In today’s day and age, people are making money through several different avenues, such as online or home-based business on sites like eBay or Etsy, selling items on Craigslist or Facebook Marketplace, producing videos on YouTube, etc. People of all ages are deviating from the standard norm of working traditional jobs, and are looking for alternative ways to supplement an income right from the comfort of their own home. Are you tired of your current job or simply looking to try something different in terms of your career? Interested in combining your passions with your skills and creating something great from them? These are the top five tips you need to start a home based business.
While starting a home-based business may seem like an unrealistic dream that only a select amount of people decide to do or can do, it is actually more common than most people think! According to a blog post by Incfile, there are 38 million home based businesses in the United States, and 70 percent of Americans would prefer to be self-employed.
Home Based Business Tips – Write Out a Business Plan
Every business starts at ground zero, and to effectively structure and build your business, you have to write out a business plan. Doing so helps you articulate what you are aiming to do, how you are going to do it, what resources you need to achieve your goal and the expected cost/profit of your goal. Here are some important things to include in your business plan:
- Your Basic Business Concept
- Your Strategy and Actions to Implement Your Strategy
- What Your Business Will Over in Contrast to the Outstanding Market/Industry You’re Entering
- Financing Needs
Home Based Business Tips – Determine Your Business Entity
The next step in the process of building your home based business is determining the specific kind of entity that your business will be. Lisa Furgison of Bplans.com writes, “You’ll need to select between sole proprietorship, partnership, LLC, corporation, S corporation, nonprofit, or cooperative. You may want to talk with your mentor, accountant, and lawyer to make this decision.”
Create a Schedule
Just because you work from home doesn’t mean that you want your work schedule to be all over the place. You don’t want to be working until 3am one day and going to bed at 7pm the next. Of course, some days are going to be unbalanced, but you want to have a schedule so you can stay organized and balance your workload in a healthy, productive manner.
Leslie Truex of the Balance Small Business suggests, “Find blocks of time you can use to build your business. For example, work an hour in the morning, an hour at lunch and two hours after everyone goes to bed. On your calendar, mark blocks of time for home business tasks and then guard that time.”
Home Based Business Tips – Designate a Proper Work Area
Plenty of us are guilty of having a messy desk or office area in our home. Think about it, when you have clutter like papers, books, memos, etc. all over your desk and office space, do you really feel like working in there? I know I don’t.
Having a messy workspace clutters your mind and distracts you from what you’re trying to accomplish. Since your livelihood and business is at home, you have to designate a proper space to work. In a blog post by Gunderson and Denton, they note that this is one of the common mistakes of people who have home-based businesses. They suggest that “having a reserved office space can help you get into work mode.
Even if your home is small, you can set aside a corner for your desk and computer specifically for your work. Eliminate all distractions in the area. If you have to work in a common area, keep your desk designated for work only, and create some sort of divide between work and home.”
Network, Network, Network
Networking online is no different than networking in the real world. Find people in your same niche, connect with them, follow their business pages and establish a relationship. Through networking, you can collaborate with people and expand your audience!
Additionally, promote your business on social media networks, such as Facebook or Instagram. Create specific pages on these sites for your business and link your business website on your Facebook and Instagram so not only can people reach you on social media, but they can also share your posts to spread the word! Use hashtags and look at the best times to post of each social media site to optimize your reach.
Creating a home based business is by no means an easy thing to do, but if you have a drive and a passion to mix your passions with your skills and make something meaningful of the two, then it is certainly worth it in the end.