Starting up your own business from home can be a daunting prospect, especially if you have only ever been a paid employee before, but it can be the most rewarding and exciting decision you ever make if you embrace your entrepreneurial spirit and take the necessary steps to ensure that your business gets off to the very best possible start.
Not sure where to even begin?
If you don’t already have a fixed business idea in place, don’t worry. This can actually be beneficial to your future business as you now have the opportunity to thoroughly evaluate your skillset and make an informed decision about what type of business to launch.
So, let’s start at the very beginning.
1. Identify what you are good at
Now, this can get confusing as you need to identify both your skills and your talents. For example, you may be skilled in designing websites but have a natural talent in creativity and innovation.
To pick the right start-up business for you, you need to know both your skills and talents so that you have the greatest chance of success in your endeavors.
It can be tempting to start a business in something that you have always been passionate about, but if you have little or no experience plus none of the necessary skills to get this type of business going, then you could be setting yourself up for failure.
2. Brainstorm business ideas
Now that you know what you are good at, you can let your imagination run wild and come up with possible business ventures that you could successfully start with your specific skillset and experiences in mind.
It is important to remember that these ideas need to be able to be realized within the confines of your home if that is where you want to be working from predominantly. You should also work out whether you want/need to be at home at all times or whether you have the flexibility to go to meetings elsewhere or to visit suppliers.
Factoring in the restrictions of a home-based business is also vital as there are some types of businesses that will not work from the home; however, do not be put off as there are so many options for home-based businesses, both for creatives and those wanting a more admin based job.
Some examples of home-based businesses include;
- Virtual PA
- Graphic Designer
- EFL Teacher
- Nail technician
- Party Planner
3. Create a business plan
It can be tempting to get started right away; buying supplies, advertising your business on social media, and getting business cards printed up. However, this is not the best way to go about starting a new business, unless you have lots of money that you can afford to lose.
Not that your business is bound for failure, maybe it will be a massive success, but how will you know if it is achievable, and profitable if you do not draw up a thorough business plan.
Your business plan should include relevant market research, an analysis of your competition, sales strategies (you may want to seek the advice of a Marketing Agency if you don’t have much experience in this area), the amount of capital needed, and any other pertinent financial data.
If once you have created your business plan, it becomes evident that the business is not viable, do not continue. Move on to your next business idea.
Unfortunately, there are no shortcuts when it comes to launching and maintaining a successful home-based start-up business, but if you follow the above steps, give it your all and refuse to be beaten, you can make your dream of working from home a reality; and a successful one at that!