Tips for Starting a Business From Home
Starting a new business is never easy. There are additional challenges when you're trying to launch a work-from-home company, have one or more disabilities, or are trying to juggle your kids' schedules with work responsibilities. When you meet all three of these criteria, starting your own business can be extremely difficult, but it can also be incredibly rewarding. If you want the opportunity to work for yourself by starting a business from home, use these five tips from Behind The Leaf to get started.
1. Know What You Have To Offer
Whether you decide to sell a service or product, knowing what you have to offer the world is important. Use a skill set or hobby to build a business that provides services. Turn your need for a specific product into a growing business by creating the item yourself and selling it to other people. Just because you have a disability does not mean you have nothing to offer the world, so analyze your skills to decide which type of business you want to run.
2. Draft a Business Plan
A business plan is a document that details the specifics of your company. It should identify the goal and vision for your business in addition to detailing how you plan to secure financing and operate the company. There are many templates available online that can help you draft a strong business plan.
3. Pick a Business Structure
Picking the right business structure is important for making your business financially sustainable. There are several structures to choose from, including limited liability corporations, sole proprietorships, S-corporations, and partnerships. One study found that 35% of small businesses register as LLCs. This is a great option if you want minimal paperwork with numerous tax advantages. It also protects you from legal liability in case a lawsuit is brought against the company. However, forming an LLC can be complicated because regulations differ among states. You can hire a formation service if you don't want to do the paperwork yourself and want to save money on lawyer fees. Make sure you understand restrictions regarding LLC formation so that you comply with the rules.
4. Market Your Company
You can't build a loyal customer base until people know that your company exists. Having a dynamic marketing strategy is essential for gaining clients. One useful strategy is advertising on social media. For example, you can design your own Facebook ads using a Facebook ad template. These ads are easy to customize with your own colors and logo so that you can create a recognizable brand. You could also harness the power of print marketing and send out postcards to residents of your community. E-mail marketing is a great way to keep your current customers engaged with your business.
Another great way to spread the word is through infographics. Their unique combination of eye-catching graphics and brief lists of facts about your company can do wonders for expanding your customer base. If you aren’t sure where to start, here's a possible solution that allows you to take advantage of time-tested templates – and best of all, it’s free!
5. Build a Loyal Audience
Having one-time clients is much different than having a loyal audience. If you want your business to be sustainable long term, you must focus on developing the relationship between your company and its customers. Focus on developing a personal connection with all of the clients you serve so that they are more likely to return when they need the services you offer. Personalized service also makes them more likely to recommend your business to their friends and family members.
If you have an idea for an innovative product or service and have the discipline to put your plan into action, there is no reason you cannot start your own business, even if you have a disability or kids. Using these five tips is a good way to set up a sustainable company that will allow you to generate extra income.
Behind The Leaf helps minority women see small business ownership as a viable opportunity for economic advancement by offering educational products, workshops, and networking events. If you have any questions, please email vivian.olodun@gmail.com.
Written by Derek Goodman; email derek@inbizability.com
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