If you are an aspiring entrepreneur, you do not necessarily need to take a commercial space on rent or lease to run your business. There are many advantages of running a business from the comfort of your home. Many professionals like doctors, lawyers and architects work in an office space within their residential property. One of the biggest advantages of working from home is that you can cut down on your operational and infrastructural budget. Here are a few important factors that you need to keep in mind if you are planning to run your business from home:

Choose an appropriate space

First and foremost, you need to identify an area within your home that best suits your business requirements. An ideal way to choose a work space is by undertaking a thorough study of your layout. The amount of space you require to set up your work space completely depends up on the nature of your business. For instance, if you are a lawyer or doctor, it is a great idea to convert your basement into a consulting room. In case, you are looking to establish a catering business, all you need is a spacious kitchen and a small room that can be converted into a store room.

Acquire permissions from your resident’s welfare association

The next factor that you need to consider while planning to run a business from home is to get the necessary permissions from your resident’s welfare association. When you own a business, you will be involved with various stakeholders such as your employees, customers and vendors. In order to facilitate smooth entry and exit of your visitors, it is important to inform your welfare association regarding the nature of your home-based business. This is also crucial to sort out issues relating to parking and usage of basic infrastructure like electricity and water. Furthermore, if you are running your business from a rented residential property, then you need to take the permission of your landlord.

Get the necessary business licenses

Licenses are extremely important to ensure authenticity and reliability of your home business.  The nature of the business license depends upon the type of your business. For instance, if you are planning to run a catering business, you need to acquire a Food Business Operator License from the Food Safety and Standards Authority of India. You might have to acquire additional licenses in case you are employing heavy industrial equipment for your business.  It is always advisable to make a list of all the important licenses while charting out your business plan.

Ensure accessibility without hindering the privacy of your family

When you run a business from home, privacy of your family members is an important factor to consider. You must ensure that there is a strict balance between professional and personal life. It is always advisable to set up your work space outside of your main living space. Creating a separate entrance to your office would be a great idea to ensure the privacy of your family members. This also facilitates better accessibility for your customers. For example, if you are a doctor, you can set up an exclusive pathway for your patients. In case, you want to bring a more professional approach to your business, you can also install a notice board clearing stating the work timings and the number of working days.

Make use of technology

If you want your home-based business to be successful in the long run, it is important to adopt the newest technologies. Even though you are running a business from home, you need to invest in basic amenities such as laptops, high speed internet connectivity, smart phones, air-conditioners and printers.  It is also a good idea to make your business more customer-friendly with a helpline number. You must also ensure that you payments are digitalised by using card swipe machines and establishing effective payment gateways.

Additionally, you must focus on having a designated work time in order to maintain a proper work-life balance. These are a few important pre-requisites that you need to keep in mind before you start your home-based business. Although there are no set rules to run a business, these factors can contribute to the success of your firm in the long run.

Looking to invest on a newly launched property that can fetch you great rental income? Visit Lancor and check out our premium range of luxury apartments with top notch facilities and amenities.