Starting a small business at home is a great way to earn extra income.
There are all sorts of options to create a business from your home with small overheads. The best businesses to start from your home that require low or no overheads are service businesses. Cleaning, gardening, catering, bookkeeping and property maintenance are just a few service businesses you can start for little money.
Steps to start a small business
What are the steps to starting a small business from home?
Step 1 – is to decide what business you want to start
For those that are creative, website design, logo design, interior design, craft, writing and photography are excellent choices.
People that enjoy the outdoors may start a gardening, property maintenance or house painting business. Other choices are tax preparation/bookkeeping, cleaning, courier, catering and business consulting.
Step 2 – do some market research and determine where you can fit into your chosen market.
Some questions you can ask are –
Who is your client? – You can draw up a list of the traits your client may have.
Why does your client need from your service or product? – List issues your client is trying to solve.
What competition is there? – Check out other businesses offering similar services or products that you’ll be competing against.
How can you standout as the best alternative to your competition? – Find out what your competitors are not doing that people want.
Step 3 – ask yourself are you prepared to do what is required to run a small business from home.
It is demanding running a business, do you have what it takes.
Do you have the drive to succeed. Keeping an open mind is important to consider all options available to them. Confidence that you can succeed, self reliance and resilience to run a business.
Step 4 – Planning is the fourth step to start a small business from home.
You need to plan your business structure, are you going to be a sole trader or a company, there are benefits to both options that need to be weighed up.
Will you trade under your own name or choose a business name that you have to register.
What are the financial requirements of your new business? What are the setup costs and what are the running costs? You can plan these on a spread sheet to start.
Do you need any permits or licences to run your business? Check with your local authorities on what you may need.
Are you going to employ workers? You need to plan their wage structure and benefits. Prepare job descriptions and training materials plus interview questions.
Step 5 – Action
Action will include promoting your new business and getting your first clients. Promote your new business by word of mouth, email campaigns, letterbox drops, social media and traditional advertising.
Get in touch with suppliers and organise products and equipment you will require.
Starting a small business from home is a great way to earn extra income.
Remember that success does take time. By planning your business you will have covered the basic steps and will help in running a successful business.
Always plan to develop your business by the process of continuous improvement.
Good luck with your venture, if you have any questions or suggestions please let me know.