As technology advances and allows people like you and me to do more and more from the comfort of our own homes, it’s simple to see why the idea of starting a home-based business is becoming more popular. However, this does not imply that all home-based enterprises are successful — in fact, the vast majority are not. There is a process for starting and growing a successful home-based business, and there are no shortcuts.

There are several things to consider if you want to start a home-based business. Here are some of the most crucial things to think about to help you get off to the greatest possible start.

1. A company name
One of the first decisions you’ll need to make is what to call your new business. Do you want your name to describe what you do, what you stand for, and who you are or to be more abstract? If you think there’s a chance you may decide to become a limited company at some point, it’s also a good idea to check that your name hasn’t already been taken.

2. A company structure
When starting a business, you need to decide what structure works best for you: sole trader, limited company, or business partnership. This will have an impact on responsibilities such as what paperwork you need to complete and when, the taxes you pay, how you take profit out, and what happens if you make a loss.

3. Customers
In order to make money from your business, someone will need to buy your products or services. Market research is a vital step towards starting a successful business, so before you invest a penny in marketing materials or equipment, make sure you know who will buy from you, what they want or need and how you can help them.

4. A price list
Once you are clear about what you’re offering and to whom, you need to decide how much to charge. And this will largely depend on what the market rate is and what value people place on what you do. So, once again it’s back to research to find out what similar businesses are charging. You also need to consider the quality of your offering – are your products or services value or premium? – and price accordingly.

5. Somewhere to work
A very important part of starting a home business is finding somewhere comfortable and quiet to work. Clearing a space on the kitchen table among the morning’s breakfast dishes isn’t going to set you up for a productive and inspiring day. Instead, find somewhere where you have space to spread out documents if you need to, and where you aren’t faced with the distracting sight of piles of ironing or half-done DIY. If you’re a sociable person, you may want to think about renting a co-working space once or twice a week, too.

6. Equipment
The chances are, whatever your home business idea, you’ll need some equipment – even if it’s just a computer and a phone, and perhaps a printer. So before you start, make a list of everything your business needs to operate, and ensure you have it and that it’s in good working order (a PC dying on a deadline or losing irreplaceable files can be a very expensive problem). If you do need to purchase anything, remember to keep the receipts to offset your expenses against tax.

7. A business bank account
It’s much easier – especially when it comes to working out your tax – to keep your personal and business finances completely separate. You could opt for a second personal account for your business if you wish, but if you’re planning to expand your company at any point, or borrow money for it in the future, it’s worth starting out with a business account. You can also save money by using your company bank cards at trade-only suppliers.

8. An accountant
There’s nothing to stop you handling your finances yourself and completing your own tax return and company accounts, but an accountant is often a wise business investment. Not only will they save you hours of frustration and ensure that your accounts are legal and above board, but they can actually help you save money by ensuring that you’re making the most of any tax breaks.

9. Marketing materials
You may have the best business in the country, but if no one knows you exist you’ll never make it a success. Marketing materials can be as simple as business cards or flyers to post through peoples’ doors. And while a website of some description is a must for most businesses today, if your finances are really tight, you can establish a web presence for free with a Facebook company page. Other social media platforms such as Twitter and Pinterest also offer the opportunity to reach out to new customers without investing anything more than time and effort.

10. Passion
Starting your own business is an amazing and rewarding experience – it’s also the beginning of a journey that’s likely to have its share of frustrations, dead ends and late nights. If you’re going to make your business the success it deserves to be, you need to have the drive and self-belief to weather any storms. And sometimes the difference between business failure and success is simply the passion to see it through.

What are 10 Things Someone Should Consider Before Starting Their Own Business?

These elements to consider when beginning a small business may help you reduce risks and hurdles along the way – take note to assist prepare you for success!

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Making the decision to start your own business is always a scary task. There is no guarantee of success, and there is no way to prepare for all of the challenges you will meet along the way. Despite the many hurdles of entrepreneurship, a career in this industry can be extremely gratifying and, in some cases, life-changing.

Before embarking on an entrepreneurial enterprise, you must be confident in your ability to complete your project.

Do you intend to establish your own business? Not sure what the path ahead will bring? When starting a business, there are a few things to keep in mind.

1. Turn your idea into a plan

Every business journey begins with an idea. But how can you make your notion a reality? Spend some time developing a preliminary business plan and anticipating the problems you’ll face. For example, if you’re thinking about developing a networking app for young legal professionals, think about the practicalities of designing and developing the app, as well as how you’ll address the needs of this specific target market.

There is a lot to consider, and you don’t have to know all of the answers at this point. Make a mind map illustrating the steps involved in turning your idea into a reality. This activity will not only assist you in developing your formal business plan, but it will also prepare you for the challenges you will face in the process.

2. Self-discipline

This may be one of the most critical characteristics for a budding entrepreneur to possess. Because you are at the center of your business concept, you will be the one to hold yourself accountable. As an entrepreneur, you must adhere to your business plan, create and adhere to your budget, devote time to the development of your firm, and fulfill the goals you’ve set for yourself. If you lack self-discipline, this is something you should focus on before pursuing your entrepreneurial desire. Before you begin any venture, you must be willing to put in the time and work.

3. Be flexible

It might be difficult to acknowledge the necessity for modifications once you have firmly established your business plan and idea. While this is natural after putting in so much time and effort into creating one idea, it is critical to remain open to new ideas. Throughout the entire process, from envisioning to carrying out your company plan, your brainchild is sensitive to a plethora of elements that could result in major or minor alterations to your plan or idea. As difficult as it is, flexibility might be the difference between success and failure in the world of entrepreneurship.

4. Follow your passion

Passion is what drives entrepreneurs through difficult times. If you truly believe in what you’re doing and the project you’re working on, you’ll be more resilient and determined when faced with challenges. You’ll also be more effective in articulating the possibilities of your idea and your personal potential as an entrepreneur if you’re passionate about it.

Make certain that your concept motivates you. It will not only increase your motivation, but it will also improve your ability to market your idea to potential investors.

5. Listen to the pros

Watch TedTALKS about entrepreneurship, listen to podcasts, go to conferences and talks, read books, speak with other entrepreneurs at various phases in their own processes… Every little bit counts. These lessons are priceless for prospective businesses. Listening to other entrepreneurs’ real-world experiences will help you better prepare for your own journey. Remember that each event is unique, but making these connections will help you prepare for what’s next.

6. Find a nurturing environment for entrepreneurs

For example, at IE University, they cultivate an environment of innovation, exploration, and inspiration. This entrepreneurial attitude has helped us become one of the most popular locations for students from all around the world. We train our students for a career in entrepreneurship in a variety of ways, including lecture series, simulations, and competitions in which students present business proposals to investors. This fostering environment has helped countless students and alumni realize their entrepreneurial dreams.

According to experts all over the internet, the ability to be resilient in the face of any hurdles that may arise during the startup journey is the most common attribute that all successful entrepreneurs possess. “Starting a business is an ultramarathon,” writes Joe Robinson in his Entrepreneur piece, The 7 Traits of Successful Entrepreneurs. For years on end, you must be able to live with uncertainty and push through a crucible of hurdles. Entrepreneurs who avoid using the word “uncle” have a higher chance of discovering their market and surviving their inevitable blunders.”

Being resilient in the face of the ups and downs of entrepreneurship is difficult, but it is practically impossible to do so without self-confidence. According to experts, having a healthy feeling of confidence increases your chances of success. “You have to be crazy-sure your product is something the world needs and that you can deliver it to overcome the naysayers, who will always deride what the majority has yet to validate,” Robinson writes. On his Linkedin Blog, Dharmesh Shah agrees, writing, “You can do almost anything you have the desire, skills, and drive to do; you don’t need to wait for someone else to discover your talents.” You get to learn about yourself. The only thing stopping you is your unwillingness to take the risk.

All the resilience and confidence in the world would be useless if an entrepreneur did not continuously put them to work. To that end, all entrepreneurs must be highly imaginative and creative individuals who are constantly on the lookout for new methods, strategies, and ideas to attain success. “Entrepreneurs are almost defined by their drive to constantly develop new ideas and improve on existing processes,” writes Jason Bowser in a guest blog article for Minority Business Development Agency. In fact, most of them got their start in company this way.”

“Innovation comes from talking to vendors and people in the industry, but it also comes from having touch points in all different aspects of your life,” Leonis says. “You must be both inquisitive and social.” Finally, in Entrepreneur, Chip R. Bell encourages founders to aspire high, noting, “Since every day as an entrepreneur is a day you invent, make it a masterpiece.”

According to experts all over the internet, these three characteristics are at the heart of the world’s most successful entrepreneurs. But this is only the beginning; those entrepreneurs possessed a plethora of other characteristics that propelled them to the top.