The first question that comes to anybody contemplating setting up their own business is, “how much is this going to cost me” so don’t let your enthusiasm take over; before you march down to your nearest Social Security office to register as self-employed, consider what it really means to run your own business and the on-going costs involved.
With Freelancers and Administrative Consultants (also referred to by some as Virtual Assistants) on the rise, home offices are becoming more common than ever before. Things have changed though and the typical home office is no longer relegated to a tiny area of your house to tinker around in. For many, it is now a key room in the home where many hours are spent.
For this reason, it is vital for your office space to be functional if you’re going to run a successful business from it so careful planning needs to be done. Prepare a check-list of the equipment and furniture you’ll need. We touched on this briefly in a previous article (see Planning Is Key, Part 8: Calculating the Costs) but equipment aside for a second, think about the following:
In my town I see businesses come and go so quickly I almost miss them. One week there will be a great little shop selling the most amazing hand-made items but the next time I drive past it, it houses a team of lawyers. Many businesses die within the first six months of opening mainly due to a lack of forethought and planning. How can you potentially avoid that mistake and make a success of your business? Well, before you consider setting up a business, any business you must think about budget, goals, clientele etc while at the same time being careful of unrealistic expectations. What you need is a business plan.
