Here’s a simple list of typical things you’ll need for a home office:

1.     A computer

Although it’s tempting to use the family PC to run your online business, you’ll run into potential problems if you decide to share the computer with someone who loves to download various software programs, or who likes to spend a bit of time playing computer games.

If you need to go computer shopping, you can let your fingers do the walking by computer shopping at well-known online computer sites like Sony, Apple or Dell. You will also have the option of renting or leasing a new computer, which also helps with your budget. Most computer stores will offer some type of finance purchase.

When it comes to making your computer selection, take into consideration what you will be using the computer for. For example your computer requirement will vary considerably if you need a lot of space for large graphic files, or if you need it for basic internet research and email.

Also, you might want to check out what rebates you receive, if any, for buying for your business.

2.     Back up your data

If you’re going to splurge for a new computer, you’ll also need to figure out how to back up your data on a regular basis. You could consider purchasing an external hard drive or memory cards at somewhere like Harvey Norman, or you might want to consider an online backup system. You can have your files backed up online while you work, for a very reasonable price. Online backup solutions I would recommend include Carbonite or JungleDisk – check them out!

3.     Which software do you use?

Of course, you can’t work without software. Some people may be comfortable with Google Docs, but most standard computer installations also need an office suite that can go a little further. You might like to consider the very popular Microsoft Office, which works for Windows XP or Vista; Microsoft Office 2008 can help you if you go for a Mac; or for an alternative, have you considered using OpenOffice? This is a program that you can purchase and download online. To manage any accounting, you can turn to MYOB or QuickBooks, or use an online accounting system such as Saasu or Freshbooks, which both work great.

In addition, it would be wise to install an antivirus program, but speak to the salesperson where you purchase your computer for your best options.

4.     Shop for a printer or all-in-one.

If you need to print ad copy or invoices for your clients, you’ll need a printer. There are lots of models of printers to choose from: from basic printers to those that have various inbuilt capabilities such as fax, scan and copy – all in one. For a little extra cost, this might suit you better than just a basic model. If you’re considering using faxes only very rarely, may I suggest considering a virtual fax number? Visit www.mbox.com.au for further info.

5. Bring in the furniture!

If you’ve got a limited shopping budget, you may try somewhere like Ikea to buy a few simple pieces such as a desk and chair. eBay is also an excellent place to collect items for your office such as a filing system, a shredder and even a waste paper bin. Also, if you’re keeping any sort of inventory on hand, you’ll want storage options that are pet-proof and can withstand nosy family members. One more thing that can help with organisation: for convenience, you can try out a portable, mobile receipt and document scanner or digital filing system such as those offered by Neat Receipts - http://www.neatco.com. So nifty!

6. Get connected with phone equipment options.

Right now, most people are happy with the service that Skype offers because it’s convenient and incredibly cost effective. iPhone users can even use Skype on the go! As mentioned previously there are other “virtual” telecommunication solutions, such as MBox, but it really depends on your individual requirements. There are also telephone answering services available, at little cost, for small business owners.

7. Stock up on office supplies.

I hate to start a project only to run out of the office supplies I need, so I like to stock up beforehand. If you don’t have an Officeworks nearby, consider purchasing online. There are also plenty of stationery supplies online stores that also provide considerable discounts for buyers. Online stores such as www.oo.com.au and www.dealsdirect.com.au also sell stationery and office supplies.

Well there’s my to-do list for setting up your home office. When you’re setting up your internet business, you don’t have to spend thousands to get the office you want. Start with the basics and upgrade as your business expands, and set up a simple budget for your office supplies. And don’t forget to check with your accountant or bookkeeper to see what qualifies for a tax deduction!

Most people that own their own business get to a point where they realise they can’t grow if they don’t get extra help. Time is precious and can mean the difference between drowning under paperwork, and moving your business forward.

While the notion of relinquishing control of your “baby” to someone else is somewhat scary, it does make sense.

And if you think that you can’t afford staff, think again. These days many people work remotely and can offer you and your business support for a fraction of what it would cost to have someone working in-house.

A Virtual Assistant could be the answer.

Virtual Assistants are just like your traditional Personal Assistant, however they work from their own home office and don’t step foot into yours. This means that you can have someone working for you and they don’t need a lot of training, they don’t need benefits such as annual or sick leave, maternity leave, workers insurances or superannuation.

Virtual Assistant’s, also known as VA’s, run their own business independently and therefore are “consultants” and send you an invoice either weekly, fortnightly or monthly for their services. So when it comes to tax time, you may even be liable for a tax deduction.

One of the many great benefits of hiring a Virtual Assistant is that you control the cash flow. Some might offer you a retainer package, and some might charge as they go. The choice is usually yours and this enables you to decide how much you want to spend per week/month. You are not obligated to continue using the service and you can cancel if you change your mind.

There are plenty of Virtual Assistants available around the world. Some specialise in real estate, some in finance, and some in web design. It’s just about doing your research and finding the right one for your business. You may like to have someone local to you, so that you can meet with them on a regular basis and build a face-to-face relationship. Or perhaps you would like to go with someone overseas, to provide basic services such as internet research and data entry for a fraction of the price. The beauty of a Virtual Assistant is that location is irrelevant; you just need to find the right person for the job.

Whatever your decision, there are many benefits to hiring a Virtual Assistant. The most common being that you have more time to spend on things such as growing your business, spending time with the family, or hitting the gym. Whatever you decide to do with those extra hours, you won’t regret it!

Give your business the best shot at success by implementing the following basic financial procedures:

•  INVESTMENT – how much are you prepared to lose?  Try and find a way to start off on a smaller scale and test the market first.  

• BUDGET & CASHFLOW – a simple spreadsheet of what you estimate your income and expenses will be.  A cashflow tracks how much money you should have left if you follow your budget! 

• BUSINESS PLANNING – It can start off quite basic and can be used as a working document that is updated regularly.  If you don’t have a clear vision, then it will be all too easy to get distracted and incur unnecessary costs.

• PRICING – make enough profit to cover your costs.  If you are planning on selling a product, put together a spreadsheet showing your cost, wholesale & retail sale prices.  If you are importing, make sure you base your prices on an exchange rate that will cover any fluctuations.  Include coverage for freight, duty, warranties etc. 

• ACCOUNTING SOFTWARE – there are many accounting software packages available which are really easy to use – some of these will also be able to track your stock. Either find a reputable bookkeeper or if doing it yourself, try and do it on a weekly or fortnightly basis so that it doesn’t get too overwhelming.

• MULTIPLE INCOME STREAMS – my personal favourite!  Most businesses will suffer from seasonal fluctuations and quiet times.  Find other income generators to complement your main product or service.  These may not necessarily be big earners, but if you have a few of them they will help to keep you afloat in the off peak times.

 For more information on anything finance, or to obtain templates of spreadsheets for budgeting, cashflow, pricing, or any of the above, please contact us at admin@theideasbook.com.au