Everyone wants to start a home-based business to generate some passive income, and later on convert it into a full-time work. No doubt, most of the successful business started small. We all are familiar with Nirma washing powder’s owner, Mr Karsanbhai Khodidas Patel who started his detergent business from his home. In the initial days he used to take the product in his cycle and sell door to door. His success story itself inspires us to ask the question why not start a home based business . Other examples are Microsoft and Facebook that started from small cubicles and garages. Over time, these entrepreneurs were able to convert their business it into a successful establishment.
However, to start a home-based business, it is necessary to determine the type of business you want to start. Either you want to start a small scale offline business or start an online e-commerce store, where you can generate a modest amount of money. In the current business scenario, you can harness the power of internet while starting a home-based business. It will help give a global presence to the business (depends upon the level of commitment and hard work you put together). Starting a business is not something that occurs overnight, it is not always a bed of roses. Hence, determine why to start a home based business?
Determine Why to Start a Business
Embrace the why, Most start up entrepreneurs fail; to ask the question, why should I start a business. If your objective turns out to just make money then you may need to reconsider your why. An entrepreneur should bring value to the market.
The initial days will be tough, you may not be able to fill your slots with like minded people, do not discourage yourself, start from the basics, learn and excel, create the magic. Many people will ask about your business and its growth, despite the fact, you have everything you need to traverse through, and build a successful enterprise. Focus on the core reason why you have started a business, its strength, and value. These things will drive you forward. Personally saying, start an offline business, or setup an online business. Be candid, Setup a legitimate business, place customer at its core when drafting your business model/plan.
How to Start a Home Based Business
When starting a home based business one needs to consider the demand and competition. Demand of the service/ product you are offering and the competition in the niche. Many home-based businesses are running on the concept of product or service that is currently obscure to the market. One good example will be pre-owned apparel business in India. It is smart to start a business after observing people’s need.
Always keep in mind that developing a new product will need time, radical innovations can disrupt the market. But the challenges are numerous. The requirement of complex resources and crafty skill sets will act as a big hindrance. Whereas improving the existing product can save time and other scarce resources.
As an entrepreneur you need to seek knowledge and muster some hands on experience (if possible) before setting off an entrepreneurial journey. Specialisation is the important, make sure that you know what you are heading towards. As a business owner you need to study the industry and market, get a complete knowledge about your product. These are necessary to set yourself apart from the others. Before starting a legitimate work from home, there are few things you must consider:
Don’t rush for overnight success:- Anything overlooked or forgotten can cause a problem, often problems when materialised into reality will have a negative influence on the balance sheet.
- Get all the license and permits needed to start a home based business
- Get insured, It can protect you from external forces that mishaps
- Have a written plan for the company so that you can follow the road-map
- Make sure your products and services are ready before you try to attract customers
Your first impression matters. Creating a negative reputation among customers in the initial days could become a tiresome experience. It could make the company untrustworthy and disorganised among investors.
Wondering which is the right time to start a company,. The right time is Now. The biggest advantage of starting an online business is that, you can start small. When I say start small, you can create an online eCommerce store on our platform for less than your monthly electricity bill. Invest INR 1000 a month, that’s all you have you store ready an upend running. There are lots of people who are making moderate to good sums by making use of this opportunity.
You can also start it as a hobby and later convert it into a business model. This way you can have income coming from multiple sources (Sponsored post, eCommerce store, Google Ad-sense, etc). Once you are confident enough you can leave your full-time job and can start focusing on your online venture. Start small, gain experience, delay gratification, and succeed. Family support is crucial, ask family and friends to give their honest reviews, and spread it through word of mouth.
Questions You Need To Ask Yourself after Setting up a Business
When you decide to start a home based business, you need to have a strategic approach to reach the right customer. Identify who your target audience is?
Target audiences:- An ideal customer who most probably will buy from you. Before you decide to start selling from home, research about the target audience, analyze their need and then launch the product as per audience. Find their pain points an try to address it, any business that adds value to people’s life will thrive and succeed.
Product or Service:- You can sell either product or service. However, in service based business, you can start offering service as soon as it is ready. In product based, you need to source the produce and then sell.
Online or Offline:- Once the above is set, you need to create a website to conquer the current market. Built al website/ ecommerce store. List the products and services you offer, and make sure that people will get sufficient information they need to trust your establishment.
Start-up Cost:- when you start a home based business you need to decide how much money you need invest in the business. Undoubtedly, starting an online business is much cheaper, than building a brick and mortar business model.
Workplace:- Visibility is the key to penetrate a market. In case of an offline store, find a strategic location. Make sure that people could easily find your offline shop. Don’t mix your mix your personal life with your professional life. As a start, try to have your own business computer, instead of using a family computer.
Social Media:- Be active on social media. It’s the biggest platform where you will get your prospective customer, set up a social media account like the Facebook page, LinkedIn, and twitter page for social media marketing
Are you here for long-term?:- It is true, you are not going to make millions in a week, all legitimate work from home need some time to gain momentum, gain profit and customers.
Live with a DIY (Do It Yourself) attitude. Always remember the reason why you started your home based business. Your reason should be strong enough to keep you motivated, and encourage move forward. Feel proud that you have started something of your own. Don’t let failures plague your thoughts.