Homebased Businesses Advice
From Adviceopedia
Homebased Businesses: Advice and Tips
Scams
Unfortunately there are more homebased business scams then genuine opportunities. If you are just getting started, be careful what you believe and who you trust. Key concepts to remember when researching potential job prospects or clients include:
- Most clients want to hire self employed workers or freelance businesses, not telecommuters.
- You shouldn’t have to pay someone any upfront fees to get their business.
- Legitimate work means exactly that, work. You can’t get rich without any effort.
- Research any potential customers that send up red flags. If they are a business, check them out with the Better Business Bureau or a local chamber office. If they are an individual, at the very least, do a quick search on the web.
- Trust your gut. If something feels wrong, it just may be. Follow through with your intuitions and do a little more research.
Spread the Wealth
Support the homebased business industry by hiring other homebased businesses for help when needed.
Act like a Business
Often it can be tough to define where home stops and business starts. For many, this is the reason they started a business at home to begin with. But for ultimate success, take this homebased businesses advice – create a mindset that you are a business. How you accomplish this task depends mostly on your business type and your own personality. For some, it may be simply creating a separate room of the house only for business purposes. For others, it might be getting dressed up for work each day or an established schedule. Whatever it is for you, find it and act like the business you are.
Homebased Businesses Advice for the Business Owner
Don’t forget to take care of your personal needs as an employee. Often expenses like health insurance and retirement accounts are swept aside in homebased businesses. But, don’t take these needs for granted. Pay money to an IRA, and at the very least, set up a catastrophic health insurance policy (one with a high deductible, used only for emergencies).
Accept Risks
Risks are necessary to success. Any homebased businesses advice column will tell you, in order to progress in the business world, some risk is necessary. The important component is to make them calculated risks. Spend the time to research and plan, and then go for it. While leaving your comfort zone, you may also discover new business ideas along the way.
Keep in Touch
Join local business groups, subscribe to a trade magazine, and visit website forums. Not only will it build community, it will help you stay in touch with your marketplace.
Marketing, Marketing, and more Marketing
In most homebased businesses, only 20% of your time is actually performing your service or creating your product. The other 80% should be marketing. Advertising is critical to maintaining and growing a healthy business.
Open Minds
The most simple homebased businesses advice is to keep an open mind. Many businesspeople start off imagining they will have a certain type of business or service a selected cliental. While this is a great start, keep your mind open to what the market is actually telling you. Maybe you wanted to be a freelance landscape photographer, but if your clients keep asking you to photograph weddings… you may want to consider shifting gears.
Corny, but True
Although the saying “love what you do” may be heavily overused, it does speak volumes for business owners. If you find a business that you feel passionate about, you will spend more time and energy at it and pave the road towards success. Plus, you may actually enjoy your career along the way!
Create a Business Front
In today’s Internet society, it is amazingly easy for a homebased company to create a storefront. If you run your business from home, then you need a professional place to showcase your products and services. The least expensive and simple spot to do this is through a website. Having a business website is practically a necessity in today’s marketplace – and essential for a home business. Spend some time, money, and energy, with this virtual storefront to make it shine.
Play it Smart and Be Legal
Often there is a temptation to keep your homebased income “under the table.” But, in reality, this usually limits your ability to truly make money. Running a legitimate homebased business not only allows clients to trust you, it also opens the door to tax savings and a fearless ability to grow to success.
Have Ground Rules
Often the largest hurdle a home business faces is family and friends. Set up some clear ground rules about when you can be disturbed and their involvement in general.
Phone Etiquette
No matter what type of business you run, have a dedicated phone line just for the business. While you are at it, make sure you have a proficient voice message or employ a professional message service to handle calls when you are unavailable.
Write a Business Plan
Even if you have been in business for years, if you don’t have a business plan – write one today. It is a critical document to avoiding failure. Refer to it often, updating as necessary.
Printed Materials
Image is particularly important for a homebased business. Some customers naturally hesitate away from a home business, so you have to prove them wrong from the beginning. Classy printed materials and an authoritative web presence will help create the image of success, even if you have yet to achieve it. Key materials include:
- Well-Designed Business Cards
- High Quality Letterhead Paper with matching Envelops
- Brochure
- Website
- Also consider… postcards, thank you cards, catalogs, order forms, invoices, and flyers.
