There are millions of entrepreneurs that do their business from their homes. In fact, according to IncFile.com, home-based business was done by at least 38 million Americans during 2017.
Although the idea of doing business from your home sounds informal and casual, entrepreneurs should do the following suggests Casey Kelly-Barton in the HostGator Blog.
Important strategies to consider when starting your home-based business
- Interview yourself. Not only will you be your own boss, you’ll be your own employee, so hire with care.
- Study the logistics of self-employment. Do you have space to work and to store any inventory, equipment, and raw materials?
- Make a simple and clear business plan. What do you plan to sell? Who will buy it? How will you reach them? How often will they buy from you, and how much will they spend?
- Put your legal and financial ducks in a row. Decide on your business type and get your city or county business permit in place. Then open a business banking account.
- Set up your website. Look for a web hosting service that offers mobile-optimized site templates and fast page-load times.
- Set up a professional email address. Not all web hosts offer email hosting. Streamline things for yourselves by choosing a web host (like HostGator) that offers free emails with your website.
- Listen to your prospective customers. The most successful home-based businesses go out of their way to meet the needs of their customers, and it’s especially important to listen well as you plan your first product or service.
- Develop your value proposition. What can you offer your audience that will provide value for them and require a not-ridiculous amount of risk (in terms of effort and expense) from you?
- Ramp up your marketing. Once you have a product to offer and a customer base, you can market to prospects like the customers you already have.
- Develop new products or services. Expand or iterate on your product line based on customer feedback.
- Review regularly. Ask yourself a few questions about your business in general.
And if still wondering what home-based business to do, here are some guidelines 1:
- Turn what you most enjoy into a home-based venture, such as a favorite hobby or interest.
- Utilize existing skills from your salaried job.
- Solve a problem that people are willing to pay someone else to do for them.
- Use technology and resources you already have around the house, from your van to your computer.
Remember, you need a well researched and written Business Plan to get your business off to a good start!
Read also: Every business needs a business plan
1 BizMove Management Training Institute, How to Start a Small Home Business A Step By Step Guide to Starting a Successful Home Based Business, http://www.bizmove.com/books/how-to-start-a-small-home-business.htm