Why is it important to keep records? This is because it helps you identify the sources of your income and help you in deciding whether you should apply for a GST/HST.
As more people are locked down at home due to COVID19 more businesses are getting creative on how they can keep their operations running. As this global economic crisis continues, it is expected that businesses will not return to normal as soon as we want it. This situation also changed the consumer’s behavior and impacted the overall seller-buyer conventional journey. The rise of home businesses is fast-moving and its future is friendly, Entrepreneurs nowadays are embracing the remote business set up where their home becomes their business headquarters and their employees are getting used to zoom meetings and online transactions. It may sound easy but it is not as convenient as you think especially with no standard process and rules on how everything from operations to admin processes to employee management is created to follow, the first few months can be a testing ground for most business owners and due to the adjustment, it may affect your bottom-line. So to help lessen the impact of the lockdown on your business we bring you everything you need to know on how you can have a pandemic-friendly home-based business.
Determine if you can you bring business at home?
Spare some time to check on the following to make sure your business operations at home are allowable.
We can help you register your business Without a hassle so you can enjoy the benefits of having a registered business. You can also get a lot of advantages when you incorporate your business. Learn what incorporation can do for you
There are several great technology solutions to enable you to remain productive at home. There are also mediums that can be available for you online such as:
There is more technology that can help you grow your business online and we list them out for you! Check our blog about how to build your dream business online
Almost all business success stories start off small. Just like how big companies like Amazon and Apple begin their success stories at the garages. Make sure not to overspend in renovating your home for a business space, take advantage of the free tools you can use to make sure you will have a successful business at home. Business from home also has some tax advantages, In some cases, if you can show that a part of your home is being used as a principal and regular space for your business you may qualify for an income tax reduction.
Have a business plan.
Once you've chosen a home-based business write a business plan this will help you determine if you have a feasible idea. This also articulates a strategy for starting your business. Gives you an insight on steps to be taken, the resources you needed for achieving your business goals, and a timeline of anticipated results.
The balance small business lays out a great small business plan template.
Maintain work-life balance
Tendencies of staying late to finish all the task or spending all day running your business are high when you are doing your business at home make sure you balance your time between your personal and business life. When creating a schedule that works for you, think about the best way to achieve balance at work and in your personal life. Setting time aside from your business life allows us to recover from weekly stress, and gives us space for other thoughts and ideas to emerge. This also benefits business owners with employees as Hank Jackson, president, and CEO of the Society for Human Resource Management said “it is clear that in order to remain competitive, employers must find ways to offer flexible work options if they want to attract and retain top talent”
Running a home business is a rising culture in the business industry. It does not only save you money on expenses but also on taxes. But just like any other business, it requires hard work and creativity to make it work. A home-based business can create flexibility in how you spend your time and make money and there is no one size fits all in making a strategy to grow your business at the comfort of your home but the guidelines we provided can surely help you with a hassle-free set up of your home-based business.