If the coronavirus crisis has thought us a lesson, it was how to start a business from home. If you lost your job lately, maybe it’s time for a personal reinvention?
The best business from home ideas come when you know what you are passionate about. As an example, we will use our own company. For us, the choice was simple, we are passionate about all things digital marketing and web development & design.
During the time we started this business, we did not have a lot of information in terms of taxes and legal advice. However, with a little bit of reading and after many calls we finally had the right information. For every country, the legal requirements will be different, but the process of starting a business from home is the same. Digging up the information first, then turning your idea into reality.
To identify your business from home, you first need to establish your business plan and brainstorm your talents. If you don’t know yet what are your talents, start brainstorming. Once you know your talents, the next step would be to imagine yourself in a home-based business environment.
If you don’t feel you are suited to self-employment, but you still want additional flexibility in your work life, consider looking for a job that allows telecommuting. A side hustle is also an option if you can make it work.
Make sure that your idea works as a home-based business
Business from home requires flexibility and licencing but also a work style. Are your ideas feasible to conduct from a home office? Could your work be done from home rather than on-site?
Sometimes, your home does not feel like home anymore. Our advice for you is to find a third location where you may feel more productive and effective in your day to day operations. Why not exploring a coworking space near you, or visit a coffee shop with good wifi? The choice is yours.
Consider the profitability of your business in the long run. Are people willing to pay for your work? The question is how can you make your product or service profitable. You can answer that question by taking into the account expenses for you to create the product or service, and time involved.
If you can make earnings on a monthly basis that will be sufficient to cover your living expenses, then you can start right away. However, if you realise that your income is not sufficient, you can still make an extra earning doing something you enjoy.
Take into the consideration that every business needs time to make a profit. During the time of crisis, this may take longer than usual. Create targets for your business monthly profits and do the best you can to achieve them.
Do you want to include eCommerce in your business plan? Check out our
How to move your business online article.
The number one reason to start writing your business plan is to know if your idea is successful. Include in your business plan an executive summary of your business idea. Start with market research to know who your competitors are and what makes your business different. Who is your perfect customer and what will you include in your marketing strategy. You should also include your financial planning and operations.
Having your business plan in place will also help you to stay persistent and focused. A lot of details along the way will come up, but you will learn as you go. You should not stress out about not having all business details in place, but to focus on what you want to accomplish.
The most important thing is to present your idea as a clear answer to the question: “Why are you doing this?”. Make short, medium and long-term goals to be able to steer your business in the right direction as new opportunities show up. Don’t make any decisions or settle for anything that will change your previously set goals. Remember – change the “hows” as you go but not the end goal.
Also, a great read on this is the Writing a Successful Business Plan overview from Annette B. Haag. This will give you an idea of the most important topics you have to figure out that will lead you to success.
For your business from home to be profitable, marketing strategy and the website design are highly important criteria in setting your business apart from others in the industry.