10 things to know before you start your home store
Mar 29, 2017 Interiors
Anchor: Onal Kothari
Photographs: Shutterstock
Photographs: Shutterstock
Running a home-based business is harder than you think it would be. It sounds wonderful to enjoy your spare space in the house by creating a mini-game zone or opening a boutique you always dreamt of. Architect Onal Kothari walks you through the factors you need to keep in mind before you get started with the interior work.
- Know your neighbourhood: First and foremost you need to understand your potential clients. Understand people’s mentality, know the location needs and justify it with your offerings.
- Space: Select the best fit to start your new venture according to your business needs and functionality. For example, if you are about to start a product business at your home, confirm your selling style (retail or wholesale).
- Permissions: It is necessary to obtain a vendor’s license through your city administration office. The proposed plan with clear specification of dedicated space in home, name, structure etc. should be objectified and approved by municipal corporation after which interior work can be started.
- Hidden expenses: Believe it or not, whether it is a mini square foot area or a large room, the government will add a lot of taxes you didn’t even know existed. Keep an eye on these taxes. Read and retain information about taxes which will prove to be the most cautious step for business.
- Connectivity: Check the accessibility of your home. There should be enough connectivity to your house. Limited accessibility may prove futile for your business.
- Staircase: Direct stair connections between your store and other floors will directly track your money. For example If you are planning to set up a boutique on the ground floor with a staircase connecting to upper floors, the connecting floors will be considered commercial which will increase tax pay.
- Electrical distribution: There’s slight deviation in electricity when it comes to ‘home shop’. You can’t use domestic electricity (i.e. one you use in the house) for your store. There’s a separate connection for it (coined commercial connection).
- Waste management: A definite management of waste or residue is another necessity to get permit for a home shop.
- Renewal of documents: Make an effort to understand all the contracts and leases. Also, ensure you are insured so that you are covered in case of any emergency situation.
- Sponsorship: Use your resources to keep the business in long run by sponsorship. A lot of sponsorship program would create more fun as well as become a learning experience for your clients.
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About the author
Onal Kothari
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