Do you dream about being your own boss? Read our guide on all the things you need to know to start a home business so you can begin living your dream.
Did you know that there are over thirty million small businesses in the US? If you’ve ever wondered about how to start a home business, there isn’t a better time than now.
Don’t worry if you have no idea where to start. We’ve got you covered, keep reading to learn the five things you need to know before starting a business. Answer these questions and you’ll have a head start when it comes time to begin living your dream life working for yourself from home.
Start a Home Business With Confidence
Starting a business can be exciting and full of trepidation at the same time. But with a little forethought and planning, you’ll be a successful business owner before you know it.
Starting at home puts you in good company as 69% of all entrepreneurs start their business at home. This includes Bill Gates, Jeff Bezos, and Walt Disney.
Here are the five things you need to be able to answer before getting started:
1. What Is Your Business Model?
In a nutshell, how will you make money? Are you selling a physical product, and if so will you need to house it in your home? This is important to consider before you find yourself six months in and your garage is so full of product that you’re carrying your groceries in from the driveway.
2. What Will Your Operating Costs Be?
The great part of running your small business from home is the low overhead. But there will still be other operating costs, including hosting your website and obtaining a business license. If you’re selling physical products what will your shipping costs be? Research this now so you can plan ahead and budget accordingly. To find out about oversize shipping check out this guide from Richardson Seating.
3. Where Will You Work?
Do you have a separate space dedicated to your business? Or will you be sharing the dining room table with your family? Decide this now and have the necessary conversations with whomever you’ll be sharing the space.
They may have a different idea about what starting a business entails. Set these boundaries before you start your business to avoid hard feelings later on.
4. What Will Your Promotion and Outreach Entail?
How will you reach your clients or customers? Will you be promoting yourself online via social media? If you’re planning on using video for either YouTube or webinars, the above step is imperative.
Be sure you have a separate workspace so you can record in peace without embarrassing interruptions.
5. Do You Have an Exit Plan?
While this isn’t something most people want to think about, it is important to know what your exit plan is. Will you have a business partner, and if so, what is their exit plan.
These uncomfortable conversations are much easier now when it’s hypothetical rather than a few years down the road when you’ve put all your blood sweat and tears into a business that you want to pass on your children only to find out your business partner wants to sell and cash out.
Follow your dream and be your own boss today
Once you’ve answered these five questions you’ll know the five things you need to start a home business successfully. When you address these issues now, you can avoid your dream business crashing before it has a chance to grow.
Here’s to following your dreams and becoming your own boss. To learn more about this and other great topics, check out the rest of our blog.
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