Woman at her home desk using laptop with dog next to her, to illutsrtae the idea "home business".
Maja Mirosavljevic
By: mmirosavljevic
Read in 11 minutes

Managing or Starting a Home Business

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Interested in managing or starting a home business? Are you tempted by the flexibility and the freedom a home business could provide? Do you want to achieve a better work-life balance and spend more time with your family while you have a rewarding job?

If your answer is yes, then scroll down and learn where the best opportunities for a home business lie. You’ll also learn what you need to start one and some useful advice that will help you run a successful home business while you fulfill your personal life.

 

Some fun ideas for a home business

Need some inspiration? Below you’ll find a list of some of the best ideas to quickly set up and start a home business. To make it easier to find a field that best suits your skills and experience, we listed a diverse group of industries. Most of these industries do not require a lot of capital to get started or can be managed with a computer.

  • Web designer or website consultant
  • Graphic designer
  • Professional blogger
  • Copywriting/Translating services
  • Consulting business
  • Photographer
  • Interior designer or home stager
  • Tutor
  • Youtube personality
  • Home daycare provider
  • Pet sitter and dog walker
  • Personal trainer
  • Personal stylist
  • Arts and crafts maker
  • Sewing and clothes alterations business
  • Baker/Caterer/Personal chef
  • Party planner/Wedding coordinator/Bride consultant
  • Travel planner
  • Gift basket maker

 

What do you need to start your home business?

Now that you have some ideas for your potential home business, the next step is to figure out what tools and equipment you need. Obviously, they vary greatly depending on the home business of your choice. But in most cases, you don’t need expensive supplies or gadgets.

A proper workstation

First, you need a place where everything begins and magic happens: your own proper working place. If your home business is going to be computer-based or involves any task carried out on a desk, a special, comfortable (and quiet!) corner to sit your desk and computer will do the work.

If there are many distractions at your home and it’s hard for you to focus, then maybe you should consider working in co-working spaces and hubs. That way, you’ll meet other home entrepreneurs, and who knows what opportunities may come out?

Same applies to those businesses that require a bigger space to receive customers or to keep tools and larger equipment. This takes us to the second element:

Tools, equipment, and supplies

You’ll need a laptop or computer and a stable Internet connection. For most home business, this should be enough. But some home businesses listed above require specialized equipment and tools.

If that’s your case, we recommend you to check the used equipment sold by the owner (in listings like Craiglist) or in specialized local stores. You don’t need to spend a fortune! Let’s say you are hair stylist working from home, a baker, or a home daycare provider. For home businesses like those, you don’t need to buy what you need brand new or the latest, fanciest equipment and tools. As your home business grows, you can consider making a bigger investment in newer and nicer equipment.

Once you’ve set up your home business physically, it’s time to do the same for your online presence: show the online world how amazing you are!

A website

You guessed right: you need a website. But is it really necessary? Yes, it is!  If you want to leave a professional, trustworthy impression and have a way to promote your business and attract more clients, a website is the best way to do it. Building your website isn’t rocket science, just follow these guidelines:

  • First, you need to name your website, and it will look like this www.nameofmybusiness.com. This is called a domain. Picture it as a figurative apartment where your online content will live. In order to create and own your unique domain, visit GoDaddy or Namecheap to register your domain.
  • Then you should purchase hosting. Imagine it as paying rent to the Internet landlord. Some of the most convenient platforms are HostGator or Bluehost.
  • The final step is to actually “decorate” your online apartment. This includes choosing a free or paid platform like WordPress and add the necessary elements, like text and images.

If you don’t have time to deal with a website construction or feel insecure about your skills as a web designer, you can leave the task of building your website to somebody who is more experienced: you may consider hiring professionals. Again, you don’t need to make a large investment if you find the right people. Also, think of it as an investment that will pay off in the long run.

Besides a website, nowadays social media is a key component of your home business success. Learn here how to use Facebook for your small business, and here how to use Instagram.

Mobile Apps or Virtual Office

Another must-have in your home business tool arsenal are mobile apps. They are like little programs that are always within our reach, which is especially handy for busy entrepreneurs on the go.

Do you organize your business with Trello? Do you store all your important documents on Google Drive? Do you use Wave for managing your finance? If not, you should do it!

A network of trustworthy and influential people

One key element for every home business is a solid network of the right people, regardless of your budget and the industry you are in. Make sure that you have a good number of possible associates or partners, potential customers, and providers, even before you start your home business. When you start or manage a home business, these major players, more than a network, constitute a safety net! The right people will make your business not only survive, but also thrive.

 

What are the best practices in managing a home business?

  • Determine and maintain your work ethic: create your own rules, make some boundaries and establish some guidelines. What are your working hours? How will you charge your services?
  • Stick to the schedule. This is crucial: otherwise, say hello to stress, distractions, and procrastination. Since you will be the boss, you will be tempted to step out of your home business whenever you want, and if you are home, you’ll be tempted to talk to your family during your work hours. Just don’t. To help you stick to your working hours, you may be set a timer or download a time tracking app. Or just start reading here some useful tips on time management for business owners.
  • Don’t forget social interaction. Depending on your line of home business and if you are the only employee, it may get lonely. From time to time try to work from a coffee shop or workspace. Another great way to meet new people is to join online communities.
  • Be patient! As with every job, also home business can have its ups and downs. Beginnings are especially hard. That’s why you have to make sure you have a plan and a strong network before deciding to work from home.
  • Set realistic goals and don’t lose sight of them. Your goals should be SMART: Specific, Measurable, Achievable, Relevant and Timely. When you are driven by the reason you started a home business, you will be motivated to always give your best.
  • Do what you really love. You know what they say: when you love what you do, you don’t have to work a single day in your life. A home business is a perfect opportunity to follow that motto and take your passion to the next level.  

 

To sum up

Running a home business has many advantages. There’s a high degree of flexibility – you are in charge of your working hours, clients and workspace, so you can create the job of your dreams that suits you best. Likewise, you have more time for your family, friends, and more importantly for yourself.

On the other side, this can be a double-edged sword. As a one-man show, you will probably work a lot and juggle finances, client management, marketing, and other business essentials. And there will be difficult moments, especially in the beginning.

However, keep in mind the reason why you wanted to start your home business and it will give you the strength to overcome all challenges and run a successful business.

Do you want to receive more ideas and tips for your business, stay on top of the latest trends, and be informed on the best business technology and solutions? Subscribe to the Camino Financial newsletter today!

 

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