Ideas and tips for starting a business from home

Benefits and drawbacks of a home business

If you’re drawn to the idea of starting a home business, you already have the first ingredient that’s a necessity – enthusiasm! However, it’s important to carefully balance the benefits and drawbacks of starting a business from home before you get started. This will enable you to balance your own priorities and plan for the challenges ahead. 

Benefits

• Flexibility – As your own boss, you can work when and where it suits you. This is why sales businesses from home are popular amongst young parents as it allows work to fit around other priorities. 
• Passion – When you choose your business, it makes sense to focus it on something that interests you. Whether you’ve had a problem solving idea, or want to indulge your passion for a certain industry, your business is an opportunity to be at the heart of a hobby or interest. 
• Challenge – For some people, finance is not an exclusive motivator. The challenge of learning new processes and mastering them is what drives them. Starting a new business from home gives you all the opportunities to learn how to structure, plan and market your organisation. 
• Funding – You may be able to access government grants for new businesses. There are also tax deductible benefits to remember to utilise when you buy items for use within your business.  

Drawbacks

• Unpredictable – When you start your own business from home, your income can vary dramatically. You will rely on the performance of the business to be able to pay yourself a salary. 
• Space – If you need equipment to provide a service, or hold stock to fulfil orders, you’ll need space. Allocating an area in your home can cause stress, which is why it’s important to plan facilities like a self storage unit from the outset. 
• Social – While new business owners benefit from more freedom to balance work and personal commitments, it can also be lonely. It’s important to get involved in local networking groups, both to stay connected and to forge business links.
  

Sales or services?

Most home businesses fall into one of two camps: will you sell a product, or provide a service? While service based businesses tend to require less initial outlay, they rely on your presence to provide the service. Many people are drawn to sales based businesses as they have the potential to give a greater return once established. With flexibly sized storage options and a rolling contract, a self storage unit is the ideal way to hold and organise stock as your business grows.

Sales business Ideas 

Do you have a passion for fashion, or desire to offer solutions? These ideas for sales based businesses from home might give you the inspiration you need to make the next step.

Home Decor

If you’ve always had an eye for design, selling home decor items might be for you. You may want to choose a specific theme or a style to mark your business out from the rest. 

Art Prints

From graphic design to memorable quotes or even bespoke designs, printed items are always in demand. If you’re able to invest in a quality printer, you can even purpose your storage unit to be your print room.

3D Printed items

With a 3D printer, you can supply bespoke items such as bakeware, figurines, phone cases, jewellery, and even prototypes for designers. It takes investment and space, so it’s worth housing your workshop in a secure storage unit facility. 

Vintage Fashion

With so many re-selling marketplaces out there, those with an eye for a bargain might start a vintage boutique. Time is a key investment here as you’ll need to find those perfect pieces and potentially sell at markets and fairs. 

Arts and Crafts

From materials to product stock and workspace, a business as a maker tends to require space and order. You’ll need to take into account your time when you price your products.

Health and Beauty

Whether you work on behalf of one or multiple brands, selling is a popular way to share a passion for beauty products. Stick to a strong principle here to differentiate yourself, for example eco, natural, or high end products. 

Subscription Boxes

This is an increasingly popular product to sell as a new business and ideal for tying your passion into your business. From baking to reading, art to self care, the possibilities are endless. 

Upcycled Furniture

These businesses rely on selling fewer large items, and so each piece tends to be invested in. The key is having the space to update pieces of furniture without needing to cut corners.

Niche Gifts

Consumers are always looking for unique gifts for that special someone in their life, and they look to an interest to theme a gift. So you might sell cycling, running, or music themed novelties to tap into this. 

Pet Accessories

Our pets are becoming increasingly important to us. From pet accessories to practical solutions, the pet industry is growing and if you love animals, it may be time to get involved!

Once you know what you want to sell, there are practical things to get in line. From registering your business and setting up accounts to designing branding and building your online presence. However, the key thing for sales based businesses is stock. Blue Box Storage is here to supply the space you need to keep your stock organised and secure. Contact us to discover more.