What Are The Costs Involved in Starting a Home Based Business?

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Sick of being stuck in the rat race, or just want to earn money in a more flexible way? Perhaps you have a passion that you want to monetise. If so, starting a home based business could be for you- and may well end up being one of the best things you’ve ever done. If you’re thinking of taking the plunge, here are a few costs that you’ll need to consider to get yourself up and running.

Your home office

First things first, if you’re working from home you need a space to work from. Ideally this will be a spare room in the home- a bedroom, a conservatory or an unused dining room are all ideas. You’ll need to purchase a desk and a comfortable chair, bear in mind this is where you’ll likely be sitting for long hours so it’s worth choosing well. You might need to purchase storage, and office equipment like stationery, paper and other essentials.

A laptop or computer

Regardless of what your business is going to be doing, you’ll almost certainly need to be managing it online. From sorting your website to dealing with accounting software and more, you need a powerful device that will act as your businesses work horse. If you don’t already have a decent laptop or computer, it’s worth making an investment here so you can manage your online affairs hassle free.

Equipment and stock specific to what you do

Next, you’ll need stock and equipment that’s specific to what your business is going to be selling. If you’re a graphic designer looking to create and distribute art prints, you’ll need to invest in software such as Photoshop or Illustrator, a professional printer and shipping materials such as cardboard tubes. If you’re going to be opening a baking business, you’ll need a separate fridge (this is for health and safety reasons) as well as baking pans and tins, accurate scales, mixing bowls and more. Have a think about exactly what equipment you’ll need to get started, as well as materials- it could be anything from printer ink to food colouring depending on what you’re doing! These things can be expensive so you might need a loan to kick start your company- if you don’t have the best credit score you could look on a guarantor loan comparison site. Here you’re able to get a loan if someone you know with a good credit score essentially ‘vouches’ for you.

A website

Every business needs a website- even if you don’t sell online. This is because customers expect to be able to find this information these days. Imagine you’re a baking business for example, customers might not make orders through your site but if they’re considering buying from you they’ll want to know what you’re about. So pictures of past creations, a little information about your business and contact details should all be available. Even if you use Facebook as your main platform to sell and communicate, it’s good practice to have a website too. You’ll need to pay for hosting and a web designer to create something professional for you.

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