Want to be your own boss and venture out on your own? Starting a homebased business can be exciting and rewarding, but not everyone succeeds. 2016 statistics state that while 78% of new startups will make it through their first year, only about a third will still be standing after ten years. Assuming you’re in it for the long haul, this can be deterring news.
But Tradepay has some great suggestions for the entrepreneur in you. Here are 10 things you need to know before you start a business from home.
Heading out on your own can bring on a roller coaster of emotions. It’s exciting but also scary. With no guaranteed paycheck coming your way, the stress can pile on quickly. But if you start out with a well thought out business plan and have done your best to think of the hurdles you’ll come across, you’ll be more likely to end up with a successful homebased business. And you’ll feel on top of the (business) world.
You might think that early starts, late meetings, denied vacation time, and short lunches are a thing of the past. But even if you’re your own boss, you still need to stay focused and keep all aspects of your business running on track. Just because you don’t have a superior telling you what needs to be done doesn’t mean you can let things slip past. You’ll have to make sure that you put the phone down, turn off the television, and get to work when you’re operating a homebased business.
Last minute getaway? Afternoon movie? Lunch and a couple drinks downtown? You’ll suddenly find yourself with plenty of invitations and options once you’re working from home. Friends and family will think you can squeeze in downtime whenever it’s convenient for them. While there’s nothing wrong with grabbing a quick cup of coffee or chatting on the phone for a bit, learn how to say no when you need to focus on your homebased business.
You might find that as you tell others about your new homebased business, you’re met with some sympathetic glances or even amusement, even if it’s the best homebased business opportunity out there. Many wannabe entrepreneurs never take the leap and start a homebased business because they lack confidence. Just remember to take criticism and doubt and use it as fuel to keep you pushing the envelope and conquering your goals.
Don’t follow marketing trends. Instead, engage in marketing that’s right for your homebased business. Facebook ads don’t work for every industry. Radio ads can send your business to the top or they can be a waste of your marketing budget. One smart way to start spreading the word about your homebased business is through Tradepay. You can join for free and network with other businesses to see who would benefit most from learning about your product or services. This is a great way to feel out the market and get an idea of what type of paid marketing might work best for your homebased business.
Designing logos can be fun and spending an afternoon at the park brainstorming for slogans sounds like it should be at the top of your to-do list. But when it comes to succeeding in home businesses, you need to get your business out there first before you worry about color schemes or stationary. Focus on the truly important aspects before ironing out the little details. When the time does come to work on your brand, you can find plenty of help on Tradepay. Hire a graphic artist, creative writer, or brand developer for less than you would pay elsewhere.
Everyone’s good at something but no one’s good at everything. If you’re great at cold calling, go for it. If you rock at putting together Excel spreadsheets, keep at it. But if you have no idea how to build a website for your homebased business or put together a sales email, outsource the work. Sure, it’s an added cost, but you know the work will be done right and you’ll have more time to spend on tasks that you’re good at.
Unless you’re starting up your own tax service, suddenly having to worry about your own taxes can leave you with a sickening feeling in your stomach. Make sure you know some basic homebased business info, like what’s required to operate a business out of your home (this varies based on local legislation). Start using a sophisticated filing system to keep track of invoices, expenses, and anything else you’ll need when Uncle Sam comes calling. Don’t forget about deductions, too! Feeling stuck? You can find a tax service on Tradepay to help you out through a quick search.
Tired of getting up early? Sleep until noon if you feel like it. Work better at night? Work until the sun comes up. As long as your homebased business allows for flexibility, meaning your productivity isn’t 100% based on the schedules of other businesses, you can work whenever you please. But the only way this will work is if you stick with a schedule. You’ll find that you’re more productive, less stressed, and you’ll be able to plan tasks for your homebased business in a way that gives you more freedom.
We’ve warned you about how much work starting a homebased business will be. We’ve told you how you’ll be met with harsh criticism and people who don’t respect your time. Your stress will be high at times and you might find yourself burning out. Avoid this by giving yourself time off. Don’t take your computer to bed with you or check your email before your feet even hit the floor in the morning. Take time to enjoy the little things, like your morning cup of coffee or heading to the park with the kids in the afternoon. You’ll find that you’ll be more productive and inspired than if you work 24/7, leading to a homebased business success story.
There you have it. If you think you’re up to the challenge, it’s time to get your homebased business off the ground. Stay focused, stay motivated, and stay true to your values.
And be sure to check in with Tradepay to sell and buy at a discounted rate. You can also network and grow your online business bigger than you planned through the worldwide platform. So, schedule that meeting, send that email, and then head on over to Tradepay to sign up (for free!) today!
