Whether you have enough of corporate setting and you want to operate more independently, or you’ve always dreamed of founding your own firm, it takes a lot of thinking and preparation to start a home-based business. Firstly, you’d have to take care of the legal matters involved and devise a detailed plan about your needs and requirements. This includes the space organisation, funds and bookkeeping, as well as marketing strategy, logistics and human resources. Bear with us to gain a more comprehensive insight of what to expect if you embark on this journey.
1. Legal side of Home-Based Business
It may seem like a tedious affair, but handling the legal aspect is an absolute necessity. You have to make sure your enterprise is compliant with the legal requirements at the state, regional and local level ( where applicable). Check with the relevant institutions in your area of business and potentially hire a legal adviser to assist you. The process usually covers getting a license, registering and following certain safety and working rules. All of these costs some penny; so have in mind that if your fund doesn’t cut it, partners or sponsors are welcome. Also, seek support of some experienced businessmen.
2. What would be the business name?
Although I do agree that Shakespeare had a point, a name in the industry carries a much heavier burden than a regular person may realise. Yes, a quality product or service is a must, but once you established your business brand, the name will speak for itself. The brand-name has to be unique and speak about what’s important to you. Decide what kind of strategy and image you want to put forward, but once you choose it you have to stick with it. Trademark it in time to prevent theft.
3. Order volume and Storage
You need to make sure that the order fulfilment is possible when you advertise it. Appropriate storage of it is also one of the potential problems. If you’re offering a physical product, consider trading your spare room for a nearby storage provider. The equipment that facilitates and promotes the creation and distribution of your offer is equally significant, so jot down smart equipment-shopping on your list too.
4. The Span and Nature
It is essential to make a decision about the initial scope of your home-based business, but you should also make an estimate and goal blueprint for the future growth actions. Next, you need to carefully shape your offer of goods and services. Single out a signature item that will catch an eye of customers in an overcrowded marketplace. Pick an ingredient or feature, like organic components or particular type of service. This aspect is inextricably connected to the marketing and CX strategy.
5. Intelligent marketing
Acknowledging the role of customer experience is highly advisable, as all major companies are building their own game plan. This pretty much encompasses the entirety of your reach, from establishing yourself as a good neighbour, as well as building an online reputation on social networks and websites. A user-friendly design will definitely get more visit-time. Nevertheless, devote a portion of resources to classic direct advertising, digital and printed. Lastly, you need to get to know your market thoroughly to compose a pricing list that adheres to its supply and demand fluctuations.
6. Location and workforce
Analyse the premises at your disposal and think of ways you can transform a certain section of your house into a functional office or production room. You will have to store an array of legal papers, as well as some confidential documents, and the logical solution for it would be an acquirement of cmi safes. Sleep tight while your valuables rest in a secure place.
Your business may start as sole trader business at the beginning, but eventually you may wish to expand and hire some people. Many entrepreneurs opt for the outsourcing of some portion of the company, such as Technical and Customer care. On the other hand, if the employees come to the premises, some management structure has to be agreed upon and legal issues that touch upon their employment and benefits. Finally, don’t rely too much on your math skills; so hire an accountant to keep neat records of your transactions.
Founding your own business is a great endeavour and it demands serious planning and research. This guideline is devised to work as a solid starting point on your path to becoming a well-developed and competitive service and product provider through home-based business.
About the Guest Author
Diana Smith is a full-time mom of two beautiful girls and a former marketing consultant. You may like her discussing about the Technology Trends in 2016 for Small Businesses