An estimated 43% of businesses in the U.S. comprise of home-based entities according to statistics from the Small Business Administration. These startups have seen most businesses start from scratch and develop into large enterprises and international brands. Mary Kay Cosmetics, Apple, and Ford Motors are some of the brands that boast of a home based origin. Some states in the country do not allow operations of any business from home while others lay various laws and regulations to govern the home-based business sector. Therefore, an entrepreneur requires a lot of planning and research before launching a home-based business career.
What makes a Home-Based Business Worth It?
The home based businesses save on the entrepreneur on the cost to have a physical locations. They cut on the cost of rent, utilities, and insurance. People want a better work-life balance. Opt to start up a business from home instead of getting an office job allows you the freedom to make your own schedule. Having to travel less provides more time for the entrepreneurs to work on actually growing their start-ups. If you have a business plan don’t wait, take the leap to start your own business. The only regret you will have is if you don’t try.
Starting a Business
Starting a home-based business, isn’t a walk in the park, an entrepreneur should consider if their home offers a good environment for business. If yes, the entrepreneur should go for it full steam ahead. Before you jump in head first perform market research of the various viable businesses in the surrounding. Additionally, signing up for small business training instills knowledge on the basics of starting up a business.
Laws & Restrictions
An entrepreneur should check with the city office for zoning laws before beginning a start-up plan in the United States. Some neighborhoods do not allow any home-based business entity hence the need to check on the zoning rules before starting up a business. You can get information on the zoning restrictions online, in the public library, or in non-governmental sources such as trade groups and the local chamber of commerce. Some states require permit or business licenses for the home-based start-ups.
Making a Valuable Business Plan
A business plan is the backbone of any business, whether industrial or home based. The business plan should include the idea, the market options, business operations, financing, and the source of mentorship for your business. A business plan functions as a reference for an entrepreneur the entire time they are running their business. Friends and banks require a business plan before funding a business entity.
Where do I get the Money?
An entrepreneur should research on various financing options for home-based business in case they are not funding it themselves. Reaching out to friends and family has always been the best way to get funding, although there are other alternatives such as crowd funding, corporate bank loans, and venture capitals.
Go to Market Strategy
Some of the famous business brands such as SeneGence and Mary Kay Cosmetics registered a good marketing strategy. Use marketing methods such as use of brochures, social media, direct emails, eBook templates, and email marketing accounts. Remember that proper marketing strategies determine the success of the business.
You Need to Be Everywhere
An entrepreneur should register a domain name URL upon launching the home based business. They should get accounts such as business emails and merchant accounts to facilitate easier online purchases.
Develop a social following on all social platforms. Building a presence takes time but the return on investment can’t be understated.
By: Angela Pattridge