Approximately half of all American businesses are operated from residential space. While many of these are one-man shows, it is entirely possible to nurture and grow an entrepreneurial endeavor into something that secures your financial freedom. If you’re curious about how to get started, especially given the current crisis, keep reading.
Beginning a Home Based Business
Before you move forward with any plans, you will need to confirm that you can actually operate a home-based business from where you live. Planned neighborhoods, for example, may not allow a business that requires foot traffic to operate within an HOA. Some codes departments may also have rules prohibiting this type of activity in a zoned residential area.
Once you have confirmed that you can operate a home-based business, you’ll want to choose your name and business structure. The Hartford also suggests investing in either general liability or business owner’s insurance. Depending on your line of work, you may also be required to obtain a federal or local license or permit.
If you can’t wait and want to go ahead and launch your business before the pandemic is over, it’s also a good idea to familiarize yourself with the different resources and programs available to you, as well as to plan contingencies for different scenarios. For example, looking for ways to switch gears if you need to find a new income stream or learning how to market yourself as a hands-on business while social distancing orders are still in place.
Growing Your Business
Growing your business can present new challenges as you learn how to be a successful entrepreneur and navigate our new way of living. However, just because it’s a challenge does not mean that you can’t get your name out there.
To be successful, you have to market yourself, and this starts with developing an online presence. You’ll need, at minimum, a website and active social media accounts. If you have products that you would like to demonstrate, you can start a YouTube channel as a way to showcase what you’ve got and to put a human face in front of your audience.
As you continue to achieve success, it might be necessary to take on employees or freelance contractors. You can do this remotely as well, but keep in mind that communication is of the utmost importance. When you are working with people from across the globe, you’ll want to ensure your team can communicate. Unitonomy asserts that your communication should be intentional and precise. You can utilize tools such as Slack and Google Docs to collaborate, regardless of the distance between you and your employees. Email remains an effective way to communicate, and a daily or weekly update can help keep everyone on the same page.
One unfortunate thing many new entrepreneurs fail to take into consideration is how to balance their work and personal lives. But this is absolutely crucial to your success and overall health and wellness. Give yourself an intentional workspace and hours within which to operate. Don’t bring your laptop into the living room and make sure your family understands your daytime boundaries. Take time off when you feel overwhelmed, just as you would in a traditional office.
There is no wrong way to start your own business, especially when you’re working from home and on your own terms. However, if you want to grow beyond the confines of your home-based office, the above tips can get you started on the right track. It may not always be easy, especially during uncertain times, but becoming an entrepreneur is one of the most rewarding experiences you can have, and it’s one that puts you in control of your career.