3 Golden Rules for Starting a Successful Business from Home

As more and more people switch to working remotely, it’s becoming increasingly clear that many successful businesses do not require a physical office or shop location in order to be successful.

You may be using this time to consider how you can turn an entrepreneurial dream of yours into a profitable reality, all from the comfort of your living room.

Fortunately, thanks to modern technology and the fact the business licensing can now be done entirely online, it is possible for almost any business to be launched from home. If you’re considering taking the leap, here are three essential tips for starting a successful business from home.

1. Consider How Your Idea Can Be Implemented from Home

There are few business ideas that can’t be tweaked in some way so that you can run them from home. Naturally, if your business dream is to become a chauffeur or run a Michelin-starred restaurant, staying at home won’t cut it. But you can adapt those ideas so that they become viable home business models (i.e. by coordinating a taxi service from home or turning your kitchen into a food delivery operation).

You may even want to take a job or business that you previously worked outside the home and see what changes you need to make for it to work from inside your home. Consider all of the practical aspects of your business idea and test every scenario to see if you can actually do it from home. 

2. Get All of Your Paperwork in Order Before Doing Anything

first time doing taxes

The last thing you want is for your budding home business to get shut down because you didn’t take the necessary steps to ensure what you were doing was actually legal. Anyone whos opens up a business in the UK, either from home or elsewhere, must make sure they have completed the legal requirements before they begin trading.

Fortunately, this is a very straightforward process in the UK. All you need to do is to choose a business name and register with HMRC as a Limited Company (Ltd.). In certain industries, such as food service, you will need to apply for an obtain a license. You will also need comprehensive liability insurance for virtually any business. Fortunately, all of this can be done online in just a few minutes. 

3. Make Sure You Have the Right Infrastructure in Place

home business infrastructure

Whatever business you choose, it is vital that you have the infrastructure in place for it to run smoothly. Let’s say you are running an online business. If you have a drop-shipping operation going on, you will need to make sure you have a reliable delivery system in place to get your items shipped to your customers in a timely fashion. If you are running any sort of online business, smart and secure digital payment solutions are vital.

One useful sector to consult here is the online casino games industry, which processes millions of pounds worth of deposits and prize payments to customers in the UK every day. To do this, they make use of well-known and trusted payment platforms such as PayPal and PaySafeCard, rather than trying to develop their own payment processing infrastructure in-house. This is an example of a critical business infrastructure that can be obtained for virtually no cost to you. 

With these simple and straightforward steps, you will be on your way to towards running a successful business from the comfort of your own home. 

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan