Are you ready to start a business? Here are tips to help make sure that your home-based business is off to a good start:
1. Make sure that your family is 100% solidly behind your decision to start a home-based business.
It is important to have your family’s support when you start a home business. The family must believe in your vision for them to allow you to use the family’s savings and assets for this business. Or it may be that you will need your spouse to continue employment to ensure that the family still has health insurance and benefits.
You need your family’s blessing and cooperation in the event that you will need to tighten the household purse strings as you jumpstart the business. You also need to prepare them for the possibility that money will be tight initially; especially if you left your job (and a steady pay check) and the family will have to live on one steady income source.
I interviewed a home-based entrepreneur who had to get her family’s approval because her business required huge quantities of supplies and inventories. Her business took over one of her child’s bedroom and garage, in addition to another room for her home office. She said it came to the point where her business supplies even spilled over to the family room, and it was a case of boxes here, there and everywhere. Luckily, the business took off and after a year she was able to move the business to a Main Street store, clearing her house from all the supplies and inventories.
Even the creation of the space for the home-based business may require consensus for the family. Your business may require storage space for inventory or supplies that a simple nook in the corner cannot provide, that the business will now encroach on living spaces.
2. Make sure that this home business is what you really want to do.
Starting a home business is never easy. For your home business to succeed, you need to invest significant amounts of time, effort and resources.
It is imperative that this business is something you’d like to be doing, and can see yourself doing even in the long term. Only by making sure that this business is what you really want to do can you have the stamina and courage to persist – especially when the going gets tough. Don’t get carried away with the initial rush of excitement of this new home business. It is important to prepare yourself for the roller coaster ride of self-employment and starting a business.
3. Know what you are REALLY getting into.
Your home business stands a greater chance at success if you understand what this business requires, how best to run this business, who the customers will be, and how you can reach these customers. One of the common errors of home-based entrepreneurs is to jump into the business, with nary a no clue as to what they are getting into.
Read books about the specific business. Visit forums to find what others are saying or experiencing with the business you want to start. The Web has also made it very easy to research competitors and how the strategies they are using. Be a sponge willing to absorb anything and everything about your business. Remember, research is your best friend!
4. Understand that you will be working on a business!
Some may dismiss your business as “too small time” or “too small to even be bothering about.” Ignore the naysayers, and just work on your business. You may be doing it from home, but your home business IS still a business. After all, your home business adheres to the rules of moneymaking — e.g. cash generation, return on assets, and growth. You may not spend millions to get the business up and running, but your home-based business also required capital and your goal now is to earn money from it and see it grow.
As such, you need to focus your mindset that you are running a business. Learn the basic business principles. Master the financial side of your business and learn how to increase the cash flow of your business. If you want to get the respect your home business deserves, develop a strong sense of professionalism in how you treat your customers, your business, and yourself.
Recommended Books on How to Successfully Start a Home Based Business:
- 25 Money-Making Businesses You Can Start in Your Spare Time
- 925 Ideas to Help You Save Money, Get Out of Debt and Retire A Millionaire: So You Can Leave Your Mark on the World
- Home-Based Business For Dummies
- How to Start a Home-based Etsy Business (Home-Based Business Series)
- Top 10 Ways to Earn Money at Home
- Pros and Cons of Financing a Business
- 10 Common Home Office Mistakes
- Top 10 Home Business Ideas for Work-at-Home Moms
- Starting a Business Part-Time or Full Time