There are hundreds, if not thousands of ideas for home-based businesses. If you’re good at cooking or baking catering is a good choice or you could provide freelance services of consulting, writing, photography or proofreading.
The possibilities are endless once you’ve discovered what you good at. But setting up a home business is more than just creating a dedicated space for your business work area. Depending on the type of business you’ll be conducting from your home there are various security measures to consider on how to start a home business.
- Set work parameters. Don’t mingle personal with business, create work hours from home and if you interact with clients or customers on a regular basis. Your office area should have a separate entrance that leads closer to the garage or back room where you can conduct your business. A safe distance away from your home and void of barking dogs, screaming children and other loud noises
- Protect your privacy. There are certain times when you don’t want certain people to know where you live. By getting a postal box, you get another mailing address that you can use for selected contacts and transactions.
- Insure. Many homeowners’ policies don’t include home-based business coverage. You may need to purchase a rider to protect your business assets from theft. And it’s worth speaking to your insurance company or broker to find out what your policy does and doesn’t cover for damage as a result of load shedding as it could be an extra cover that must be added to certain policies.
- Establish your legal structure, also for tax purposes to remain safe and on the good side of the law. A lot of home-based businesses are sole proprietorships. However, depending on the type of business you’re in you may want to consider other possibilities such as a partnership or close corporation. And choose a company name with an available trademark and internet domain name.