5 Practical Tips for Starting a Business From Home
Did you know that leading companies like Amazon, Disney, Apple, Google, and Hewlett Packard all started from the homes of everyday people? That’s right! And with a bit of planning, strategizing, and funding on your part, you can start a successful home-based business as well. Read on for five practical tips on starting a business from home, landing your first few clients, and staying productive while working for yourself.
1. Explore In-Demand Opportunities
Before starting just any home-based business, it’s important to explore in-demand opportunities to improve your chances of finding entrepreneurial success. Due to the pandemic, for instance, some in-demand business ideas include:
Selling handmade products online.
Starting a dropshipping business from home.
Operating an on-demand printing service.
Buying products in bulk and distributing them at a profit.
Renting products to customers, such as vehicles, clothing, or musical instruments.
In addition to these in-demand ideas, you could start your own home-based business as a writer, editor, web developer, marketer, graphic designer, or social media manager. Consulting is another great home-based business idea to consider if you’re an expert in your field, whether it’s marketing, finance, advertising, communications, public relations, or technology.
2. Embrace Your Strengths and Talents
In addition to exploring in-demand opportunities, it’s important to keep your strengths and talents in mind when choosing an idea for a home-based business. According to Ryan Robinson, you’ll have a greater chance of achieving success as a business owner if you pursue an idea that allows you to use your natural talents, strengths, and hard and soft skills. Since some home businesses are best for extroverts while others are ideal for introverts, your personality type could also come into play when choosing a business idea.
3. Fund Your Business Idea
To pay for typical start-up costs such as hiring staff, affording professional website development services, purchasing inventory and office equipment, and covering working capital costs, you may need to apply for one or more types of business financing. In addition to helping you get your home-based business up and running, business financing could also provide you with the funding and peace of mind you need to reach your entrepreneurial goals more quickly. Several great funding options for small businesses include the following:
Non-government funding through organizations like ZenBusiness, Facebook, Verizon, and Amazon
Government funding through the U.S. Small Business Administration (SBA), including traditional SBA loans, the Main Street Business Lending Program, and SBA Bridge Loans
4. Create a Productive Work Environment
To find success as the owner of a home-based business, you’ll need to set up a private office space that keeps you productive, motivated, and on track to achieving your goals. To create a productive office space, start by reviewing the home office deduction requirements from the Internal Revenue Service (IRS). Then, outfit your home office space with an all-in-one printer, copier, and fax machine, ergonomic furniture, and productivity-boosting decor pieces such as plants, natural lighting, and a few stylish touches that inspire you. Other indispensable tools for home-based business owners include time-tracking apps, accounting software, and social media management tools.
5. Market Your Business
Once your business is up and running and you’ve created a comfortable workspace at home, you’ll need to market your business in order to land your first few clients and customers. Start by optimizing your website to ensure that you can be found online, posting content to your blog and social media pages, and joining any relevant business associations, chambers of commerce, and community groups. You could also use social media to offer free products and services to your first few customers.
If you need help with your social media marketing strategy, don’t hesitate to reach out to Symmetrical Media Marketing, who can help you promote your brand and develop leads that can separate your business from your competitors.
A Final Word
Whichever type of home-based business you’re looking to start, these five tips will help you to select a business idea, obtain the funding you need, create a productive office space, and find your first few clients. It may take some time to find success, but you’ll get there if you remain focused on your business goals for the future.
Special thanks Amy Collett for the guest post!!
Edited by: Andrew C. Belton