5 tips for starting a home business

So here's an update on my nanny referral agency set up: the website is ready to go live at a click of a button, I have my business cards printed, nannies to hire and I just got a lawyer review my business contract. In other words I'll be ready to start operation in the next few weeks! I've come such a long way and it has been a steep learning curve. Today, I'd like to share some tips for starting a home business.
1. Research your target market - After having identified who my potential clients are, I've talked to so many local mums and dads and other carers about my business idea to garner feedback, suggestions and to better understand them in terms of their values, their concerns and what they want from their nanny.

2. Research your competitors - Initially, I'd wished and hoped that there wouldn't be any other nanny agencies to compete with mine and then one day it occurred to me that having competition is actually a good sign in that there is an actual market/demand for the service. By sussing out my competitors, I've been able to work out what my business's point of difference is; what makes it unique.

3. Insurance cover - Ultimately my team of nannies as well as myself will be liable for the safety and care of all the children they are contracted to care for, so it is crucial that I provide appropriate public liability insurance for all my nannies just in case one of them is found to have caused injury or property damage due to negligence.

4. Get a good lawyer - Not only do I need a lawyer to review my business and employee contracts, I will also need one in case (touch wood) I need to make a claim against the public liability insurance policy I've taken out on behalf of all my nannies . Firths the compensation lawyers is one law firm that specialises in such claims.

5. Set up a business account - One of the first things I did was to set up a business banking account so that there was a clear distinction between personal and business finances. I also set up a separate mobile phone on a business plan and was able to enjoy some perks offered only to businesses such as phone upgrade and free calls.

This list is by no means exhaustive and I plan to share more tips as I go along! So free feel to share any business tips of your own too.

Disclaimer: This post is sponsored by Firths The Compensation Lawyers. I was compensated for this post but all opinions are my own.

11 Responses to 5 tips for starting a home business

kidgranny said...

It's all coming together! So excited for the launch!!

Anouk said...

I'm so happy for you that your project is materializing! Wishing you good luck with everything; happy parents and happy children.

Rowena @ rolala loves said...

How exciting for you! Good luck Trishie!

Rose said...

Good luck in your new undertaking. So excited for you.

Lady of the Manor said...

It sounds as through you are ready to go! Good luck with this new adventure!!

Pamela RG said...

These are helpful tips. Lots of research and a lawyer would really help you establish your business. All the best on your new endeavour.

Midnight Cowgirl said...

Best of luck with your new business!

Sharon D said...

How exciting! All the best in your new business, Trishie!

sonia de macedo said...

This sounds like a wonderful new venture for you. I love these steps you've marked out. I am hopeless when it comes to this kind of planning.

Sxx
www.daringcoco.com

Michelle {Jarrah Jungle} said...

Some really great tips and including the legal and serious side is a must too as it's important to cover all bases - yourself, your clients and your workers. It's peace of mind knowing you've done it right from the get go and it should be smooth sailing for you going forward in your new business venture :)

burntfeather said...

Super excited for your Trishie, looking forward to hearing how it goes :) :)