March 13th, 2018

Share this article:

Have an amazing idea for a new business? Think you can pull it off and be successful from home? Perfect — you’re one step closer to making your dream become a reality.

Indeed, running a business from the comfort of home is a dream for many, especially steadfast parents who want to make an extra buck, but want or need to be home to care for their children.

shutterstock_192063251

Of course, like anything in life, the success of your business will depend on your ability to take your novel and fabulous idea and translate it into a true business model. With that in mind, here are four tips to help set up your home-based business.

1. Start with a Plan

If you haven’t already, start by creating a business plan, which will serve as the roadmap for your business and help garner you any necessary start-up money. Not sure how to go about it? Search online for free tutorials and/or how to create a templated business plan that will walk you through all the steps to create something solid.

In creating your business plan, you will hammer out a lot of the details about your new business, including its structure and how it will operate, the exact service or product you will offer, your marketing and sales plan and some concrete financial projections.

Ultimately, the point is to create something you can refer to again and again for guidance. Plus, this living, breathing document is what you will present to lenders and investors to take out a loan.

2. Find a Dedicated Space

Although one of the benefits of running your business from home is having all the comforts of home nearby, distractions big and small alike can easily take you away from the task at hand and serve as one of the biggest pitfalls in any failures or misfortunes.

With that in mind, treat your business like a business and carve out a dedicated space to do your work effectively. For many parents, this will mean working in a room where you can shut the door. Additionally, invest in the supplies you’ll need for your to run smoothly, including a laptop or desktop computer, business software, printer, landline and P.O. box.

3. Understand Your Business Obligations

The legal aspects of starting a business can be intimidating, especially if it’s not your area of expertise. However, having a good legal foundation can help you avoid costly and time-consuming pitfalls in the future. Now, the specifics will depend on your location and the type of business you plan to start.

But a few areas to think about include deciding on the type of business you plan to create (sole proprietorship, corporation, partnership, LLC), obtaining a business and/or occupation license, understanding your financial obligations, protecting your business name and looking into any zoning restrictions. As with all legal matters, it’s never a bad idea to consult a lawyer who specializes in home-based business matters.

4. Prioritize Customer Service

Performing top-notch customer service can make a huge difference in the success of a small business. According to an American Express survey, 70 percent of Americans say they would spend more money with a company if they were guaranteed to receive superior customer service. Meantime, 78 percent said they would not go through with a transaction if they experienced poor customer service.

Before making your first sale, develop a customer service strategy to address questions, issues and complaints. If your business is large enough, consider implementing a cloud contact center with full omnichannel capabilities. Ultimately, this will allow your customers to contact you in a variety of convenient ways, including voice, texting, email, social media and more, through one centralized system.

Comments are closed.

You must be logged in to post a comment.

Paid Advertisements