Having a home-based business has perks. You can work in cozy clothes and create an environment that suits your personality. You don’t have to deal with office politics or hear people share gossip at the water cooler.
Take time now to read this informative post about profitable home-based businesses written by experts at Camino Financial, an online lender that provides more than funding. The company’s motto, “No Business Left Behind” drives everything they do.
After that, keep reading about the best ways to keep your business profitable while balancing family and business.
Implications of Owning a Home-Based Business
On the one hand, a home-based business allows you to work when you want and provides more flexibility and independence compared to working for an employer. You have more time because you don’t commute to and from work.
But don’t forget there are disadvantages to consider. You can become easily distracted by pets and family members and may feel too isolated due to less social contact. No one pays you benefits such as health insurance and paid time off for sickness and vacation.
Even so, approximately 50% of US businesses are home-based. Let’s find out why working from home is an attractive option. Following these do’s and don’ts can increase productivity.
The Do’s of Running a Home-Based Business
- Set up a separate space for work. If possible, use one room exclusively for your business. Create a space that’s conducive for work, meaning there are fewer distractions. When you stop working, you can close the door. “A separate workplace will help you keep your sanity”, says Entrepreneur.com
- Keep a schedule. More than likely, you won’t work a 9-5 schedule but you could. Set aside the same blocks of time to work each day. Otherwise, you may not take your business seriously which would jeopardize productivity.
- Write a business plan. Treat your home-based business the same as any small business. That means planning for your business’s future by formulating goals and ways to achieve them. A business plan helps you reach milestones, get financial aid, and could help you sell your business later on.
- Make a profit. It’s important to choose an industry that already has a track record of profitability. Then, you can combine your talents and skills to generate business ideas and revenue. Granted, you aren’t guaranteed financial success but you have an opportunity to create earning potential on your terms.
The Don’ts of Running a Home-Based Business
- Don’t give up. At a minimum, it can take a year or more before you make a profit. So be prepared to work long and hard before you have a steady following of customers.
- Don’t forget marketing. Unless people know your business exists, you won’t generate revenue. Follow a marketing plan to promote your business’s products and services. Take into account that, as Workinmypajamas.com says, marketing your business will require thorough research in order to find out what your customers like and appreciate.
- Don’t overspend. Keep a close eye on your expenses. It’s exciting to start a business but that excitement can lead to overspending if you aren’t careful.
- Don’t forget your family. To create a balance between your family and business lives, it’s important to yield to changes. Be there for your family when they need you; however, be realistic about the time you need to complete work. Working smarter means you work when others sleep or while a spouse is working or kids are at school. Bottom line: Enlist the help of family members when you can and don’t spread yourself too thin because your family relationships and business will both suffer.
Be a Successful Home-Based Business Owner
Remember, a well-written business plan helps you launch your business into the marketplace to achieve your business goals. As a home-based business owner, you have more freedom to pursue your dreams and grow your business to the level of success you choose. So, why keep waiting to start a home-based business? Share your passion for a product or service with the rest of the world and reap the rewards of being your own boss.