Tips for Building a Home-Based Business

By Nicola Reid

If you’ve worked in a cubicle for most of your adult life and are craving a change, consider building a business from home. Not only will you be able to set your own hours for work, you can also take control of your personal life by taking vacations when you want and striking a healthy work-life balance. Read on for some ideas that help set you up for success.

Become an entrepreneur

When you’ve made up your mind to change career paths and build a home-based business, consider what type of entrepreneur you’d like to be. First, think about your hobbies, and see if there’s a way to turn your passion into a career. For example, if you love to bake, you could start a home baking business right in your kitchen. Or, if you love to write, freelance writing is a great option for working from home. There are countless options, so before you commit to one idea, be sure to consider not only what you’re good at, but also what motivates and inspires you.

One of the hardest things about starting a business is getting your idea off the ground. As your ideas gain momentum, Learn How to Become recommends thinking about a few critical concerns. First, make sure your idea has the potential for financial success. Then, determine if your business idea requires further education—it may be as simple as taking online classes to deepen your knowledge in your field or gain a certification.

When you’ve established your business idea, Entrepreneur says to develop your business plan to lay out objectives and strategies for success. Find your target group and audience, and begin to network. Sell your idea to others, and hone your marketing skills.

Next, it’s important to also consider which type of business formation would be best to establish for your company’s needs. Sole proprietorships, partnerships, LLCs, and s-corporations are great options. The first two are easy to set up but don’t offer much in the way of legal protection, while the latter two are harder to establish but offer great personal protection. Regardless of your decision, you should consult with a professional who can help you choose the best structure for your business.

Set up space at home

If you’re going to be starting your own home business, you’ll need a home office that inspires productivity. Find a spare room in your home located away from distractions and noise. If that’s not possible, you may want to purchase a reliable set of headphones or earbuds to mute any disturbances while you work. Purchase a comfortable chair and desk (standup models keep you active and on your feet). Next, look for a quality laptop and monitor.

Bring your business online

Regardless of whether you choose to be a baker or a seller on eBay, you’re going to need to build a website for your business.

As you begin, first determine the primary purpose of your website. Usually, websites serve to provide more in-depth information about a business, or are used to sell products through e-commerce. Make your website easy to use, with clear navigation and be sure that it’s mobile-friendly.

Website design can be learned with certain applications, but if you need your website to host an online store or have more complicated features, consider hiring a freelancer.

Hire freelancers to help your business

While you may be tempted to go at it alone when you build your business, remember there are ways to simplify the process and save yourself time and money in the long run. One easy way to advance your business is to hire freelancers to take care of certain aspects of creating and running the business; consider a few of the following to help you get started.

  • First you’ll need to find the talent. Visit online databases and membership lists on sites like Hatch Coworking to see who’s out there and what services they provide.
  • Website designers can help you elevate your online appearance and create a website that’s easy to use.
  • If dealing with financial details does your head in, consider hiring an accountant to take care of sales and payroll.
  • Marketing can be tricky if you aren’t savvy with keywords and SEO, so do some research on freelance marketing options for your business.
  • If your business takes off quickly, consider hiring a virtual assistant to take care of some of the daily tasks that could free up your time.

When you’re ready to take control of your professional life, consider the above steps for becoming an entrepreneur. Harness your passions and talents as you decide what type of home-based business you want to build, and keep in mind that you don’t have to be an expert in all aspects of running a company. Hiring freelancers for tasks such as website design and quality control can free up your time and allow you to focus on the bigger picture, thus resulting in your best chance for success.

Don’t have enough space at home to hold conferences? Rent a conference room from Hatch Coworking! (919) 556-6590

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