One of the most curious things that happened when the coronavirus pandemic hit was the sudden rise of people starting a home business. Many did it out of necessity because they got furloughed at work, while others discovered a hidden hobby or talent that they could monetize.
Either way, with the world still fighting the ongoing global health crisis, now is the perfect opportunity to look into starting a home-based business. Various industry experts believe that remote work could be the future we’re looking at, and we all eventually have to adapt to this new normal. So if you’ve been toying with the idea of starting a business, here are some tips and ideas that could help you get started.
Things You Need to Consider Before You Begin
Some home-based work is more manageable to start than others, but generally, you’d have to look at it from a businessperson’s point of view and consider the following points.
- Would you need a license to operate? Just because you don’t have a physical workspace or an office to go to doesn’t mean you can get away with running without at least your local government knowing that you have started a business.
- What kind of equipment would you need? Your finances, of course, should be at the top of your list of considerations. Do you have everything you need right now to begin right away, or would you have to shell out more money to buy more or better equipment? Assess everything you need and see if you have enough money to cover all your expenses.
- Who’s your target market? Are you targeting consumers, or do you want to cater to businesses? For example, selling homemade food items would make you a B2C business, while operating as a Jabra headset reseller for work-from-home professionals would make you a B2B company. Each one would require you to study the online habits of your target buyer to create the perfect marketing collateral to get them to buy from you.
- Can you designate an area in your home for your work? “Location, location, location” is something you often hear business people say. Meaning, if you want your business to succeed, you must choose where you set up shop carefully. You should apply the same thinking to your home-based business. Do you have enough space to store your headsets before they get sold? Can you designate tools and equipment specifically to your commercial food business? Consider these things and make the necessary adjustments to your business plan.
- Does your homeowner’s insurance cover you? That is especially important if the business you want to set up requires the use of heavy equipment. If something untoward happens to your house while you’re operating different machines, are you covered by your homeowner’s insurance? Talk to your insurance provider and inquire about riders you can tack on to your current coverage that would protect you and your home-based business.
Starting a home-based business is now easier than ever, with more pathways to get started. You could go simple by selling stuff on Facebook Marketplace or using your communication skills to go into freelance writing or digital marketing. With minimal capital, you could invest in reselling items or becoming an online tutor.
However, the only way you will succeed in your new venture is by putting yourself in a CEO mindset. Don’t think that just because it’s home-based, it means you can also run it the way you run things at home. For you to achieve your goals, you must think of it as a legitimate business with legitimate business needs.
