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A small home or
apartment may work perfectly for you, especially when you consider you
have less space to clean; however, starting a business in a compact area
could become a challenge. It's not impossible, though, when you know how
to make the space work for you and understand a few business management
tips.
Create a Dual-Function Room
When You're Limited on Space A small home or
apartment may work perfectly for you, especially when you consider you
have less space to clean; however, starting a business in a compact area
could become a challenge. It's not impossible, though, when you know how
to make the space work for you and understand a few business management
tips.
When you have limited space, consider making
one room a multipurpose room
A well-placed desk and small office set up
in the corner of your living room is another option.
Designate a Workspace
Even if you can't dedicate an entire room to
your business, you need a designated space for work. In this space, you
should have nothing but your desk and anything else you need for
business. When you have work-related items in the area, you'll be more
likely to stay on task and not get distracted.
DE clutter
You might be your own worst enemy when it
comes to living in a small space. If you're trying to keep too much, you
can easily become overwhelmed and have even less space.
Therefore, immediately after you decide to
start a business in a small space, start decluttering. You'll have more
space and feel less overwhelmed.
As a general rule, rid your home of
everything you haven't used in the last year. Chances are, if you
haven't used it yet, you're not going to use it.
Get Approval From Your Landlord
Besides contending with the space issue, you
should also take into consideration your landlord if you rent. Ask
permission from your landlord before you start a business for insurance
purposes. Keep in mind that, as a part of their mortgage agreement, your
landlord may be restricted from having a business operating out of the
house if they're still paying a mortgage.
Additionally, think about the potential for
disturbing the neighbors. For instance, if you have people coming in and
out of the house all day, your neighbors may not appreciate the noise.
If you’re unable to use your current rental
as the home of your business, you will want to find a new rental that
fits your needs and offers the necessary amount of space. When searching
rental listings, filters can help you zero in on specific amenities, but
always talk to the property manager about whether it’s okay to set up
shop.
Simplify Your Business Tasks
No matter how well you declutter and create
an area for your business, you may still feel stressed at times trying
to operate your business with limited space. You can, however, take
steps to make owning a home-based business easier.
For one, think about creating a limited
liability company (LLC) as your business structure. An LLC can make
running your business less complicated, especially come tax time. You'll
also have less paperwork, which means less clutter in your small space
and more time to focus on your business.
You can form an LLC yourself or use an
online formation service to avoid lawyer fees, though when it comes to
costs, prices can vary. Be sure to check into the state's regulations
before proceeding.
Make Marketing a Priority
Even a small startup needs to have a
marketing plan, and it doesn’t have to be huge. The goal is to get your
name out there and to boost your online presence. You can do this with a
top-notch website, using social media and opting for advertising like
Google Ads.
Small Spaces Have Big Possibilities
Your small space can provide you with
everything you need and more to run your business. With a
measured approach and attention to the
details, you’ll be up and running in no time!
|
Adam Evans is part of the team behind
CiteBrain.com which prides itself
in being a knowledge database sharing articles on various topics of
interest.
|
April 2022
If your business has run up some debt, you don’t need to feel
discouraged. Debt can be a part of the ebb and flow of running a
business, and there are ways to get your company's finances back on
track.
Adam Evans is part of the team behind
CiteBrain.com which prides itself
in being a knowledge database sharing articles on various topics of
interest. Adam
invites reader to check out the suggestions in the guide below.
1. Budget, Budget, Budget
When managing money, the importance of a budget can’t be overstated.
Maintaining a quality budget helps you keep on track, operate within
your means and be aware of changes in revenue and expenses. Your small
business budget should be revisited frequently so that it can work
within what can be a volatile market. Look for ways to cut costs by
shopping around for suppliers and services and negotiating when possible
to get you the best potential rates. As a way to keep close tabs on your
finances, invest in an
online accounting tool
that offers more than just budget help. Today’s platforms can do
everything from tracking employee time to managing payroll to offering
financial projections.
While you’re reducing costs, you also should look for ways to
increase revenue.
Utilize options for marketing that are free or low-cost and can bring
you big returns for your investment, and consider raising prices within
reason. Promoting goods and services that have a large profit margin can
help to build up extra income.
2. Find Funding
When in debt, businesses may need to look
for additional funding. While
loans
can work for some, many businesses already have substantial loans and
may be looking for other avenues. Investors can be an excellent way to
get the cash you need to keep your business afloat, and you’re no longer
limited to traditional investing practices. Crowdfunding has become an
extremely popular way of receiving funding from sources online, as have
angel investors.
Grants
are highly sought after because they don’t require money to be paid
back. Because of this, there is a lot of competition for them, and
applicants need to do everything they can to make their business stand
out. Familiarize yourself with the grant process and prepare a business
plan that establishes why your company is deserving of grant money. Look
for grant opportunities that are suitable for your industry and
available in your area.
3. Prepare for Future Difficulties
While no one wants to think of things going poorly in the future, it’s
much better to prepare for all eventualities. Forming a
limited liability company
is one way to help separate your assets from those of your business to
help protect you should the business run into trouble.
LLCs require less paperwork than other business formations and they also can save you some money when it comes to tax season. Online formation services make it easier than ever to file, allowing you to skip the lawyer’s office and do it yourself. Regulations on LLCs vary depending on the area you’re in, so research local laws before filing.
4. Prepare for Future
Success
Going back to school to earn a business degree can go a long way in
improving
your business’s prospects.
With classes covering everything from marketing and research and
statistics to corporate finance and human capital management, an MBA can
give you the tools to ensure your business not only doesn’t fall into
the red again but also thrives. Online courses have made it easier than
ever to achieve this goal. Check out the available programs to see which
might be the best fit for you and your circumstances.
When your business is in debt, it can be scary, but it doesn't have to stay that way. Make smart moves to help your business come back from debt stronger than ever and better prepared for trials and success down the line.
|
Adam Evans is part of the team behind
CiteBrain.com which prides itself
in being a knowledge database sharing articles on various topics of
interest.
|
June 2022
You're about to start on the adventure of a lifetime as you transition from a “regular” job to life as a digital nomad. You might be both a bit nervous and pretty excited about the prospect, but there are a few things you should take into consideration before you begin. DFIN invites you to learn about some of them.
1.
Get Your Job in Place
Before you can embark on your life as a digital nomad, you need to have a job in place. Freelancing gives you the most flexibility and freedom of movement, but you must decide on the
kind of
freelancing that fits your talents and skills. Perhaps writing is a good match for you, or maybe tutoring, editing, or working as a virtual assistant would be better.
If you lack the skills and knowledge to make yourself an ideal freelancer, you may want to consider returning to school for a
business degree. You can even earn your degree online from an accredited institution. With flexible coursework, you can pursue a degree focused on one of a variety of different business specializations. Once complete, your knowledge can make your skills as a freelancer in demand.
Whatever you decide, you'll have to structure your business properly and make sure it's registered. You might decide to form a
limited
liability company or LLC. This gives you greater flexibility, some tax advantages, and, of course, limited personal liability for the protection of your assets. An online formation service can help you learn how to start an LLC, as well as file all your registration paperwork in your state.
2. Market Your Business
Depending on the nature of your business, Geek Chicago notes that you may have to
do
some marketing to increase your client base. Set up a website for your company as well as social media sites. Encourage your current customers to tell others about their satisfaction with your work, and ask family and friends to share your pages on their own sites.
3. Communicate With Clients
When you've developed a client base, Proof Hub suggests making sure you
communicate
efficiently with your clients. Make an effort to answer all emails in hours rather than days, and reach out with questions and concerns immediately. Your clients will appreciate your promptness and attention to detail.
4. Find a Place to
Rent
As you travel as a digital nomad, you're going to have to find places to rent that are within your budget and tech-friendly. Remember that you won't be in your old residence any longer, so be prepared to deal with some challenges. Since you'll be working completely online, you must make sure that wherever you live has
reliable
internet access. Talk to the owner and other tenants about this when evaluating potential rentals. You might also discover that you'll have to settle for a smaller, less expensive rental, so
travel
light, and put some of your possessions in storage
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