If you’d like to work and live on your own terms, running a home-based business could be the solution you’re looking for. With advantages like tax breaks, lower overhead costs, and greater flexibility in your day, there are many great benefits of starting and running a home-based business — especially if you already have space for an in-home office. Plus, working from home could save you an estimated $2,800 per year on things like fuel, vehicle maintenance, and office attire. If you pay for childcare, you could save as much as $10,000 a year!
If you already have a business idea and you’re ready to experience the many benefits of operating a business out of your home, this guide will help you to get started. Read on for some tips on starting a business in the state where you live, looking for financial assistance, and hiring and managing a team of remote workers.
Check Local Regulations
As you get ready to build your home-based business, you’ll first need to review the rules and regulations for starting a business in the state where you live. If you look online, most states have their own step-by-step guides that walk you through the entire process of starting a business in that state. However, starting a business typically means you’ll need to complete the following steps:
⦁ Select a business structure, such as a limited liability company (LLC), sole proprietorship, or partnership.
⦁ Apply for an Employer Identification Number (EIN), unless you’re structuring your home-based business as a sole proprietorship.
⦁ Obtain any required licenses and permits, such as a home occupation permit.
Purchase insurance for your home-based business, if necessary.
Register your company (LLC, S-Corp, Corporation) and get a free EIN, 1st-year registered agent, and a money-back guarantee through Filenow.
Once you’ve completed all the required steps for starting a business in your state, it’ll be time to set up your office and get to work! When setting up your office, remember to keep IRS requirements in mind to ensure that you’ll qualify for the home office tax deduction.
Look for Financing in the Right Places
While some home-based businesses can be built with no upfront costs, you may need to secure financing in order to hire remote workers and purchase new inventory and equipment as you get your business up and running during the pandemic. If you need to secure financing for your startup, the Chamber of Commerce recommends the following funding options:
⦁ Crowdfunding through sites like Kickstarter, Indiegogo, GoFundMe, Patreon, and Fundable.
⦁ Person-to-person (P2P) loans.
⦁ Rollover for Business Startups (ROBS).
⦁ Small Business Administration (SBA) programs, including the Community Advantage and SBA Microloan.
While building and financing a home-based business can be a challenge in this time of global uncertainty, public benefit corporations like ZenBusiness are experts in getting new businesses up and running. To assist startups during the pandemic, ZenBusiness is even offering $1,000 grants through its COVID-19 Grant Program. To qualify for the grant, you need to sign up as a new customer or have an active ZenBusiness subscription.
Hire a Team of Remote Workers
Once you have the financing you need to get your home-based business up and running, you may be ready to hire a team of remote workers to assist you in building a website, creating blog and social media content, and marketing your new business. If you’re looking to hire freelancers, online job board sites like Upwork, Toptal, Fiverr, and Freelancer.com can help you to find the right professionals for your business needs.
After hiring your remote workers, you’ll need to learn how to successfully manage and communicate with them. Good communication is vital to the success of any home-based business, and platforms like Slack can help remote workers to communicate more effectively. Plus, Slack allows you to create news feeds and channels that can be used to share company-wide updates or project-specific information between individual teams.
ZipRecruiter can help your business recruit and hire remote employees. Get started with a free trial and take your business to the next level.
Starting a home-based business can be a great way to experience more enjoyment and flexibility in your workday, but you’ll first need to check local regulations and secure financing for purchasing equipment and hiring remote workers. Once you’ve completed these steps, you’ll be on your way to working and living on your own terms!
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