Whether you are living in a rented house in the Florida Keys, or own one of the beautiful condos in Montreal, it is possible for anyone to start their own business without even leaving the house. During the recession, many working age people decided to start a home based business in order to make ends meet, and now they are reaping the benefits of their hard work. If you think working from home sound like the ideal solution to your financial worries, keep reading for some tips. This article aims to help you start your own business from the comfort of your own home.
It’s tempting to throw a lot of money at a business in order to get it started. However, it’s a much better idea to start small with low overheads, especially if you won’t necessarily be making a wage for a few months. A laptop on a kitchen table can be the perfect work desk (at least at first), and your spare room could be the ideal stock room. Many of the world’s biggest companies started off in the same way: Marks & Spencer’s started off on a market stall, whilst Laura Ashley began on her kitchen table.
Agree Payment Terms
Don’t expect people to pay you on time, as it’s common for companies (especially big businesses) to take their time with payments. It’s a much better idea to agree payment terms before you begin any work. If you are building a website for someone, for example, you could ask for 50% of the payment upfront, and the remainder upon delivery of the website. If you are happy to wait until after you have completed the work, make sure your client’s know when you expect payment to be made, and what the consequences will be for ignoring your payment rules.
Plan Your Finances
No matter what type of business you are running, it’s important to plan everything. Even if you’re only setting yourself up as a freelancer, you need to have a good idea of how much money you expect to make each month, and how much your outgoings will be. It can be tough to estimate sales when you’re just starting out, but once you have been working for a month or two, you should have a much better idea of what to expect. Where possible, try to avoid borrowing money unless you are sure you can pay it back.
Don’t Forget to Market
Marketing can be challenging for home based business owners, so this is one area that is worth investing in. Marketing is one area where you need to spend money to make money, and you’ll really appreciate the constant workflow that you attract. Failing to market yourself correctly could lead to huge gaps in your business’ cash flow, especially if you have to spend hours every day looking for new work. Market your business daily, and you should find that you have a steady stream of custom.
Every home based business requires a significant time investment, but if you have the motivation, you can make it work. Good luck!