For many of us, starting a business from home seems like a pipedream. After all, with the upstart costs, establishing a foundation, and even just knowing what you’re going to do, there’s a lot to consider to turn this into reality. However, with a little bit of guidance, this is an obtainable goal, which is precisely why I’m going to walk you through a few crucial initial steps. Check them out below:
Look How To Develop Towards What You’re Good At
When starting a business from home, the first thing you need to look at is what skill sets you have. While most home businesses are those that provide a service (I.E.: lawyers, designers, etc.), that doesn’t necessarily always have to be the case. In fact, plenty of product or gig-based companies are based from a home office, which is the core to keeping your overhead down.
Although you most likely have a set idea in place on what you’re going to do, you need to be able to earn money from home while you’re getting everything in motion. As you’re eventually going to take the leap from your current job, don’t be afraid to look out for gig economy work, which as noted by CNBC, can make an average of $300 per month. And while that’s not a ton of money, with some savings set aside, it might be exactly what supplemental income you might need. All-in-all, make a plan of what you eventually want to do as well as the systematic steps you need to take to get there; because while we all have goals, actually visualizing how you’re going to achieve them is imperative.
Prepare Yourself Financially
Perhaps one of the most important aspects of starting any business is taking the financial steps to ensure your success. When you break it down, this includes not only expected costs, such as your website, LLC registration, or even taxes but the little nuisances and unexpected roadblocks that might come about. On top of that, you’re also going to have to factor in how you’ll live until you can get a solid revenue stream. Make no mistake, this process is no cheap venture, with Quickbooks estimating the average startup cost for a service business clocking in between $14,000 and $18,000.
While your business might not fall exactly into that range, it is a necessary step to start mapping out all of your current and potential financial expenses to plan accordingly. This includes your monthly overhead for living expenses, as well as any licensing, marketing, or even inventory costs that you might incur. Additionally, look into if you might need to loan money, and if a credit repair might be necessary. The overarching goal is to save much more than you might need, as it’s better to be over prepared than not when you’re fully out on your own.
Be On The Lookout For Up-And-Coming Clients
When establishing your foundation, building a client list will be bread-and-butter to how you acquire income. Not only will this be how you immediately start earning income but eventually expand to a larger network of partners, and thus, growing your business. However, if there’s one thing that holds a lot of business owners back, it’s faulty leads, as well as a poor process in cold-calling. And no matter if you’ve been doing sales for years or are completely new to it, the two biggest things you need to be able to do are find quality connections, as well as explain what you can do for them.
For example, let’s say that you’re a designer that wants to get more involved with Cryptoprojects. This is a lucrative field to tackle early-stage because as noted by TechCrunch, ICO’s hit $800 million in Q2 in 2017 alone. Granted, you’ll most likely want to do your due diligence on things like if they’re SEC compliant and the background of the project, but the overarching goal is to narrow down a list of companies that are both legitimate, in-need of design, and at a stage where they can afford it.
Finally, one of the biggest benefits of having your own company is choosing who you get to work with, which you should embrace in your sales strategy. Don’t be afraid to reach out to companies that excite you as long as you explain what you like about them. The flattery alone will most likely be receptive, and it can potentially open up a conversation about how you two can work together in the future. Take advantage of this time, as it’ll be one of the biggest drivers towards your success.
What are some strategies you’ve been considering in launching a home business? Comment with your answers below!
Author: Oliver Curtis
Hi there. I’m Oliver. I’m just a young boy from the outskirts of… Okay, that’s a lie, I’m not a young boy anymore, although I certainly feel that way at heart.