When you first start a business, your main focus may be building it from the ground up and doing it in the most cost-efficient manner possible. For that reason, you may decide to use your apartment as your headquarters initially. You may be hesitant to disturb the peace of your space with running a business, but it can be done. A small space can provide everything you need for success when you know how to proceed.
Before you begin, make sure you speak with your landlord and get permission. Asking first is important since the landlord's insurance and mortgage agreements may prohibit running a business from the premises. If your business involves clients coming to your home, this may disturb neighbors and create parking issues.
Also, prior to setting up your business, check with state and local agencies to find out if you need to complete any paperwork or obtain any licenses.
Make the Most of a Small Space
Trying to run a business out of your living space is less of a challenge if you stay organized. If at all possible, dedicate a space to your business, even if it's only a small area.
You may opt to use one room for dual purposes. For instance, your dining room can double as an office. Purchase a desk that folds up into a bookshelf or onto the wall, or use a collapsible desk that you can place in a closet when not in use.
Know Tax Laws
It may take 18 to 24 months before your business becomes profitable. As a result, it's best to save money whenever you can.
Fortunately, when you use your home for a place of business, you may claim some of your expenses on your taxes. For example, you may be able to deduct your internet, phone, and other relevant expenses.
If you don't know a lot about taxes, you may want to delegate this task to a tax professional who can save you money while ensuring you follow all tax laws.
Separating Work and Home Life
When you work from home, you may neglect to realize that you need time to yourself, away from the business. Therefore, set designated hours, and let your clients or customers know of them.
At the end of your workday, physically step away from your work. Place it out of sight and out of mind, so you can focus on relaxing or getting your household responsibilities completed.
This also can apply to your social media. It can be tempting to make yourself synonymous with your brand, but having separate accounts for your company is helpful for allowing you to stay sane. That doesn’t mean you can’t promote your business, just be sure to use an image resizer for your photos. This will keep them appropriately sized for each platform.
Simplify Your Business
Especially as you're just beginning, it's best to focus on making running your business as simple as possible. One way to simplify your business is to form a limited liability company (LLC). You benefit from tax advantages and reduced paperwork. “So how do I start an LLC?” you might ask. You can complete the process online by yourself or use a formation service to avoid high attorney fees. Keep in mind that each state has its own laws and procedures for LLCs, so inquire about your state's regulations before proceeding.
Big Dreams Don't Require a Big Space
No matter how big your dreams are, don't let your small space interfere. Take steps to utilize your space and time wisely instead.
This article is brought to you by the Black Business Association, the ultimate resource for planning, launching, and growing a business. Together we are building an Ecosystem to inspire and equip our entrepreneurs by providing business education, resources, mentors, and networking opportunities. For more information, please visit our website or contact ustoday!