A guest post by Amy Collett.
If you’re thinking of starting a home-based business sometime in the near future, this quick guide will help you to draft a business plan, secure the funding you need, purchase a few indispensable tools for small business owners, and get your business off the ground. Read on for some advice on turning your home-based business idea into a reality!
Start Your Home-Based Business
Whether you’re getting started as a consultant, freelancer, entrepreneur, or solopreneur, there are a few important steps you’ll need to take in order to achieve success as the owner of a home-based business. These steps include:
- Drafting a business plan. This plan should discuss your business structure — whether it’s a limited liability company (LLC), sole proprietorship, partnership, or corporation — and the steps you’ll take to run and grow your home-based business.
- Choosing a business location. Since you’ll be running your business from home, you could operate the business out of a spare bedroom, unused closet, nook, or even a temperature-controlled garage. The experts at Inc. recommend designing a productivity-boosting home office and staying motivated throughout the work day that incorporates things like items for brain breaks and exercise equipment.
- Investing in a few indispensable tools. To operate your business from home, you’ll need to invest in a few tools and supplies — including a reliable computer or laptop, printer, and smartphone. Other indispensable tools for home-based businesses include accounting solutions like Intuit QuickBooks and communication tools such as Zoom or WebEx. However, you should consider the benefits of purchasing a high-quality webcam if you’ll be communicating with clients and employees face-to-face via video conference software. When shopping around for a webcam, be sure to consider each camera’s price, user reviews, resolution, and microphone quality.
- Finding legal assistance. If you need help with business formation, operating agreements, and investor financing agreements, reach out to Andrew M. Ayers for expert business law legal services.
Compare Your Funding Options
When starting a home-based business, you’ll also need to determine whether you could benefit from one or more types of small business funding — especially if you need help with working capital, purchasing new business tech and equipment, hiring employees or freelancers, and/or stocking up on product inventory. Plus, having some extra cash on hand can help to grow your business in less time and alleviate stress as you prepare to launch your home-based business.
Moreover, several types of funding are available to small business owners, including government and non-government options. Through the U.S. Small Business Administration (SBA), you may be able to qualify for a traditional loan, the Main Street Business Lending Program, or an Express Bridge Loan.
Build Your Client Base From Home
After obtaining the funding you need to get your business up and running, you’ll need to start building your client base. The Balance recommends identifying your target audience, building a list of potential clients, making contact with these potential clients, and following up with them until you’ve received an answer. Plus, you could generate leads by improving your website’s search engine rankings, running paid social media ads, and hosting webinars and other online events.
Run Your Business Smoothly
To successfully run your business from home — especially in the age of the coronavirus — it’s important to set designated work hours, structure each day as much as possible, and keep a detailed record of your business earnings, expenditures, and tax deductions. These steps will help to separate your home-based business from the rest of your life, while keeping you organized as you get your business off the ground.
Whether you’re starting a home-based business as an entrepreneur, solopreneur, freelancer, or consultant, this quick guide will help you to get one step closer to achieving your goals. Before you know it, you’ll be enjoying the many benefits and rewards of owning a home-based business!
Amy Collett is creator of Biz Well, a website that helps professionals and entrepreneurs build and strengthen their personal brand. When she isn’t helping clients boost their careers or businesses, she enjoys coaching her daughter’s soccer team and training to become a yoga instructor.