There are many reasons you should start a home-based company. No better time exists to create your own business, regardless of your motivations. You can also run your business from home with lower travel costs and flexibility.
Top Tip: Many household names began as small, home-based businesses like Apple Computers and Lush Cosmetics. Facebook, Ford Motor Company, and even Facebook are all examples of these companies. So, let’s get started.
Step 1 Make a solid commitment to your new venture.
Ask yourself this question: How many success stories have you read about that were started by people who just dreamed about it? It is hard to believe that you can’t achieve anything if you don’t commit. It would help if you did it until you succeeded. Although it is unlikely that you will make a fortune overnight, perseverance is key. It doesn’t matter how little time you have as long as you give 100%
Top Tip: It was reportedly 1,000 times that Thomas Edison tried before he invented the lightbulb. He didn’t say I failed 999 times; he said that I spent 999 learning how not to create a lightbulb.
Step 2 Are You Ready To Be Your Boss?
Yes! It would help if you enjoyed taking on risks and the responsibility that comes with them. You will also find it beneficial if you want hard work, making decisions, and all the challenges of starting your own business. It’s also important to be organized, adhere to deadlines, and work with numbers. If you don’t possess all these qualities, which is rare, then find someone who does. Hire someone if you need to learn the rules of keeping records.
Top Tip Success: Inspiration is 5%, and 95% inspiration is the key to success.
Step 3 – What business?
You can open your nail salon or pet grooming business, become a physiotherapist, landscape designer, affiliate marketer, or eBay seller, make self-help videos, and set up an e-commerce site. It doesn’t matter. The steps to success for any business are the same. The only different thing is how you respond and manage your business. There are thousands upon thousands of business ideas that can cover every product or service, even if you have yet to choose a business. Regardless of which company you decide to start, the following questions should be asked:
- Is there a market gap for your product/service?
- Are you looking for a product/service that isn’t available?
- Is it possible to make a living doing what you love or your hobby?
- Are you able to offer a better product or service than anyone else?
Top Tip It’s worth looking at startups’ common mistakes and how to avoid them.
Step 4: Developing Your Business Idea
Next, you need to go deeper and determine exactly which products and services are being sold and to whom. Even if you have an idea of the products and services you wish to sell, it is still important to be more specific. You can’t just say that you will sell pet products. You need to know what kind of pets they want and what products they need. Market research and marketing your product can make the difference between success and failure. It is possible to find out the buying habits and geographic locations of your target market and your competition. This information can be gathered by spending some time on the internet searching for businesses in your field. You can also look through local newspapers and shops for info. Or, you could conduct your market research by asking street people if they are interested in your services.
Top Tip: It’s often a good idea to have your family and friends say it, even though they might disagree. Ask independent people.
HTML5 – Do you need a business plan?
Good news: Only some businesses need a formal plan. This is especially true if you are a home-based company that doesn’t require outside funding. Learn more about Funding Sources for startups. A business plan can take time to create. You need to know how to make one, and they can take up to weeks to put together. This could lead to you spending more time focusing on your business. Studies have shown that a formal business plan is unnecessary for small-scale home-based businesses. When you are looking for financial support, this is the time you need to create a business plan. This is for banks, family, friends, and business connections. You will be more likely to receive the support you need; the clearer you see and are more organized.
Tip: Matt Coffin (founder of LowerMyBills.com) secured $4 million in funding by simply presenting a 10-page PowerPoint slide!
Step 6 – Startup Costs
You have an idea and have done some research on the market. Now is the time to ensure you have everything you need to start your business. Here is a list of common items home-based businesses need to start.
- A computer with associated software
- Internet access
- Create a website
- Fixed and portable phone
- Business cards
- If you sell products, access to enough stock
- A designated area, preferably in a quiet spot
- A desk
These items are short; you can get them all without spending too much.