By Christine Deutsch (Sarina Russo Entrepreneurs Business Coach)
Starting a small business from home has never been more appealing than it is right now. The uncertainty of the pandemic has led to a desire by more people to take control of their careers and in the last financial year saw an increase of 15.2% in small businesses registrations[1]. But is starting a small business from home as easy as it sounds?
Going into business is a choice and at times the road to success can be very rocky. Working from home has its benefits and challenges and it takes time to figure out the balance.
The benefits include:
- more flexibility in working hours and lifestyle
- lower overhead costs – this depends on the business
- less time spent commuting
The challenges include:
- doing everything in the business, not just the job you did for your boss
- feelings of isolation due to fewer opportunities to interact with others
- never being able to leave work behind or inconsistent hours, which may place strain on health and relationships
- more opportunity for distractions while working at home can impact on productivity
There are rules; increase your success by learning the rules of the business game. You don’t need to know them all before you start but understanding the basics will help you prepare for each growth stage along the way.
The rules of business include:
- Legal requirements e.g. business name, trademarks and protecting your intellectual property, GST, council approvals, insurances to manage potential risks
- Tax laws, accounting and getting customers to pay on time
- Marketing and Sales - there are ways that work, and you want to learn these to keep the flow of business coming in
- Operations, procedures and managing your business workflow
- Hiring employees and all that goes with the responsibility of having staff in your business
Adjustments are needed. You went into business to be your own boss in charge of your own income and to create your own lifestyle.
- Manage your work-life balance and safeguard relationships with work boundaries and a daily routine. You’ll want to be able to close the office door and still have a space to call home.
- Stay motivated by planning short and long-term goals – keep your eye on the destination and celebrate the stops along the way.
- Maintain and cultivate a steady trade by creating and sticking to a systematic and consistent approach to finding more customers and project managing not only the work but blending your life into it as well.
- Keep learning new skills - this investment that can quickly translate to an increase in productivity and in income.
- Regularly assess if home is still the best place to operate.
- Participate in regular networking opportunities, find your support teams of like-minded people who can help you grow and connect you with resources your business needs and potentially new business.
- Seek advice and ask for help when you need it. Business is a team sport; it’s not something you can do on your own.
When I started my own business offering bookkeeping, coaching & professional organising services I knew some rules but not ones I needed to know in my new circumstances. I enrolled into the NEIS program to fill in the knowledge gaps, get qualified with Certificate IV in New Small Business and to get the support of a business coach. I was encouraged to network, and I met my new like-minded people.
If starting your business from home is your next career move and you’re ready to start then make the choice (and keep making the choice), learn the rules as you go and make the adjustments for the success and security you want. To find out more about the Sarina Russo NEIS program https://sarinarussoentrepreneurs.com/neis-program/
Not 100% sure you will be able to create a startup successfully?
We offer accredited small business training that can help turn your business idea into reality. Sarina Russo Entrepreneurs (SRE), in conjunction with The Self-Employment Assistance program (previously New Business Assistance with NEIS), enables Australians to set up and run their own small business. The Self-Employment Assistance is 100% Australian Government funded.
Sarina Russo Entrepreneurs (SRE) supports candidates as they complete BSB40320 Certificate IV in Entrepreneurship and New Business. During this, candidates create a comprehensive business plan and a two-year financial cash forecast. SRE Trainers provide meaningful mentoring for the first twelve months.
Eligible candidates receive the training and support to create a viable business plan, in addition to obtaining a Certificate IV in New Small Business.
For more information, please click here.
Source:
[1] Business Insider – Bianca Healey Aug 22,2021 – from ABS data
https://www.smallbusiness.nsw.gov.au/get-help/councils/guide-starting-and-running-home-business
