It’s no mystery that as technology continues to improve at a tremendously rapid pace, opening a home based business is becoming a more and more attractive idea. In fact, according to the Small Business Association, 52 percent of all businesses are home-based, and that number has been on the rise in recent years . With the innovative products and services they provide to consumers and the flexibility that comes with running a business from home, these ventures are presented with a great opportunity to thrive in today’s day and age.
With that being said, managing a successful home business is far from easy, and a great deal of them fail as a result of poor management and small mistakes that could have been avoided with a little bit of research on what some successful home business owners believe to have helped them most in the beginning stages. So, based on their stories and advice, here is what we believe to be the top 10 ways to be successful in your home-based business.
If being cooped up in the house all day, every day is going to make you stir crazy, consider spending a day at the local library or coffee shop – somewhere that will give you a different vibe than that of being at home without finding yourself surrounded by too many distractions. For example, trying to do work at your child’s piano lesson may pose some issues, so try and find someplace where the activity surrounding you isn’t going to steal your attention. Key takeaway: Variety in location can inspire you to act different, thus causing you to think differently than you would following the same routine – try switching it up sometimes.
However, word-of-mouth is just one part of ensuring your business is successfully marketed. It can be challenging, so expect to cough up some extra money to help introduce your product to the world because successful marketing is crucial for any business, but especially for one operating from home. This is a great example where spending the money can result in huge returns.
These are just a few of the many low-cost or free services out there that can help alleviate a tremendous amount of monthly marketing service expenses to further minimize overhead for your home business.
It’s natural that one person may not be able to do everything in this world, and making the decision to look for help can make or break a business. With that being said, try not to get ahead of yourself. If times are slow and you’re in the middle of a dull period, save some money by trying to enhance your skills by doing some of the work yourself.
It is important however, that those affected by your earnings be kept in the loop, so consider sharing your business plan with those people. For example, it may be helpful to disclose child care coverage, double-amount of hours an independent venture may require, lack of paid benefits, or the lack of a predictable income with your potentially affected family and friends. Ensuring there is an understanding of your boundaries and of the circumstances associated with running a home-based business is crucial in maintaining a positive environment for working.
In regards to decorations and furniture, that is really up to you as each person truly thrives in different environments. Some may prefer to be surrounded by a lot of stimulating artwork and furniture, while others may prefer simplicity. Some workers like a traditional work desk and rolling chair, while others may prefer to feel more at home in a comfortable environment. Whatever your style may be, use it to create the best space that encourages productivity, and do your best to minimize the outside factors that can come with working from home.
Another option to consider is an in-house security system, which is always a good idea when considering the ways to keep yourself and your belongings safe. Definitely consider this security measure when you’re going to be away for longer periods of time such as vacation or a long night out. Purchasing a lock box for some of your work supplies and valuables would also be a simple way to keep those assets protected. General rule of thumb: No action taken to ensure the safety of your business is too extreme.
If in fact your home business is not covered, which, again is likely, you may need to purchase a separate business owners policy to protect your business assets. Again, no measure is too extreme when it comes to protecting your home and your belongings.
Offering superior customer service is key. You can also consider a means of thanking loyal customers whether you mail thank you cards, offer exclusive specials or any other expression of gratitude you deem appropriate. Treating customers well is one of the few money-friendly aspects of any business, and it also happens to be one of the most money-generating ones as well.
Keep in mind that most homeowners policies only cover your personal property and not your business equipment. More specifically, a typical Home Owner’s Policy provides only $2,500 in Business Property coverage. You could be paying for the cost of a theft of your business equipment and valuables out of your own pocket. Don’t want to take that risk? Contact Lindbergh for your home business insurance needs.
Get the protection you need at a cost you can afford.
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