Designate a Space
As a business owner, you need a designated space to run your home-based business. The space should provide you with an area that’s free from distraction and that can hold the equipment and supplies you need to run your business. You may elect to use a spare bedroom, set up your space in the dining room while the kids are at school or redesign your garage into an office space. Cecelia Jernegan, author of “Working From a Home Office Successfully: Best Practice Tips,” suggests picking a room that has a door.
Equip your office with a desk or large workspace, a computer, printer, telephone, seating for you and your clients if you plan to meet in your office, a filing cabinet and plenty of storage space. Ensure that you have adequate lighting in your office space.
Manage Your Time
One of the freedoms of running a home business is having a flexible schedule. While beneficial, a flexible schedule can hinder the success of your home business if you don’t properly manage your time. Set a work schedule that outlines your office hours. Determine your schedule by examining the times of day you communicate with clients, your personal and family obligations, and the times of day that you’re most productive.
Hire an Assistant
Whether you run wedding planning or market consulting from your home, hiring an assistant can greatly impact the success of your business. Virtual assistants make it possible for home business owners to delegate tasks including administrative, budgeting and marketing activities. Since virtual assistants have their own office space, you don’t have to worry about making extra space in your home office. Communicate with these skilled assistants over the phone, via email, instant messaging clients and through Web video conferencing software.
Market Your Business
Marketing is essential if you want to run a successful home business. Marketing activities may include connecting with clients, potential clients and fellow business owners through social networks or email, making cold calls to potential clients, and attending networking events held by local business and professional organizations. Marketing can help you develop your client base and form partnerships with other business owners who offer complementary products and services.
Research Tax Deductions
As a home business owner, you may be able to take advantage of tax deductions, if you use your office exclusively for business. Inc. magazine advises that only profitable businesses qualify for home office deductions. The business resource cites that your annual write-off cannot be higher than your annual business income. Work with your accountant to determine which deductions, if any, you’re eligible for.