How to succeed running a business from home.
During Covid, a lot of people began businesses to keep themselves busy and to create another income source to keep the finances in the black as much as possible.
Some rocketed, and is now their main income stream,
some did well but not enough to finish their day job but still something they want to keep up, and
some didn't go anywhere.
Whichever category you fall into, well done for trying!
If you want to start a business from home and follow these brilliant entrepreneurs I am referring to then here are some tips to help you:
1. Check your small business’s idea thoroughly
You don't want to be putting a lot of time and energy into something that is not going to go anywhere. Do your research! Look at
the internet, search social media, selling platforms, is it already out there, is the market saturated? Can you do it differently? Can you do it better?
Make a business strategy - What are you going to do
Make a prototype and ask people what they think, there is a lot of free feedback from social media.
Look at how much you would like to price your product or service, how much will it cost to make it and don't forget to include to price your time. Will you make a profit?
2. Create your brand identity
A strong brand can get you far, a weak one will make you forgettable.
You need to create:
possibly a website
Social media accounts
3.Get the right insurance protection.
You may think you don't need insurance because you are micro and working from home but it is really best for you to cover yourself. Possible insurances to look into are:
Public liability insurance - offers financial protection if your business is responsible for injuring a member of the public, or damages their property.
Employers’ liability insurance - if you have any employees, this insurance is a legal requirement. It protects you against claims made by employees against you.
Professional indemnity insurance - this is designed to protect you against the potential costs of a client seeking compensation from your business, for bad services, work or advice. Although not a legal requirement, many businesses, associations or clients may require you to have this before working with you.
Equipment insurance - typically covers tools, machinery and computers
Stock insurance - if you’re dealing inexpensive or large amounts of stock, you may want to insure against their theft or damage.
Buildings and contents insurance - just like you’d insure your home, this covers your business property and its contents against things like flooding, fires and theft.
Note: If running a business from your home, check your home insurance policy as it can be affected.
4. Use social media.
In the last 18 months, Social Media has grown a lot and there are a lot of potential customers out there. Create a social presence so that you can make people aware that you and your brand exist!
Done correctly, it is a free way to advertise and find your customers.
5. Start a simple Newsletter
By starting a newsletter you have access to peoples emails, which is a brilliant way to create a rapport with your customers, give out offers and early-bird information. This will create loyalty and make them more likely to buy your product over others.
6. Know your limitations
Yes, you want to keep your costs low BUT by spending sometimes you do. No, I am not going mad.
Hire a bookkeeper or account to keep on top of your tax and finance, you do have to pay for the service but it will free up hours of time for you to concentrate on your business.
Hiring a VA is also cost-effective, the time you would have used to reply to customers, order supplies, do your social media marketing can now be spent making more things to sell OR working with clients if you are service-based.
7. Be strict with yourself
Working from home can be fabulous but it also comes with distractions. Try to avoid this by setting boundaries for yourself like working hours. Don't be distracted by that phone call or visitor but at the same time don't work late into the night, you wouldn't if you were in an office so don't do it at home.
Starting or having a business from home is hard, tiring, time-consuming but also rewarding, free and empowering so go into it with your eyes open and enjoy the ride!!
My name is Erin and I am the owner of Bizzybee. I am a Virtual & Social Media assistant working with small/micro businesses and entrepreneurs to stop them from being overwhelmed.
If you would like to chat more you can find me at Bizzybeebolly