A home business is a business venture where you can work full-time or part-time at home in your flexibility. Setting up a home business is looking difficult right now, but don’t worry about it. We will be providing a step-by-step guide on how to start a small business at home.
Before then, you might want to ask yourself, do you like having people around you; looking to have employees or team members might be a group of two people working with you on the business.
Step by step guide to starting a small business at home;
Create a home business idea:
Coming up with a home business looks pretty tasking, considering that you don’t have a home business idea yet. One easy trick that should give you clear insight into what business idea you should come up with that would be suitable at home:
Leverage your skills; getting easier, right? You would have worked in a company or an institution before now and there are some set skills your hiring manager listed that were compulsory before you can apply for the job role.
Leverage on those skills you have acquired, develop a specific service you want to offer and a product you would want to sell out for your business.
Do some research: Researching gives you clarity and insight to quickly figure out that idea you want? Look at your past working experience and research those companies and businesses you have worked with; check how they pitch their services or products they sell.
Figure out a niche:
A niche means an industry in your business idea falls. A question you might ask from your clients or a company that wants to use you as a contractor. What industry does your business fall under as? You might see it as not needed, but having a brand name for yourself and knowing the competitors in the industry is much needed.
Come up with a business name:
A business name distinguishes you from other competitors, makes you look more professional, and gives the impression; that this individual knows what they are doing. A brand name is an identity you have on your services and products.
An example of a brand name; “EmmaDesigns.” It describes and tells us what you’re into; a brand name shouldn’t be too long and should have an identity of you and your business. It will give you an edge over others and create more trust within your clients.
Create a business plan:
Having to store up everything in your head looks pretty bad, except you don’t want to be serious about building a small business gradually at home. A business plan helps and guides you in planning and seeing some trajectories that would happen in your business. Some thoughts are coming to your mind; creating a business plan is very difficult; no, it is not.
Carefully follow me gradually; it would look easier along the line. What should a business plan contain: A business plan should have everything you had while planning, but it should also contain some critical aspects; they are:
Vision: This should contain at least three words describing your aim and what you wish to achieve.
Objectives: Objectives are time-bound measurable goals you plan to achieve. It should contain what you plan to achieve within a specific time frame. Let’s say you plan to achieve a specific amount of money within six months, it should be on it, and every month you revisit it to see how you are doing on it.
Mission: Almost like your vision, but it is quite different, though this should be a statement telling your audience what you wish to accomplish.
Pricing strategy: How would you want to achieve your sales or profit? Is it a long-term or short-term profit sale? Look at how related business set their pricing and set up yours differently. Solving a problem on what service you offer, which is quite different from your competitors, would give you an edge in setting a good pricing strategy.
Action plans: Carefully sort out all the actions you would be taking and put them on your business plan. Sounds so important because you would be revisiting it as you start taking action on your business.
Come up with a budget and funds:
Budgeting how much you are spending seems an important step you should do. Cutting costs should be on your agenda; will you be buying or leasing equipment for the services and products you want to offer?
It depends on you and the budget you have at hand. Friends and family are one way of getting funding easily with no stress and interests involved, but definitely, you might be asked only to pay back the money.
Set up a home office:
Working productively from home is one thing every small business would want to achieve. You probably would have worked in an office environment where you had to do most of your job sitting down and with a computer besides a telephone to receive calls and attend to clients; that is how an office should look. Have that picture in your mind now? Look for a space in your home; a home office should have this.
Relatively there should be no noise: You get to make calls efficiently to your clients.
Quality Computer gadgets and accessories: Effectively working is something you would want to do. Having quality computer gadgets can help you achieve this.
Good network connection: Firstly, test your computer and phone on the space you have created to see if there will be a good network; you can try downloading a movie to see the speed it would download.
Create a logo and business card:
A logo gives your clients that bond and impression of what you are doing. Creating a logo might be difficult, but you can try out the canvas. Canvas offers free templates and tools to design a good logo for yourself, or you might try out freelancers if it is within your budget.
Set up Social media handles:
Everything is getting set gradually. Get your business and products visible online to create visibility; you wouldn’t just want to be traditional? Having an online presence is very viable and important because most people worldwide spend their time online.
Some social media handles have different ways of opening an account; some have options for a business that you would want to create to target your audience. Take note; create your social media handles with your brand name.
The logo is ready; create contents on it to engage your audience and use tags to reach out to more people. Being skillful as a graphics designer would come in handy as a content writer.
Create a business bank account:
This is one crucial step you shouldn’t miss. A business account helps you separate your finances from your bank expenditure and income.
Choose a bank you can develop a personal relationship with; they should be able to respond quickly to problems and complaints; this is important due to unforeseen circumstances that might arise later.
Getting insurance for your business comes in handy if there is a fire accident or lawsuit against your business. Speak to an insurance agent to know what insurance is suitable for your business. It helps you cut costs if something happens along the line.
Register your business on a search engines platform:
Most people tend to search for businesses online. Reasons to see if they truly exist and see their ratings and can be trusted. Google, Yahoo, and Bing are also popular search engines you want your business registered.
Create a marketing strategy:
Measure what would work for you, there are different ways of marketing online, but I would be considered the most efficient one is organic marketing. Organic marketing spreads your brand name very efficiently, and it is free.
Individuals are unknowingly advertising for you; they are advertising while engaging emotionally with it. The trick here: give out values and create content on your brands and your products consistently on your social media handles. Also, use the right tags to push out those contents. Create a schedule when you plan to write just only for content and marketing.
You have everything getting ready gradually, ready to kick start the business. These are some critical steps that would guide you in setting up a small business at home and being productive while working at home.