The global pandemic has sent in a lot of changes even to those who once held economically stable jobs. Many individuals have been laid off or furloughed, and now they’re looking for another opportunity to earn. This is where the idea to start a home-based business might come into being.
It’s not surprising that as the pandemic was spreading, so were the mom-and-pop businesses that were opening. More so now that many shoppers have also experienced the delight of online shopping, there’s no turning back from this habit of buying everything with just a few clicks.
This phenomenon presents a widespread opportunity for many of you who may have wanted to start a business, too. While challenging, it’s certainly doable as many other small-time entrepreneurs have succeeded. Here are some tips to help guide you through:
1. Come Up with Your Business Plan
In the same vein as starting any other business, no startup should ever be without a business plan. It serves as the foundation of your business. It’s the all-important document that contains your mission, vision, goals, objectives, marketing strategies, and even your financial planning process.
Yes, even a home business has to be that detailed. Remember, your main reason for starting the business in the first place is to achieve some stability. You can’t risk losing any more than you already are.
If you want your business to grow even beyond when the pandemic is over, a business plan is a must-have. Do your research and planning as thoroughly and as detailed as possible.
2. Consider the Popular Business During the Pandemic
One of the challenges you’ll face when starting a home business during the pandemic is getting buyers to pay for your goods and services. Almost everyone was (and perhaps still is) financially tied up because of the pandemic. With this lesser purchasing power of your potential buyers, you have to be selective about the businesses you’re going to start. This means choosing only those which you’re certain are going to be profitable.
These are some of the businesses that remained popular and profitable despite the pandemic:
- Cleaning services;
- Social media marketing services;
- Delivery services;
- Online resellers;
- Online fitness classes;
- Virtual tutorial agencies;
- Landscaping/yard care services;
- Telehealth services.
The key to choosing a business idea during the pandemic is to balance out the desire of your local target market and your preferences. When you’re happy with the business you’re starting, even the stressors brought about by the pandemic won’t be enough to stop you from completing your daily entrepreneurial activities.
3. Have a Business Bank Account
To ensure the financial stability and growth of your business, you have to do as any prudent entrepreneur would. It’s important to set up a bank account for your business so you can keep business expenses separate from your personal finances. Otherwise, when you mix the two, you can instantly make the mistake of getting confused over your finances.
4. Develop a Digital Marketing Campaign
Now that you have an idea of what products or services you’re going to offer, it’s time to start with the marketing side. Your advantage with starting a business during this season is that a lot of individuals are now busy regularly browsing their mobile phones. Social media accounts have never gotten busier and online presence is stronger.
Use that fact to your advantage by developing a sound and strong digital marketing campaign. If you don’t know how to get started with this on your own, you can always outsource this job to the experts.
When your digital marketing campaigns are effective, your business will grow. It can survive even the turbulent seas brought about by the pandemic.
5. Set Up a Home Office
Because you’re still a startup business, there’s no need for anything fancy for your home office. You only need to focus on the bare supplies and equipment you need to get your business started. You don’t have to go all out yet, just so you can be practical about your needed capital.
As your business grows and expands, that’s when you can also expand and change up your office. For as long as what you have now works for you, then go for it. The whole point here is to ensure you have a dedicated space, room, or area, especially when you have kids at home. That way, you have privacy and peace to focus on your business during your working hours.
Conclusion
Starting a home business during the pandemic is doable. If you’ve long had the idea in your mind, all you need is a little bit more push to get it started. It’s a lot of hard work, but no big business today was ever successful overnight. The pointers above should be more than enough to guide you through a strong head start.
