When you finally decide to start your own business, you want everything to go the right way. However, startup costs can be staggering, so many people are opting to run their businesses from home. A home-based business comes with many benefits, including that you’ll not need to worry about costs like rent.
Before starting the business, you need to research to understand the realities around the industry. The fact is that your neighborhood could factor in determining different parameters for the business, including the parking situation, when you’re open, and the things you can deal in. Here are things to keep in mind.
Not Having a Business Plan
Starting any business without a plan is a big mistake. You need a business plan to guide you in your decision-making, as this is a document that defines your direction.
Put in the effort to plan your business and state the intended objectives.
If you’re unsure where to begin, look at free business plan templates, which cover different sections, including company description, marketing plan, and product and services.
In addition to writing a good business plan, you also need to register an LLC, which offers you tax benefits and ensures you have limited liability.
Not Choosing a Neighborhood Zoned for Business
The neighborhood you choose to host your business can dictate business atmosphere, foot traffic, and long-term success for the business.
Finding the ideal location means considering the right qualities to consider. In some places, you’re not allowed to run a business from a residential property.
Lack of Enough Business Capital
One of the challenges you must overcome when starting a small business is access to capital.
If you don’t have capital, the business will not attract potential financiers or investors.
You need to demonstrate you can pay back the loan or give the potential for your investors to get a good return.
Low capital will affect ongoing business operations and can jeopardize your ability to cover day-to-day operations.
To get business capital, first, determine the amount you’ll need, seek venture capital, or apply for a small business loan.
Not Doing Market Research
While the business idea may work anyway, if you want the business to succeed, you should invest some time in market research.
The factor to focus on is market demand for the product or service you want to offer, so determine current demand and future potential for your services or products.
Not Taking Time Off
As a home-based business owner, you might be tempted to work all the time. This mistake can mean you don’t have a proper professional space that compels you to respect professional routines.
It’s important to get the support of your family and ensure they understand the idea of working from home.
While it sounds odd, this is a real problem, which could affect your productivity. Plan your day with office hours in mind to avoid fatigue due to overworking.
Conclusion
Starting a home-based business takes a different process because of the environment in which you run the business. Avoid these common pitfalls that could make it more difficult to achieve your goals when running your business from home. Learn about the market and don’t interfere with your professional schedule.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
If you’re looking to get your caffeine fix in Locust Grove, Witch’s Brew Cafe is The Licata Group coffee house of choice! You’ll be entranced by the spell-binding aroma of their locally roasted coffee beans the moment you walk through the doors. Aside from delicious coffee, Witch’s Brew Cafe offers a variety of baked goods and breakfast options that are sure to make your mouth water. If you’re tired of the commercial coffee shops and prefer fresh, locally brewed coffee, then head on down to Witch’s Brew Cafe!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
With all the recent changes going on in the world, you may be wondering what all businesses have remained open. While it’s true that some have temporarily closed their doors, you might be surprised to learn how many are still open. Question is, how can you determine what all is still open in Fredericksburg? Luckily we have a solution to that question! Patch.com has provided a shared google document listing what businesses are still open, along with hours of operation, notes for customers, phone numbers, websites and information on how you can help support them! You’ll be able to find all this info by Clicking Here!
Whether you’re looking for homes for sale in Fredericksburg, Stafford, Orange, Locust Grove, Culpeper, Northern Virginia or even Maryland or DC, we are your Real Estate team committed to finding the perfect home for you! Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar, and in a timely manner. Pricing your home accurately, one of our area expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available properties, please visit our website licatagroup.com
Autozone is now open in front of the Dollar General by Lake of the Woods, in Locust Grove, Virginia.
How will this impact our community? Although, this is a sure sign that Locust Grove is growing, do we need and want corporate businesses taking over our tight-knit community? We already have a Walmart in front of the Somerset community…What more will this bring to our town? What’s next to come?
Don’t get me wrong Autozone will be great and convenient, but I’m torn between enjoying the new, quickly accessible locations (no more driving to Fredericksburg or Culpeper) and continuing to support the local businesses. To be fair, we do not have a local auto parts store, although we do have many small automotive shops in the Locust Grove stretch that can usually order a part, if necessary.
Many of us had been looking forward to a delicious new restaurant! I’ve overheard many talks about how splendid it would be if we had a Chik-fil-A right here in our neighborhood, or how about a Ruby Tuesday’s or Applebee’s to give some more options? I know we have Tokyo, El Vaquero and Clearwater, to name a few, but this could bring some more variety to a very repetitive location. While I am a huge supporter of local businesses, sometimes it’s nice to have something known and common; that being said – I certainly wouldn’t be opposed to a new, larger-sized family run restaurant, especially a well-run steakhouse!
All this being said, more businesses coming to the area, especially commercial, is sure to bring more homes and people to the area too. More businesses also equal more jobs for the current and future residents of Orange County. Are we the next Fredericksburg, Virginia? Many people that live here, especially in the Lake of the Woods community have settled here to get away from the everyday hustle-and-bustle of the city life. Many have second homes here in the lake that may currently live and work in the big cities (most notably, Washington D.C, Arlington and Fairfax) and they enjoy the peace of the country lifestyle on weekends or vacations. This is their escape. I suppose if the Locust Grove area continues to expand with new businesses and homes, some people and their families will begin to move further out into the rural areas that are Rhoadesville, Unionville and Orange, just to name a few.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your professionals for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia, we are your proven Real Estate professionals. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
