5 Things To Know Before You Start Your Small Business

Are you an artist who has been creating exquisite handmade art for friends and family for a long time? If you are seriously contemplating turning your passion into a business, Congratulations! You have made the right decision. Here are some things you must know before you take the plunge.

You are the captain of your ship

The very first thing you must remember is that YOU are the spirit behind your shop. By that we mean that every decision you take can make or break the image of your store. How well you portray your small business is directly proportional to how seriously others will take it. For example, a handmade jewelry artist adorning her beautiful creations at her pop-up store will create a great impression on prospective customers visiting her stall.

Demarcate a work area

For those of you whom retail space is not a premium, get yourself a studio. It does not have to be as fancy as it sounds. A studio for an artist is like an office. A small room with a desk and wall cabinets to stock your commodities is good enough. If you’re working out of your home, get an office table with a large working area and plenty of drawers underneath. If possible, put up a curtain to segregate the space from the rest of the house. This will help you get more productive and concentrate on your work better.

Maintain sacrosanct timings

Remember you are in it for making money. Being a home based business does not make it any less important than other business or job. If you can and really want to take it to the next level, dedicate an eight hour work slot. If you are starting out small or have other commitments or have a day job, you may not be able to give those many hours. But even if you are giving 2 hours daily, do it in a disciplined manner.

Get your documentation right

This is something most of us seem to miss out on. Even if you are ‘just trying it out’ or ‘don’t know if it will take off’, getting your company registered at the outset is a must. This will save you a lot of hassle later when your business does take off. Do you want your home business to be a sole proprietary or a LLP partnership with a friend or a private limited firm? Find a good chartered accountant who can help you understand the paperwork involved. You may have to spend some money now, but you’ll find it is totally worth it.

Conflict with your job

There is nothing wrong in holding a day job and running a home based business on the side. However, you need to take a few precautionary measures lest you end up sacrificing your constant source of income for it. Read this post to know the 9 things you must remember while pursuing a hobby business while holding a job.

There is nothing stopping you from achieving what you want if you have the confidence in yourself. Good luck!

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