If you want to get into working for yourself and running a small business, then doing it from home can be one of the best ways to go. It means that your overheads are low, and that you can start making some profit pretty quickly. But the thing that you need to do before you set up shop, so to speak, is check that you are doing everything in the right and legal way. It can different depending if you’re a homeowner or not, but you should still be looking into it. Here are some tips to help.
Mortgage Lender or Landlord
You should seek advice from your mortgage lender or landlord to let them know of your plans. Pretty much with a mortgage lender it is just to let them know that the house is now a workplace, as well as a home, but they may want to check your employment and income, if it is going to be changing significantly. If you are renting, then speaking to your landlord is a good idea. They may need to change for some additional insurance, as it is their property that has now become a place of work.
Plan For Emergencies
Since you will be spending more time at home, the chances or getting an injury or something happening in the home is going to increase. So you need to plan ahead. Think about:
- Getting a first aid kit for the home, so that you can deal with basic ailments
- Check on the home insurance that you have; does it cover the things you’ll have in the home for the business?
- Reduce the risk of losing inventory or stock by storing it elsewhere (like a storage unit) or by using dropshipping for the business. If you’re wondering what is dropshipping, then it is where a store (or you) doesn’t keep the products in stock. Instead, you’d get it from a third party and that would be shipped directly to the customer. It can reduce the costs of loss for you, as well as storage.
- Check things like your fire alarms and your electrical. You want to make sure that you’re working in a safe environment.
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Seek Accountant Advice
When it comes to tax and completing a tax return, there are some benefits to working from home, as there will be costs involved in running the home. But to make sure that you’re keeping it all above board, then it is a good idea to get help or advice from an accountant. They will know more about tax returns than you are likely to, and can advise on the best ways to do things.
There may be a few other people that you should speak to, like a solicitor and your neighbors. But all in all, and as long as it doesn’t involve lots of people coming and going into your home every day, then setting everything up can be a pretty smooth process. Good luck with setting up a business from home.
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