Things Small Business Owners Should Know
Small business owners are changing the face of business, technology and how we use social media. Coming up with new solutions to everyday problems, employing people, and thriving even when the economic climate is rough elsewhere. They manage to make a significant impact from the comfort of their own homes. The perks of a home based business are the low overheads, the essential tax incentives, and the ability to work in your loungewear if you should so choose to. There are some tips that you should know if you are in the middle of wanting to start a business from home, or you have recently embarked on this challenge.
First and foremost, you should create a space in your home that you feel good in. Most home businesses are based in some way on the internet, as they are without a doubt the easiest to set up. However, if you are making things with your hands, like jewelry for example, of you will be taking clients then you should ensure this is somewhere that you and your clients will feel comfortable. You should make the decision to invest in ergonomic furniture and computer peripherals – after all, you will be working on them a lot, and it pays to have that comfort.
Photo by Lonely Planet on Unsplash
Check out what your overheads are/or going to be. While you will be trying to make money, you should still pay close attention to your spending. The lower your overheads, the more space you have to take your time or spend a little bit of cash. It isn’t all smooth sailing though, you can very easily overspend and leave yourself short.
Work during your most productive times – when you can. If you are client facing, then perhaps this will be a bit difficult for you. Sometimes people find they are most productive in the evenings after many other businesses have closed. You can balance this as long as you are having meetings in the daytime, and completing work in the evenings.
Know when to outsource and hire people. There will be a time in your business that you need some help with design and can enlist help from Upwork, or perhaps sourcing products. There may be a time when you need legal advice and have to call in the experts like Robinette Legal Group. You might even have space to have a fulltime virtual assistant, and Fivver has helped you secure that too. Where you don’t have the skills, or the resources to learn them – make a wise investment.
There is a difference between working in your business and on your business. Most of the time you will be a one-person band, and it becomes very easy to start focusing on all of the smaller details. You might find you begin to focus on the service, or the website or maybe even the product and get a little bit lost. You also need to make the time to work on your business and take care of things like accounting, lead generation, marketing plans, strategy, and vision. While making sure your product is on point is without a doubt essential, if you let your accounts slip there won’t be business before very long.
Never underestimate the power of great branding. When you are building your brand identity, think about something that will clearly get across your credibility. The color and shape of your logo will convey specific attributes, like trust. So when you are designing it, or you are working with a designer, think about the traits that you want to get across.
Make an effort to be more organized than ever before. Make sure the files on your computer are all well labeled. Keep your paper files ship shaped too. The average exec might spend up to three hours looking for a file. When you translate that to a home business, those three hours could be a lot more valuable to you. Use color coding, labeled stickers, and clearly date things. It pays to be organized.
It might be tempting to employ your friends or family, but unless you are very sure that they will be able to keep business and personal separate then don’t make this mistake. What might’ve been something small in the office, might spill over into your next family meal.
Isolation is a common problem with people who work from home. When you are alone a lot, you might make bad decisions just because you have no one to bounce ideas off. The rise of coworking spaces has been brilliant for many home entrepreneurs. Sign up for networking events, join some online and offline communities, not only will you meet some new people and have a sounding board, but you might get a few new leads too!