A look at the rapidly booming home entrepreneur scenario
Technology is giving us a lot more than knowledge about distant occurrences and innovations. It is providing us with opportunities that never really existed before. Bloggers are getting paid to review food items and wear the latest trends while freelance software developers are sparking technological revolutions from their garages. Some of the most successful companies were merely garage projects. For instance, companies such as Amazon.com, Apple and Google were results of seizing such opportunities.
With the advancement of e-commerce, the field has become much wider and levelled for retailers of all types and sizes.
What are some advantages of starting a home business?
- Working your own hours
- Ability to control business outcomes with greater precision
- Flexibility in hiring staff, solely when project becomes too large for one person
- Establishing a brand identity, sitting at home
- Become a one man sales army and learn much more about the market than you can through a college education
- Use your existing social media contacts to publicise your business. Social media is a primary tool of promotion in this day and age. It can be daunting to someone who doesn’t use it personally. However, being user friendly is one of the greatest evolving factors of such platforms.
How to legitimise a home business?
- There should always be a bank account for your business, separate from your personal account.
- Complete and keep in order, all the required registrations such as company name, location and so on
- Daily activities performed under this premise should be done with a motive to earn a livelihood and eventually make a profit
- Keep all the factors of safety/social/corporate responsibility in check. These things can get tucked away in the light of profitable activities. Always ensure that these requirements have been checked out once and for all
- The business records should be able to exhibit repeat transactions
To know more about financing your start up business, or to learn more about developing a profitable idea, get in touch with us.