Home-based businesses’ flexibility and low cost have made the model attractive and popular. And yes, you can be very successful like any other traditional business. Fun fact: Amazon and Apple both started in home garages. So if you have a small business idea you could start from home, you shouldn’t be afraid to begin.
Nevertheless, the work and dedication you put into it will determine how successful you become. This article discusses seven tips to equip your home-based business for success.
7 tips to run a successful business from home
Pay attention to these tips to position your home-based business for growth:
Set up an organized work environment.
The first step to a successful home-based business is creating an organized home office with the right equipment and furniture that make work enjoyable. Your home office should induce a positive mindset for work—a place where you aren’t always looking to breeze in and out of.
Use ergonomic furniture and sufficient lighting to boost your productivity and give you the feeling of being in a traditional office space.
Don’t be afraid to delegate and build your team.
As a home-based business, keeping costs low is a priority. In that case, you might be afraid to hire because the budget is tight. But as your business thrives and it becomes overwhelming, you would need to find like-minded individuals to who you could partner with or delegate tasks to.
Relieving yourself off some time-consuming tasks will help boost your productivity and allow you to achieve more in less time, thus fostering growth. You could also invest in automation software, especially email and social media marketing. You don’t want to spend all day working.
Especially when you’re a tech or IT-based business, you might need to partner with like-minded individuals. Discuss the future of your home-based business, the role you want them to play, etc.
Have a physical and online presence.
Let’s face it, there’s hardly any business that can thrive without promotion in this digital era. When you’re a home-based business, you don’t have any physical store where a passerby can just walk into and buy your product or service. So you need a strong online product to market yourself.
- Create a website
- Design a brand logo
- Ask family and friends to tell their acquaintances about your brand
- Encourage clients to refer others through an incentive program (offering a gift or discount)
- Join online forums and groups of entrepreneurs in your niche
- Use social media to your advantage and have friends share your ads
. Focus on customer service
As a home-based business, providing excellent customer service is essential to your success. Keeping clients happy will result in referrals and more repeat business for you. Consider adding something special that your competitors aren’t offering. Of course, people would want to tell their acquaintances of their positive experiences just as they’d warn about negative ones.
Your customer service also involves putting yourself as a professional and reputable business rather than a guy in pajamas behind their laptop. This brings us to the next tip…
Create a professional image.
Having a professional presence is crucial to your success as a home-based business. For example, home-based entrepreneurs should invest in a virtual mailing address. A virtual mailing address or virtual mailbox offers you a real street address in a reputable location that you can provide to your clients, boosting your professional image. Of course, clients can be put off when they see a home address on your website or email. Your reputation immediately drops in their eyes.
You wouldn’t have to work from that virtual address. However, all your business mail will be sent there, from whence it will then be forwarded to your home.
Investing in a virtual office is advisable if you meet with clients. You’ll have a physical office space you can use on-demand so that clients wouldn’t have to drop by your house.
Ensure you’re legally compliant.
Setting up your small home-based business for success requires compliance with state and local laws. Violations can result in heavy fines, and that’s bad for your budget, which you’re already trying to limit.
Ensure you’re familiar with your tax obligations and what licenses are required for you to operate your home-based business. You might need to consult with an accountant.
Also, know what requirements are needed that your home-based business already has. For example, it’s best not to use your home address for LLC since doing so can put you personally at risk during business lawsuits and debts. Since using a PO box for LLC is illegal in most US states, use a virtual mailbox service instead since it’s a physical address.
Prioritize time management
Productivity is essential to business success, and time management is pivotal to your productivity. While you’d often be compelled to use up the entire 24 hours a day working at home, it would hurt your productivity, and that’s no good. So structure your day, set aside time for rest, and use time tracking software to monitor your working and resting hours. If you have remote employees or virtual assistants, this applies to them too.
About 15 million businesses in the United States are home-based, making up about 50% of the US small businesses. If they could be successful, you could too. It all begins with the tips above.