Almost anyone can work from home, but starting a home-based business is a completely different story. It requires just as much work as starting any other business does and has a whole range challenges that other business owners might not face. These include working around your family, deciding where you’re going to meet clients, and impromptu visitors that don’t understand that you being at home doesn’t mean you’re not at work. If you’re considering starting a small business of your own, there is a lot that needs to be done. Here are ten things to get you started.
Have What It Takes
Before you start making any big plans or set up your office, you need to make sure that you’ve got what it takes to do the tasks that need to be done. As I’ve already mentioned, there is a lot that you need to do to set up your home business, and this is going to take a lot out of you. If you can’t handle long working hours, struggle to manage your time, and aren’t great at budgeting, then running a business might not be the best career move for you.
Make The Room
If you’re certain that you can do what needs to be done, then you need check that you actually have the room in your house to accommodate a home-based business. When most people work from home, a desk and computer is usually enough room, but you’re going to need a lot more space for an entire business. If you’ve got it, it’s always best to have a room to yourself, so that you have enough peace and privacy throughout the day to work.
Decide What You Want To Sell
All businesses have to sell something, so your next task is to figure out what product or service you want to sell. Rather than pick something random out of thin air, you should do your research, and find a problem that doesn’t have a solution. Then, you can create a product or service to fix this problem. If this problem affects you personally, this is even better, as it means that you’ll be passionate about what you’re selling, which will give you the motivation you need when times get hard.
Research The Competition
There are millions of businesses out there, which means that chances are, your business isn’t as unique as you first thought, and that you’ve got competition out there somewhere. Although this does make your life a little more difficult, it is also a lot of help, as you can research these competing business and find areas that you can improve on. Your aim should always be to be better than your competition, so this research is essential.
Know Your Market
Your product or service may be amazing, but without customers, it’s completely useless. You need to research your market, and figure out exactly what it wants, so that they will stop buying from your competitors and buy from you instead. Conducting market research and speaking to customers is the best way to find out this information and apply it to your business. To do this, you could reach out to these customers online and ask them to fill out questionnaires.
Find Out Legal Requirements
Although it might be tempting to start selling from your home right away, this is rarely possible, as most areas have laws surrounding running a business from your home. If you don’t follow these laws, you could be forced to close your business, face fines, and worse. It’s essential that you get all of the permits and licenses that you need to operate if you are to avoid this. This can get pretty confusing, so you may want to speak to a lawyer to make sure you’ve got everything.
Review Your Insurance
When most people set up their first home-based business, they make the mistake of assuming that their homeowner’s insurance will also cover their business. Unfortunately, this is rarely the case, so you need to check your policy and get additional insurance if you need it. You may also need additional coverage for your car if you also use this for business.
Figure Out Your Finances
Starting up a small business can get pretty pricey, and, unfortunately, a home-based business is no exception. Before you start making any big purchases, you need to figure out how much money you’ve got, and how much you’re going to need to spend to get things up and running. If you don’t have enough to cover everything, you need to look at funding sources for your business and ways that you can cut costs.
Get Yourself Online
As tech blog, TheCoderTips says in one of their posts, if you don’t have social media for your business, you haven’t even begun to touch the potential for your success. As a home-based business, the internet, and particularly social media is incredibly important for your business, so you should get your profiles and pages set up as soon as you can. They will be invaluable when it comes to marketing and customer service.
Talk To Your Family
Every entrepreneur needs to consider their family before starting a small business, but this is especially important with a home business. Despite how it feels, you aren’t going to be working within your own little bubble, so your work is going to affect everyone else that lives in your home. They’re going to have to make a lot of changes and sacrifices for you, so you need to make sure that they’re onboard. If you don’t, it could cause friction; Don’t let your business cause problems within your family.
There is nothing that you can do to guarantee the success of your business, but if you forget to do any of the things mentioned above, you are a lot more likely to fail. It’s going to be a lot of long hours, late nights, planning, and preparation, but if things go your way, it’s all going to be worth it.