Starting up a new business is never easy. It can be even more challenging when you are looking to do this whilst still running the house, looking after the children, and managing everyone’s schedule. But, with a good task management system in place it is possible.
By following these simple steps you will be able to take that step and start earning from home.
Create A Business Idea
Before you can start a small business, you need to generate a business idea that is feasible and will attract custom. You want your business idea to be a venture that you are interested in and something that will be marketable and will serve a customer’s pain point or will fill a need in the market.
Still, struggling with ideas? Think about something that annoys you or is unnecessarily difficult. Do you wish someone had created a solution for it? Let that someone be you. That could be your business venture.
Alternatively, if creating a new product isn’t your ideal business, see what is in the market currently. What would improve what they are selling or offering? Are there still gaps within this field that need filling?
What Will You Sell
You’ve got a business idea, now the next step is deciding what you want to sell. This ultimately will determine how successful your business will be and your ability to sell your product or service to potential clients.
Within your market niche, create a list of different products or services you would be able to offer.
Then whilst reviewing this list, consider what demand there is for this item or service, what benefits will it bring my customers, what is a fair price and would there be enough of a business demand to enable profit and income to be made.
Generate A Plan To Make It Happen
Before jumping straight into building the business up, you will want to create a business plan.
A lot of new businesses fail within the first year and this can be attributed to not having a clear plan or strategy on how to make it a success and the entrepreneur losing their way or motivation.
A business plan will allow you to have a clear plan of action in place and clear steps to follow in order to make the business succeed. If you ever need financing for your business, a detailed business plan can help with your chances of getting approved.
Understand The Legal Standpoint And Requirements
There are various legal business setups available. It is important to understand the different setups and what they mean to you.
The quickest way to start your business is as a sole proprietor, this means you are solely responsible for the business. You and your business are viewed together, there is no legal separation, so it is important to be aware that you personally will be liable for any debt or legal cases if that arises.
If legal separation from your business is important, a limited liability company would allow this level of flexibility. It does take longer to set up, however, and you are required to complete additional paperwork and file your business.
Set Up Your Home Office
If you are planning to work from home, it is always a good idea, where possible to create a separate working area. This will allow you to focus on the work and conduct any business meeting or client calls professionally.
It also allows the rest of your home to continue to be home. At the end of your day, you can leave your home office and enter back into family life with a clear distinction.
Marketing is extremely important when you are a small business.
Without a marketing plan, you could end up spending a lot without seeing returns or alternatively not being aware of how you ended up with success and not being able to repeat it.
A marketing plan is detailing how you will get your product known and a timeline as to how you expect to see your business grow.
This includes who your ideal customer is and how you will interact with them. Also how you will monitor your success. Using a POS system for small businesses, can provide useful analytics.
There are many ways to market your products using various social media strategies, selling at a local event, using a pop-up stall, having a business website, blog, or even all of the above. The key however is to target your marketing as your ideal client.