If you have been stuck at home for the last 18 months due to lockdowns, there is a good chance that you have decided to set up your own business. This small business has either been a small hobby that has stayed a small hobby, or it has grown to be a better idea than your current job. So, if you have been thinking about taking the next step as a business owner, here are some of the things you need to consider.

Your address

If you have been working from home, you will need to get a business address. This might not seem like a big deal but it depends on the type of business that you have and how it is registered with the local tax offices. You could discover that your home address ends up listed in a business directory. You don’t need to go and buy a new building but you should consider renting a mailbox so that you can put your business address somewhere else.

Insurance

All businesses need some type of business insurance and the type that you need will depend on the type of business that you have. You might need to speak to commercial insurance brokers to see what your best options are. The simple fact is that when you do any type of business, you run the risk of having an insurance claim put against you. And if you don’t have insurance, you run the risk of losing everything.

Long term

If you are enjoying your business, that is great. But will you enjoy it in a year? What about five years? Having a business is completely different from having a job. If you have a job that you hate, you can quit. If you suddenly hate your business, it can be a lot tougher to ditch. You need to consider if you can do this business for years to come. Not just mentally, but physically too. Also, is this something that you can train people to do? You might want to retire after a few years and there could be a chance for someone else to run it while you stay on as the owner.

Growth

Having a hobby business that keeps the lights turned on is great. But what about the business growth? Is it possible to expand and grow how you earn money? If it has the ability to keep the lights on, it can hold the potential to buy you a house or make you a millionaire. It is always a good idea to explore how your business can grow. If being a millionaire doesn’t appeal to you, even having the ability to generate a nest egg of savings to fall back on is a big bonus.

Having your own business is great and there is a lot of potential to grow and have fun. However, always check around to see that you are doing everything legally and all of your bases are covered. Good luck in your new venture!