More and more people are starting businesses from home. Here are four helpful suggestions for running a successful home-based business.
According to the Small Business Administration, 52 percent of all businesses are home-based. That percentage has been gradually increasing in recent years.
That statistic includes Keith Evans, an entrepreneur based in Florida who joined the home-based company bandwagon in 1995. Evans is the founder and CEO of After-Hours Executive, a consulting service that provides assistance to fledgling businesses in the evenings and on weekends.
Having seen the possibilities of owning a home-based business, Evans decided to go for it. He began a home-based business in order to save money on office space and eliminate commuting time. He anticipated that his home-based consulting service would be a hit when it first launched in 2011.
Of course, he was absolutely correct. It was exactly what many people were looking for.
In his new business, the former telecommunications employee keeps himself busy with two staff and perhaps twelve clients. With fewer overhead expenses he is able to keep his prices reasonable and is less concerned about keeping the firm afloat during the slower months of the year.
Evans intends to hire more consultants this year as part of his strategic business planning process. He plans to “aggressively grow” his company as a result. His success is the result of more than two decades of hard work. However, he says there are some things he’d want to share with anyone who might be interested in following in his home-based business footsteps.
1. Reduce monthly business spending by making use of free or low-cost services.
Of course, having a home office eliminates the need to spend a lot of money on office space. However, this isn’t the only area where a home-based business owner may save money.
For example, it’s possible to use Google Voice to set up a business phone number for your company. In order to manage accounting needs, use FreshBooks, a cloud-based platform, and Wave Accounting in order to make professional invoices. These are some of the tools recommended for proper business management.
2. Outsource jobs in order to free up your valuable time at home.
Most home businesses begin as a one-person operation. However, you do not have to be a master of all trades to succeed.
It’s reasonable to believe that you can always outsource work. Online marketplaces such as oDesk and PeoplePerHour can connect you with low-cost independent workers.
With these options, contractors bid on your project when you publish it on one of these websites. It’s up to you to choose a contractor that possesses the expertise you require. In addition, this helps you remain within your financial constraints.
Finding freelancers frees up your time so that you can devote it to other vital activities. In addition, it is suggested that, if you have some spare time during the lean months, you should undertake the work yourself. Therefore, you save money and keep your own abilities sharp.
3. Become a member of professional business organizations.
One of the drawbacks of running a home-based business is the lack of social connection. Therefore, it’s recommended that you become a member of professional clubs in the region.
It is possible to find networking organizations in even the smallest towns. Joining one can provide an excellent opportunity for people to get out of their homes and away from their computers.
In addition, it allows them to enjoy the company of others who share their interests. Furthermore, attending these events will assist you in spreading the word about your product or service.
4. Don’t skimp on your marketing efforts.
Marketing can be difficult for home-based enterprises. Therefore, it’s necessary to spend a little money to get your product or service in front of new customers.
As much as every dollar counts, marketing is one area where you have to spend money in order to create money. If you invest in a great marketing effort, you can expect to see significant returns. This is especially true when compared to the return you get from free Craigslist advertisements or similar efforts.
Starting a home-based business involves major time investment on the part of the owner. However, the final result will be a profitable enterprise for you and for your customers if you are willing to make it so. This is possible with persistent effort, careful planning, adequate tools, and proper marketing.
Finally, and perhaps most importantly, your success may depend heavily on finding the best help around!
