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11 Ways You Can Successfully Run A Business From Home
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11 Ways You Can Successfully Run A Business From Home

If you are growing tired of the daily grind then you may be tempted to start your own business. There are many pros and cons to having your very own business including setting your own hours and working from home. Running a business from home can mean a world of difference to your carbon footprint, so if you are doing your bit for the planet then working from home is the best choice. Take a look at the article below to find out how you can run a successful business. 

Is it the right decision?

One of the first things you need to decide is whether running your business from home is the right decision. It will cost you money to get started so you need to know that you have this available. You might also need to check the lease on your home, if you don’t own it. There may be a clause in your contract that specifies not to run a business. This could get you kicked out, so it might be worth asking your landlord for permission. If you don’t ask, you won’t know and they may say yes. 

Business idea 

No matter where you look, you will see businesses around you that all started with an idea. Even the smaller shops started with an idea written down on paper that then became reality. You really never know when your small dreams will become bigger dreams, so stick at it and always believe in yourself. Even if you think an idea won’t come to anything, write it down. Once you have a few ideas, it is best to go through them with pros and cons for each one. You will have a better understanding of what you want to do and how you can get it off the ground. 

Image: Unsplash

Market research 

Once you have settled on what you want your home business to be then you need to carry out some market research. This will tell you what your potential customers and clients are interested in when it comes to shopping with businesses online. Sending out online polls will allow customers and clients to give you ideas on how you can improve your ideas and the sort of prices they are willing to pay. Another great idea when it comes to market research is to check out your competition. If you know who your competition is, what prices they charge, and who their main demographic is then you will be able to reach similar clients and customers. 

Home office

When you decide to work from home you will need somewhere peaceful and quiet to work from. If your home is busy and loud then you won’t have time or space to think about the key decisions in your business. Ideally, you need a space within your home where you can’t be disturbed. This could be a spare room or an outbuilding that has been converted into your home office. When the time starts to set up your home office make sure you have everything you need, from furniture to storage solutions. Depending on who you are working with and the type of customers you have, you may need a filing cabinet to store personal details in. You don’t want to get yourself in trouble for not following confidentiality laws. 

Stock and supplies 

When you run your own business it is essential that you have the right levels of stock before you open up your doors to customers and clients. If you don’t plan this carefully you could end up with not having enough stock and that means keeping your customers waiting longer for deliveries. Speak to a few different suppliers, shop around and find the best deal that fits into your business budget. It is okay to switch suppliers if you feel you aren’t getting the service and value for money you deserve. You never know, if you say you’re leaving then they may try and save you some extra money on your stock and supplies. 

Image: Unsplash

Money 

Figure out your business budget. You may have heard that you can start a business with no money at all. While this may be true, it is highly unlikely that many people can do this as there is always something that you will need to pay for. When it comes to working out how much money you need to start with it is all about knowing your numbers. You will need money for equipment, furniture, storage, supplies, stock, and employees salaries. If you don’t have a chunk of money to hand when you are ready to start your business then you will need to successfully apply for a business loan. For this to be approved you will need to prove to the bank that you are able to make the repayments on time, each month. 

When your business has been going well for a few months it might be time to relook at your budget and money. This gives you a chance to see where you are spending the most money and where you could save some. An accountant is a great investment as they can tell you where you are throwing money away. 

Website

Running a business from your home can be rather tricky as you need to find your customers and clients. This is where your website comes into, this needs to be one of the best things you have in the beginning. The majority of your orders, if not all your orders will come from your website. If your customers and clients are unable to navigate your site then they will take their custom elsewhere. This will cause you to not only lose customers but money as well, this could be detrimental for your business.

Ideally, if your website has been designed the right way then your customers and clients will only ever be three clicks away from the page or product they are looking for. If you don’t have the expertise to design your own website then it might be worth speaking to a website design company who will help you achieve the desired outcome.

Stock up on coffee

Something that every great business owner needs is a hot drinks machine to keep them going in the early days. You may experience new levels of exhaustion, both physical and mental as it takes it out of you organizing everything. You can check out the best coffee to drink and the best coffee machines on the coffee blog. Remember, though drink it in moderation. 

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Employees

Another thing you may wish to consider is whether you are going to hire employees. When you run your own business it can be tempting to do it all yourself. However, this can be exhausting and cumbersome. It is better in the long run to have employees working for you, helping keep your business afloat. When the time comes to find employees you need to look through resumes and find the individuals you think will work well. They will need to work independently at home so you need to trust that they will get projects and tasks done effectively. Be aware, that if employees aren’t happy working for you then you could end up with a high employee churn rate. 

Taxes

Something to remember when you have your own business regardless of whether you are working from home or not is to pay your taxes. Owning a business means you are responsible for paying your own taxes, which can be pretty pricey depending on how much you earn. You will need to file your taxes each year and have the money available to pay them. It will be helpful to put the money away each month so you aren’t left with a huge shock bill at the end of the tax year. If you hire an accountant they will usually handle your taxes for you, simply telling you how much you owe. An accountant will usually be able to lower your taxes for you as well, if you find a good one. 

Image: Unsplash

Customer service 

Finally, if you are worried about satisfying your customers then you may need to have a customer service team working for you. That way you will never miss any comments, complaints, or enquiries from your clients. If you want your customers to be able to reach you at all times then you could add your contact email on your website. You could also add a chatbot on your website so your clients aren’t waiting around for you to reply to them. When you are getting your website designed you will probably be asked if you want to include a chatbot. It is a very popular choice for businesses and shows customers that you care. 

We hope you found this article helpful and that it gave you some reassurance on how you can run a successful business from the comfort of your own home. You may be worried that your business could join the ranks of failed companies, however, getting everything right from the start will prevent this. 

Top photo by Tyler Franta on Unsplash