Are you feeling disenchanted or disengaged in your workplace? Do you feel you have more to offer than what is being asked of you on the job? If you feel you’re ready to make a change and step into a new phase of life with more exciting challenges, starting a home-based business might be a great option for you. If you have skills and abilities you haven’t been able to capitalize on at your existing job, starting your own business where you can put them into practice can be deeply rewarding. Bibs and Business gives you the nitty-gritty.
How can you tell if home business ownership is right for you?
First, sit down and make a list of your skills, talents, abilities, and areas of expertise. Consider each one and see if it could become the basis of a successful startup. Maybe you’re a great home baker — have you considered opening a baking business? Perhaps you’re a wiz at tech and love coding — with a little training, you could start a business doing web development or systems analysis. Or you could offer your services and expertise as a consultant in your field.
Next, research whether there is notable demand for your expertise, what the competition is like, and what standard rates are being charged. Finally, try to picture your future day-to-day with all the ups and downs of running a business. Do you see yourself loving it, even in the more stressful moments? If so, you are likely to be a great candidate for entrepreneurship.
How do you start?
Once you have a business plan in mind, make sure you get it down on paper, covering every aspect of your future business, as well as what you need to do to launch it. Consult with friends or colleagues with business experience and find out what worked for them. Bounce around ideas for names and discuss how you envision your brand.
When you have decided on a business name, you will want to make your business a legal entity. Many small business owners choose to form their business as a limited liability company (LLC). With an LLC, you will have more tax deductions. It also can protect your personal property in the event of an accident or lawsuit. Different states have different processes for forming your business, but you will need to file both with the IRS and with the state. Consult a reliable formation service if you need assistance in getting your LLC off the ground.
You also need to create a sound budget. Determine how you will pay yourself, any staff you plan to hire, and how you will pay other bills and invoice your customers. There are plenty of tech tools to help. Simply connecting with an online payroll service like QuickBooks can be a boon. You gain the capability of automated payroll, automated tax payments, direct deposit, and tax penalty protection up to $25,000. It also makes it easier to set aside funds for things like your retirement and healthcare. Look for apps and services that make sense for your situation, and plug them into your toolkit.
What about finding customers?
There are many options available to you when it comes to networking. Ask trusted friends for referrals, partner with similar businesses, and utilize social media to get the word out. Having an appealing website that is easy to find and use is essential, so make sure you work with a good web designer and a marketing expert who understands your unique personality and brand.
But it’s not just about getting customers to come to you once — you want to make sure you establish an ongoing client/customer relationship. That means delivering on your promises and maintaining clear communication so customers trust you and look forward to working with you again. Having repeat customers is key to keeping your business productive and growing.
Managing your own business can be wonderful for personal enrichment, and when you have something valuable and helpful to offer, this enriches your community, as well. So don’t be afraid to reach out to others in your community to seek advice or draw on resources.
