Not everyone has heard of a home watch business. In fact, you may discover that a lot of your new clients will be equally amazed and impressed that such a service exists. There is no shortage of demand when you consider how mobile our society is. With working people earning two, three and four weeks of vacation time added to the retired folks who like to spend up to six months a year away from home, a home watch business just makes sense as a new business venture. There is no doubt that you can make a solid income just by working part-time hours at this business. I’ll even show you how to do that. But before you start looking into that part of the process, there are a few things you need to know before you fling open the doors to your new home-based business.
1 – Qualifications
This is probably one of the things I like most about the opportunity that comes with launching your own home watch business. You need no formal training. If you are an honest person, reliable, have integrity, attention to detail and an interest in providing a service that will help others, you are already qualified. As an entrepreneur, you will be working at something that will earn you a decent wage. However, your focus should be more on the delivery of your services than the paycheck at the end of the contract. Sure, the money part is important but I think that in order to be good at this type of business, you have to have a certain kind of personality. You just can’t start a business that requires regular contact with customers if you are not very personable. It just makes sense but if you are the type that enjoys meeting new people and watching their homes for them when they go on vacation, then the home watch business is a good fit for you.
2 – Covering Your Business
Insurance may sound like a costly expense but it isn’t. Think about this for a moment, if you are hiring a professional to do some kind of work for you, would you rather hire the person with insurance or the person without insurance? This is the same thing that your potential customers will be thinking about you and your business when they are considering whether or not to hire you. Plus, with the right insurance coverage, you protect yourself from a possible lawsuit or claim. Yes, it is unlikely that you will see either in your home watch business but as I’ve stated, being insured gives your potential clients something to base their opinion on related to the professionalism of your particular business.
3 – Your Office
Depending on your existing living arrangements and how serious you get with your home watch business, you are going to need a space somewhere to serve as an office. You could get away with just using a laptop in your vehicle but it may be better for you, in the long run, to consider setting up a small home office. If you do not have a spare room in your home, a desk and chair in the corner of a room will be all you will need. Add a computer with scheduling and bookkeeping software, a smartphone and you’ll have the office you need to run your business.
4 – The Legal Part
I consider this as one of the most important decisions you will ever make related to your home watch business. It has to do with the legal structure that you will use to operate your business. There are two different options available to you. You can operate your home watch business as a sole proprietor or as an LLC. Either way, it will mean that you won’t be running your business as a hobby and with the right legal structure in place, your business becomes a great deal more legitimate. However, both options have advantages and disadvantages. To make an informed decision on this important step, visit nolo.com, where you can read more about the pros and cons of each.
I like to look at these four things in much the same way as I view a house or building. Do you know how any kind of structure requires a strong and firm foundation first before the walls can be added? Well, that is what I consider these four steps as being. They form the foundation of your business long before you launch it and start signing up customers. Plus, by ensuring that you have a firm foundation in place, your home watch business stands a far better chance at becoming successful. The four items listed here I feel are necessary for any kind of business regardless of the type of service provided and the size of that business. With these four elements in place, you can move on to the rest of the steps that you will have to follow to properly launch your home watch business.