If you’ve decided to make the leap from a traditional workplace to start a small business from home, you’re not alone. In fact, in 2018, there were 4.3 million non-employing small businesses, compared to 1.4 million employing businesses.
But how do you go about making your dreams of starting a small business a reality?
It’s time to do your research
There’s no substitute for doing your research; whether you’ve had an idea that you know could work, or perhaps it’s an industry you have experience in, it’s time to put pen to paper.
Analyse your competitor’s strengths and weaknesses, and how you think you can do better. Where does your model fit within the sector?
Find your ideal customer and speak with them about your business. What are they looking for, and why should they choose you?
Once you’ve done your research, put together a business plan.
How will you finance your small business?
Speak to experts who specialise in small businesses. Finance companies such as Liberis can help you get your business off the ground, while offering invaluable advice.
Create a cash flow forecast that includes your revenue, expenses, and net cash flow, but remember to be realistic with your projections.
Create a dedicated office in your home
It’s important to have a routine, and feel as if you are going to work; whether you have a state-of-the-art office in your back garden, or dedicated corner in your living room, make it a place you want to work in.
Take regular breaks like you would in a traditional working environment, and don’t feel guilty about taking time for yourself. After all, having that flexibility to work when it suits you is probably one of the main reasons you decided to start a small business from home.
Network
There’s no substitute for putting yourself out there and showing people you’re an expert in your field. If face-to-face networking events fill you with dread, social media platforms are a great way to reach target audiences, and start getting your brand recognised.
Acknowledge the small wins
It’s easy to become disheartened when things inevitably take time to get off the ground. But remember, very few businesses are overnight successes, so take time to celebrate the small wins.
Create measurable goals that over time will accumulate to your business becoming a flourishing one.
