance.
Lack of a professional place for client meetings: Unless you have devoted a self-contained portion of your house to the business, it’s not really a good idea to meet your clients or business associates at home. Sad but true- it may cause an adverse effect on your image and credibility. So, in the absence of a proper work-place, it’s always recommended that you hold your meetings at any off-site– such as a coffee house or restaurant or any decent neutral venue with a favorable environment for conducting business meetings.
Legal constraints: Before proceeding ahead with starting a business at home, it is really important that you study the zoning laws, permits, licensing as well as any other legal obligation you will be required to take care of. After all, the last thing you would ever want is to do is lay out all the plans, buy your equipment, arrange everything and announce that you are open for business, only to find out that the existing laws make it illegal to operate your type of business out of residential premises.
Maintaining a professional image: While starting a business at home, maintaining a professional image can make the difference between success and failure. Unfortunately, many people tend to take the legitimacy of home based businesses with a pinch of salt. The only way to alter their perception in your favor is by enacting your own business site, printing business cards, subscribing to a separate phone line for your business, get a post office box for mail and taking any other possible measure to project a professional image.
Lack of dedicated phone line(s): It is always recommended that you subscribe to a dedicated business phone line, or at least keep a cell phone exclusively for taking your business calls. Frequent phone calls from your friends and family can often unwittingly eat up your precious business hours, so a phone line which is separate from your personal number is a basic necessity for all start ups. A very good tip for controlling your time management.
Website exposure: Running a home based business means that you do not have any ‘shop front’ exposure so it is very important that you have a designated website for your business and that you promote it consistently. This may end up being your main contact point for future clients.
In part 2 of this article you will be able to read more about the financial side of starting a business and your self-discipline.
Starting a business at home is a long standing dream for many people– but sadly, more often than not, they find themselves struggling during the initial phases. Hence, you should always put up a sincere effort to prepare for the aforementioned problems that may bring potentially devastating consequences upon your home business.
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