Helpful Tips and Resources for Successfully Launching a Small Business from Home
You’re intent on launching a business. You’re financially ready and you’ve done all of your research on entrepreneurship. But one small thing is missing — you can’t seem to settle on a specific product or service to offer. Regardless, you know becoming an entrepreneur is something you want to do.
The truth is, launching a home-based business can be incredibly rewarding. Not only do you get the chance to make a living doing what you enjoy, but you also get to be your own boss. With that comes the freedom of choosing your hours, skipping the daily commute to work, and never having to rely on an employer for a paycheck.
But you must create a solid action plan to increase your chances of success. If that's what you’re after, then read on for helpful tips for launching your small business from home, presented today by Michelle Mellor.
What Can I Sell?
If you’ve been considering the idea of starting a home-based business, you need to determine what your strengths are. What skill sets do you currently have that can help you stand out? The best place to start is by asking yourself if you could turn any of your hobbies into a business.
If you’re a great chef, then you could turn your passion for cooking into a meal prep business. Many busy people are willing to pay to have their meals prepared and delivered to them on a weekly basis. Selling homemade candles, bath bombs, or paintings is also a great option for creatives.
On the other hand, if you’re more tech-savvy, then you could consider learning web design, becoming an IT expert, or starting a data entry company. If you’re an individual who excels in writing, you could start a copywriting business or become a freelance writer. The options are endless and depend on what you like to do most.
Create a Designated Office Space
Before leaping into starting your small business, make sure you have a designated office space in your home. The last thing you want is a makeshift desk at your dinner table with children or pets running around while you’re trying to focus. Even if you don't have an extra room, make an effort to section off living space for your desk and computer. Your home office should never be mixed up with the rest of your household items.
Do I Need to Hire Employees?
One of the smartest things you can do for your home-based business is hiring employees to take care of routine tasks. You can likely reach a bigger audience by hiring a single employee or a team to work for you as you grow. If you decide to hire staff, be sure to get the help of a great payroll service to ensure your employees are paid on time and without hassle on your part.
Look for a payroll platform that provides tax calculations and forms, automatic time tracking and scheduling, your choice of same-day direct deposit or paper checks, as well as a portal that you and your employees can access right from your smartphone. Are you afraid that you will forget to run payroll at the end of the pay period? Find a service that will allow you to automate that aspect as well.
Important Points to Consider
When starting your business, know that you can greatly benefit from a range of business-centric apps to help you juggle projects, handle accounting, and communicate with clients, among other tasks. Apps can also help you manage your time wisely and increase productivity. That said, it's worth investing in a wireless charger so that your phone won't shut off unexpectedly, especially during an all-too-important task.
Aside from that, have fun with it! Not everyone is fortunate enough to turn a hobby into a profitable work-from-home business. What kind of products or services are you thinking of selling?
Michelle Mellor can help you unlock your full potential and propel your business toward success. If you'd like to learn more, book a free session!
