How to Start Your First Business from Home

If you have come up with a superb business idea, which you believe could fill a gap in the market, you might be thinking of kickstarting your venture from your own home. However, there are many tasks you will need to complete and obstacles you will need to overcome to do so. For assistance getting started, find out how to start your first business from home.

Inform HMRC

Before you launch your business and start generating revenue, you must inform HMRC that you are now self-employed, which you can do online or via the telephone.It’s also a smart idea to embark on the HMRC’s free online training, which can provide sole traders with advice regarding record keeping and completing their tax return.

Write a Business Plan

Before you invest a considerable amount of time and money into your venture, you should write a detailed business plan. Even if you do not plan to seek financial investment for your new company, a plan can help you to remain focused to reach various goals.

Select a Business Name

If you have chosen to setup a limited company or limited liability partnership, you will have a legal obligation to register your business name with Companies House. You must, however, search the database before you do so to check your chosen name is available. If you are a sole trader, you will not need to register.

Set-up a Website

To develop a rock-solid online presence, you must set-up an attractive website that’s easy to use. There is, however, more to a site than an attractive layout and easy navigation. For example, you will need to avoid unwanted downtimes and slow page speed by opting for an honest, reliable web hosting provider. Click here to get started.

Open a Business Bank Account

It is vital to keep your personal and business finances separate, which can avoid confusion. While this isn’t essential to open a business bank account if you’re a sole trader, it can prevent financial issues from arising in the future.

Plus, it will help you to quickly review your accounts, which can support the tax return process and can help you make informed financial decisions for your new venture.

Consider Health & Safety Regulations

If you’re running a business solely from a desktop computer or laptop, there could be minimal health and safety regulations you will need to adhere to. However, if you plan to welcome customers into your home to receive your services, or you are prepping food, there could be various health and safety requirements you’ll need to meet to each day. To ensure your new business is legally compliant, you should visit the Health & Safety Executive’s website for advice.

Don’t Forget Insurance

Depending on the type of business you run, you may need to invest in a tailored insurance policy. For example, if your goal is to start a hairdressing business from the comfort of your home, you must secure public liability insurance to provide financial cover if a client is injured or property is damaged within your home.