Starting A Home-Based Business: Tips For Driven Entrepreneurs
Starting your own business may seem like a far-off dream that will take years to achieve, but in reality, it’s closer than you think. These days, there are so many websites, startups, crowdfunding platforms, and online resources for those who want to start their own company that it would be crazy not to take advantage of them. No matter what your business is, there’s a way to get it started from the comfort of your own home. The key is to get educated about what exactly a home-based business entails.
Whatever business you’re starting, you want to make sure it’s the right fit for you and that you know what you’re getting into. If you want to go into consulting, it’s important to be well informed on the topics on which you’ll be advising. And you want to be the most knowledgeable individual possible in order to stand out among the competition. If you have a product or service to sell, you’ll need to do a little homework on similar businesses–both online and in your area–in order to figure out your own business model.
Keep reading for some of the best tips on how to start a successful home-based business.
Get the finances figured out
The financial aspect of your business is one of the most important, since you’ll need to figure out a way to sustain your needs while you get up and running. If you have a substantial savings account, you’ll probably need to be willing to dip into it considerably during the first year. Many startups use crowdfunding platforms to get going, while others rely on grants (women, people of color, and individuals who are living with a disability are all eligible for different grants). Still, others prefer to go with a loan. If this is the route you want to go, it’s critical that you understand the details of the loans available to you, from SBA loans to a business line of credit.
Find the best resources for your needs
There are tons of great free resources online for small business owners; the key is to find the best ones for your specific needs. Just about any business worth its salt these days has a website, but you don’t have to spend a ton of money to set up a professional-looking site that will garner clients. Read on here for some great free resources that can help you get up and running in no time.
Read up on your competition
Any business will have some form of competition, so it’s best to embrace it rather than fight it. Read up on local similar businesses and look online to find the sites where your customers might shop. Look at their price points, find out how many employees they have, and check out their annual sales if possible. If there’s a local business owner who is doing something close to what you want to do, befriend them, even if it’s a bigger company than what yours will be. They will likely have valuable tips to help you figure out your next moves. Whatever you do, make sure you are constantly looking for ways to make your small business shine.
Get knowledgeable about your responsibilities
Owning a business means you’ll have to be responsible for paying your own taxes; it’s often easier for entrepreneurs to pay them quarterly, so you can avoid a large lump sum. You’ll also need a business license; do some research online to find out exactly what your responsibilities are in your state.
Build your team
Once you’ve launched your business, you’ll need the right people to help run it. Prepare to interview your candidates by researching the right questions to ask. You’ll also want to make sure your potential new hires’ professional skill set, goals, and attitude align with your requirements. Keep in mind that your team will most likely start small, so scope out candidates who are willing to take on multiple jobs to help run all aspects of your business.
Starting a home-based business is a lot of work, but if you have a great idea and the motivation to see it through, you can begin tomorrow and have a success on your hands in a matter of months. Do your research, learn as much as you can, ask for help when you need it, and formulate a good plan before you make any decisions.
Expert Office Hours
Fridays, 8:30-11:30 am 2021 Dates Feb 5 / Apr 2 / Jun 4 / Aug 6 / Oct 1 / Dec 3
No Upcoming Expert Office Hours
Subscribe to Our Updates!
Why New Albany?
As a community created by innovators for innovators, New Albany offers a robust ecosystem that leverages entrepreneurship, business connectivity, public-private partnerships and quality of life to inspire creativity and accelerate commerce. Learn More