We may earn money or products from the companies mentioned in this post.
There are lots of people running a small home based business, which are effectively running the country.
They are single-handed improving the economy and the society as a whole. Well, almost. The people that buy from them are also encouraging that influx of cash.
But, millions of small businesses rise and fall every year. And it isn’t because they don’t have a good idea, or because they don’t work hard. It is most likely because they need a cash injection or to work on their marketing. Small things that make a significant impact.
So let’s talk a bit about how to give your business the best chance of starting up, thriving and surviving.
Starting Up
The companies that really go on to do well do so because they are solving a problem for people. Problem skin? Blemish balms and face washes. Baby socks falling off? Elastic footsies.
So if you are really stuck for an idea, as you go about your day to day life, think about what you make it easier. What would you like to have to enjoy life and make it a little bit smoother? Often it can be something small like, the person who invest the hooks for pushchairs to hold extra bags, or keyless car entry. Small but effective on both counts.
You would do well to consider your skills too. What skills do you have that you think you could apply to the start-up business. For example, if you are the king or queen of hosting parties, you might like to think about opening up your own cafe. Great with numbers? Consider things like accountancy, bookkeeping, or ever numerical data handling. General talents you might like to list:
- Motivational
- Positive Attitude
- Initiative
- Adaptable
- Forward Thinking
- Critical Thinkers
- Punctual
Self-discipline will need to be in your arsenal. As well as the ability to handle critiques. Your talents will be the reason your business is made or broken.
You will need to think about finance too. Are you going to head to the bank? Or are you considering guarantor loans from a direct lender? You will need to think about your finances in a different way for the next few months or years. So it is an excellent time to consider your options now.
Ideas
Once you have a list of the things that you are great with you might like to move on and start matching up your skills to business that can be run from home. It is essential that you don’t get too carried away here. Sure, dream big, but dream sensible. For every business idea you have, think about if you can make it work from home. Or, what would you need to make it work from the comfort of your kitchen table – for example. Here are a few ideas to get you started:
- Bookkeeping
- Events Organizer
- Virtual Assistant
- Business Consultant
- Jewellery Making
- Tax Preparator
- Copywriting
- Pet Sitting
- Cleaning Services
- Blogging
- eBay Selling
- Dropshipping
When you are listing the businesses that you think might work, don’t try to think about only home business. Instead, think in broader terms. And then adapt them to work for you.
Cross off anything that doesn’t meet with your desires too. Do you want to have to go to offsite meetings? If you are consulting you will probably have to. It is just as important to know what you do want as it is to know what you don’t.
Training
If there are gaps in your knowledge and there probably are, then you are going to need to take some training to make sure that you can master the things that you need too. A great place to start is any business management course. They usually cover all of the basics and sometimes come with discounts to get you on your way.
There are some things though that you will have to learn as you go – like the art of customer service, how you cope with late nights and early mornings and implementing a routine and a system that works for you.
You can take courses online, or sign up for local ones. The choice is yours. But don’t try to do too much in one go – you have enough with getting your business off the ground.
Timing
Most people have a job outside of the home. And, when you finally get your idea firmed up and ready to test out, you are going to need to find the time to make it happen. You can work alongside your current job in most cases (check conflicts of interests and read your contracts too). So your big idea is going to be pushed to second place a lot. But there is no other way to test how you are going to find working from home – other than to do it.
When your business starts making money, if you can, stash it away.
This will allow you to build up a cushion for when you take the lead out of full-time employment into a home business owner.
The general rule of thumb is when you are steadily covering your bills and a little extra, or around 75% of your monthly job income – it might be time to make the switch.
Team
You will probably get a lot of friends and family offering to help you. Be very careful who you let on board. When you are starting is a balancing act between the idea you have and what you can build. You know the saying too many cooks spoil the broth, this is one of those occasions. You might find yourself taking on too many opinions and before you know it your business won’t be how you thought it would be, and might, in fact, feel like it belongs to someone else.
That is not to say that you should accept offers of help from the right places, just be careful about how much of their input you implement.
Home-based businesses are a lot of fun. There is nothing so extraordinary as building something from your brain to reality. So, plan carefully, and you will have something blossoming in no time at all.
