With the COVID-19 outbreak, we have been confined within the four walls of our home. While staying and working from home can be monotonous and claustrophobic at times, quarantined life will not have to be boring per se if you know how to utilise this opportunity. Earlier, operating like a robot in our 9 to 5 jobs barely let us do what we like. With work from home options available at present, you can not only do things that you like but also monetize it.
As home-based businesses become one of the fastest-growing business segments in 2020, the time is most opportune to start your own business. But it isn’t as simple as it seems.
So, how do you start a business from home? Here are seven tips to help you in your quest to launch your home-based business. Here are some business productivity ideas that you can try out.
Know the applicable laws
Starting a business isn’t just about the idea and selling it. You will have to ensure that your business does not violate any zoning laws. Look up the zoning commissions in your state and country. Apply for the required licenses and permits to run your business from home.
Also, as you monetise your business idea, you will be entering a world of taxation. To abide by all the legal measures, and avoid a hectic Tax Day, take the time to understand your tax situation.
Develop a business plan
Baking cupcakes and delivering to a few friends and acquaintances in the first few months will be easy. But what will you do when you get orders from all over the state? How would you manage the delivery, the packaging, and the kitchen labour?
This is where a business plan would help you avoid being frazzled when you land a big order. Also, the business plan will chalk out essentials like the marketing strategy, overhead costing, etc.
Do your market research
The pandemic has changed our needs and priorities. Let us take up one industry to understand this. Before the COVID outbreak, women wanted to shop nice dresses. Now, they want matching safety gear to complement their attire.
So, you need to know what is working and what is trending. Also, there are hundreds like you thinking in your wavelength about a business idea similar to yours. Unless you do your market research, you won’t be able to find an unusual angle for your business idea and gain an edge over your competitors.
Set a schedule
While working from home lets you operate from your comfort zone, the allure of taking a mid-day nap or watching Netflix can be too hard to resist. This is why you need to set aside a schedule for your business assignments.
Moreover, if you have a job and this business is just a side affair, you MUST make sure that the timings don’t clash. You do not want to lose a job for missing deadlines when your business is in the initial stages.
Set up an office area
Working from home is in itself difficult with kids and pets running about, someone watching the TV at a high volume and other such issues. You do not want the commotion and distractions to get in your way.
So, set up your office in a separate room. Even if you do not invest in office equipment, a desk and a comfortable chair should suffice for now. If you do not have a spare room, set up a partition to create an office space.
Yes, I know how comfortable it can be to work from home in your PJs. But you don’t want your customers to think that you have been slacking the entire day and have just rolled out of bed. So, maintain dedicated office hours to answer calls and queries and interact with your customers.
Do not use your personal mail ID to entertain queries. Set up a separate business account email to avoid a mix-up of communication. If you don’t have a different number, then teach your family members how to answer business calls politely on the occasions of your absence.
Don’t neglect marketing and advertising
Think it this way: At this moment, thousands like you are reading this blog for tips to start their business. Ergo, you are not the only fish in the sea. The pandemic has seen a surge of home-based businesses by 37%.
To ensure that people will notice your offerings, you will have to advertise your new business. That said, do not have to make it an expensive affair. Try organic marketing on social media platforms to showcase your offerings and post about your brand.
Starting a business isn’t going to be easy. However, with time and perseverance, your efforts will reap the benefits. So, do not feel discouraged after a disappointing trial period. Plan your every move (even what you will do after a setback). Show the gusto to make your business a successful one and victory will follow suit. All the best!
Author Bio: Alley John has an MBA to his name and is a business keynote speaker hailing from Australia. He is also associated with the academic brand MyAssignmenthelp.com where he helps students to write business assignments. In her free time, Alley loves to read and travel.