Does the thought of a home business sound like a dream come true? Imagine – lounging in your pajamas all day, sitting in front of your computer, working for a few hours, then spending time with your children after they get home from school…..wait! Hate to burst your bubble, but there’s a bit more to it than that!
In fact, you’re going to have to put in long hours, learn a little about a lot of different things (marketing, bookkeeping, time management to name a few); and you may not make a profit for at least six months. And the working in your PJs thing? That novelty may wear off quickly when you discover that you’ll spend many of your days in solitude (and lonely).
That doesn’t mean that having a home business isn’t worth the effort – but you do need to be aware of what you’re getting into. Here are 7 essential tools that will help ensure your success as a home business entrepreneur:
1. Reliable ISP
You’re in the middle of a Skype call with a very important client, and all of a sudden you lose your internet connection – and your client! No matter what kind of business you have, you need a reliable ISP. Companies like Optimum online can help ensure your internet connection is both reliable and affordable, with several plans and packages available.
2. A Good Education
No, you don’t have to have a degree in rocket science to be a successful home entrepreneur (unless of course, you want to build rockets from home!) You do, however, need a solid education in your field. Whether your field is accounting, writing, tutoring, or basket-making, you need to make sure you are qualified. This may mean anything from a Master’s degree to a few accredited online courses.
3. Business Plan
The biggest mistake that most home business entrepreneurs make is that they treat their business like a hobby; an experiment, with an ‘oh I’ll just see how it goes’ attitude. That is a sure path to failure. Treat your business like a business – complete with a business plan. There are thousands of templates to be found on the web, and it doesn’t have to be a 50-page document. Build a plan, complete with forecasts and goals, and then work your plan. Don’t be afraid to make changes along the way; whatever you do, don’t stuff it in a drawer. Keep it on your desk where you’ll see it every day!
4. Separate Workspace
In an ideal world, you’ll have your own office, with a door so you can work while your family watches TV or engages in other activities. This is not always feasible, so at the very least, find a corner of the room that you can declare your own, even if it’s a corner of your bedroom or living room. Make sure your kids understand to let you focus when you’re working on your business. It’s also a good idea to set working hours so your family knows when you’re working and when you’re not.
5. Marketing Strategy
While the internet is obviously going to play a big role in your business, it makes sense to include it in your marketing strategy. With so many options, it can be a bit overwhelming to decide where and when to advertise. The first step is to decide who your target market is. A professional marketing or social media company can help with this, freeing up your time to concentrate on other aspects of your business.
6. Operating Budget
Aside from marketing, you’ll need an operating budget for things like accounting, bookkeeping, business software, office supplies, etc. Spend at least ten minutes daily checking your budget and modifying parts where you see fit. Allocate a portion of money each month for unexpected expenses.
7. Self-Discipline
When you work at home, there are always distractions. Dirty dishes in the sink, your favorite TV show, that book you’ve been dying to read, and those cookies in your pantry that are calling your name. Of course, online distractions like Facebook, Instagram, and email can suck up precious working hours. You’re going to have to find ways to avoid these distractions so you can put in the hours you need to work on your business.
A home business can be extremely rewarding, but also extremely challenging. If you follow the tips above, you’ll enjoy success and peace of mind knowing you’re building your own dynasty from the comfort of your own home!
