Running a homebased business may sound deceptively appealing, but there are intricacies involved. Before you start transferring your computers, copiers and paperwork to your home office, note that there are multiple factors to consider. Ask yourself the following questions before outsourcing news hires or purchasing office equipment:
- What are the costs involved with the changes? Do you have the budget to finance your business at home?
- Can you manage working and living in the same area? Are you free from any distractions?
- Where will be the business located in the home?
- What will your neighbors think or how would they react to your home business?
- Is working from home the right decision for you?
If you’re adamant on pursuing a home business, you might have an idea of what products or services you would want to market. You must also consider your background and experience, and what you’re passionate about doing – a quality that can be useful for your business success.
Plus, doing it right the first time can save you money and prevent any inconveniences. Here are several factors that you must consider in properly launching your home business:
- Make your product stand out. Products are the heart of any business. If your product is still in the development stage and you need capital, you can start looking at small business grants for women. Innovative products, especially those that are designed for social good, can easily secure financial assistance from the federal government or a charitable institution.
- Build a team. In order for a business to run properly, you must determine who will do the invoicing, storing of information, marketing, time tracking, bookkeeping and estimates, etc. You can’t do all these: you need the right people for these kinds of jobs. You can either hire someone in-house or outsource for the right candidate.
- Get into online marketing and web design. A business is required to have a website. How can people know or search for you if you don’t have an online presence? A website is on e of the best ways to get your products or services out there. There is an array of web-hosting services (like GoDaddy or WordPress) that lets you create your own e-commerce website or blog. You can also try social media sites such as Facebook and Twitter to promote your brand and engage with your potential customers. Search engine optimization (SEO), pay-per-click advertisements and email marketing campaigns are all online marketing strategies. SEO and PPC may require you to design your website and its content in a specific way aimed at search engines and generating traffic.
- Communicate. Working from home requires you to be in consistent touch with your business affiliates, clients and suppliers. Having a telephone line is crucial in any business, but you could also add these communication tools in your list: a reliable Internet connection, VoIP and video conferencing services, a smartphone, and digital voice mail.
- Organize your home office. It’s not easy cramming all your office equipment into a room. It’s best if your home office is designed in a way that is distraction-free, comfortable and convenient. Your equipment should be positioned in places that are within reach.
So, having a homebased business does not just give off that stereotypical image of working in your PJ’s all day – in fact, running such a business is tricky in more ways than one. But if you have the right tools, be in the proper area, and understand how to market your product or service, you can be on your merry way to success.