If you've been considering buying a business you can run from home, you'd be joining nearly one million people currently doing the same in Australia.
Working from home can offer flexibility and convenience, and can often be a great opportunity to start a new career.
However, you can maximise your chance of success by ensuring that you understand the risks and government requirements that apply to you, such as taxation, business finances, insurance, council approval and licensing requirements.
A successful home business requires an owner who is able to handle a wide variety of issues. In many cases, identical home-based businesses can have different levels of success due to different approaches to planning. By thinking through the establishment of your business carefully and taking the time to research and plan your operations, you can create a competitive advantage while also helping secure the future of your business.
If you're starting a home business, developing a thorough business plan is the best place to begin. To develop your business plan, you need to consider these points about operating from home:
- Is your home the best location for your business?
- Can you conduct the type of business you want under local council regulations?
- What are your legal obligations?
- What are the town planning requirements of your local government authority?
When you're taking the first steps in starting up a home-based business, take a look at the wide range of government advice and support available. Most state and territory governments provide home-based business kits and fact sheets, which are great for establishing the foundations of your business.
Networking is also an important way to keep up-to-date with business trends and to create business opportunities and relationships so, if you're operating a business from home, consider joining a local business association.
Like all businesses, home-based businesses need to register for business and company names, taxation, and other business licences and permits. Using your home as a place of business may also mean complying with particular state, territory and local government regulations.
The impact of your business activities on the surrounding residential area, particularly pollution, energy use and parking, can all require special permission. Depending on your type of business, you may need special permits relating to zoning, signage, noise levels or health issues.