What to consider when starting a home-based business
There was a time when home-based businesses were frequently misunderstood as unprofessional, lacking in authenticity, or unproductive. With remote work now mainstream, however, attitudes are shifting, so there has never been a better time to establish a home-based business. If you’re contemplating a deep dive into the world of home-based entrepreneurship, Advertisers Galleria is pleased to provide you with some expert advice.
Start With Essentials
It makes the best sense to begin your business on the right foot. That means deciding on a name for your new venture, determining what sort of business structure suits you best, developing a business plan, and establishing a budget.
Choosing a name sounds easy at first glance, but as Business Know-How explains, many people chose poorly. Aim for something that isn’t obtuse, avoid anything overly wordy or difficult to spell, and steer clear of names that are vague. You also want people to understand what you do right off the bat, so for instance calling your company “Adam’s Professional Services” could mean anything from plumbing to personal coaching. Be concise and clear.
Structure-wise, many small business owners choose an LLC for the sake of protecting their personal assets, but some other viable choices are a sole proprietorship, partnership, cooperative or corporation. Think through the various qualities associated with each option in order to determine your best choice.
A business plan will help you with key decisions and planning, and can play a valuable role in projects like securing loans, attracting investors, and developing your marketing plan. Essentially, it’s an outline of your ultimate goals and the steps you’ll take to reach them, so it not only firms up your journey, it proves to others that you have a viable plan.
Your budget will tell you if you have enough seed money to get off the ground, or if you need to reach out to various funding sources for assistance. For instance, you might simply apply for a traditional SBA loan, or the Main Street Business Lending Program might be an option for you. Explore what’s available and will fit your needs. Thankfully, by covering all these bases first, you’ll have what you require if you need to secure funds to help get the ball rolling.
How will you attract your first customers, and how will you keep them coming back for more? With your essentials thoughtfully selected and established, you’ll be ready to formulate an outreach plan. And topping the list in this day and age is a professionally designed website.
As Entrepreneur explains, the internet is where people go to search for businesses these days, and if customers can’t find you, or find your website and it’s sending the wrong message, they will move on to your competitors. It’s critical to clearly tell your customers what you do, why you’re unique, and how to get in touch with you. Some testimonials and endorsements can help as well, and an easy-to-navigate interface is a must.
Your website is also a springboard for collecting customer data so you can launch email marketing campaigns, and it plays a key role as social media outreach funnels customers back to your site. It’s also an opportunity to further engage your customers through things like blog content, podcasts, and vlog posts.
This all might sound complicated and time-consuming, but, once again, the age in which we live is advantageous. There are lots of other people like you out there who have home-based businesses, so you can engage the freelance talent you need for whichever piece of the puzzle is beyond your skill set or time allotment. There are freelancers who specialize in social media marketing, video editing, blog writing—you name it. And if your budget is too tight to hire expert help, fear not—you can still turn to apps to help fill in the gaps.
Getting a home-based business off the ground is easier than ever. Cover your essentials first, then connect with Advertisers Galleria for a professionally designed website that will catch customers’ attention and keep them coming back for more. With the right plan and outreach, you’ll be set up for success from day one.