The decision to set up a business from home should be one made with the same intent, gusto and readiness as those businesses intending to lease an office.  But, quite often, many vital steps are overlooked, or deemed unnecessary, due to the misconception that being home-based doesn’t require such detail.  When in actual fact, it’s this lack of detail and thoroughness that often causes many home-based businesses to struggle, or even fail.  In my opinion, here are some necessary tips on how to launch a small business from home. To effectively launch a small business from home you must think like any other business owner.  In order to do this, it is important to ensure that there is a designation of space available to work from.  

Designation of space is so important

Whilst some may not have the luxury of a permanent space in the home in which to do this, temporary spaces work just as well.  The key isn’t in the permanent nature of the space, but the psychological aspect by which the space provides.  Know what the space needs, whether it be tangible or intangible in nature, and make it your own for the tasks required to be achieved.  

Be prepared to schedule time

Whilst I’m a sucker for a schedule and a list, it’s proven to be an effective tool recommended by many successful business entrepreneurs, including Richard Branson: “A to-do list, in addition to keeping track of the tasks you want to accomplish, it should also help you re-focus or think about your priorities.”

I agree. Especially when sharing time and space with your home life.  Knowing what needs to be achieved, timeframes in which things need to be achieved, either professionally or personally, also provides a clear direction by which time can be managed and time can be shared.  And, of course, a plan is only effective when it is monitored, measured and managed.

Finally … know your financial deductions

One of the most commonly misunderstood concepts by many home-based businesses is what they can claim, for tax purposes, for running their businesses from home. Whilst I would always recommend any small business to have a reliable accountant they can call upon for education in these areas, there are plenty of other resources available.  Websites such as Small Business Australia, Australian Tax Office and local council economic resources can all provide assistance in these areas.  But the most important aspect to remember here is if you do not understand something, be sure to find someone qualified enough to advise you in these areas.

Amy Bajada is a business coach and small business growth specialist. Her business is Management Solutions By Design. You can connect with her on LinkedIn.