Setting Up Your Own Business from Home – No. 15
August 2, 2021 Published by Thomas Cullen
People set up their own business for multiple reasons many which overlap. It could be out of necessity such as unemployment, desire to live the dream, they have had a eureka moment or they see a new opportunity through invention or innovation.
It is natural for people to be apprehensive about taking the risk of setting up one’s own business but now may be the time for you with the advances of online technologies and sales platforms
Why you might decide to take the leap into the unknown (try to remove as many of the known unknowns and prepare for the eventuality of the unknown unknowns)
So, do you
- Want greater flexibility in your work life balance?
- Achieve greater control over your career?
- Achieve your financial goals?
- Build a brand and create a legacy for yourself in the business world.
- Run a business which will have its benefits, but it will present challenges and risks.
In more detail
1 / You may want to achieve a better life work balance and bring quality of living to the fore. Working from home you will save the expense and time of commuting. You can organise your time better when in control of your own time management. It will be hard at the start and you are likely to earn less income but as you get established sales should increase by up to 50% per annum over the first three years.
2 / Working from home can provide you with the opportunity to follow your dreams and passions by doing something you love and get paid for doing it. You can reach your full potential without the constraints of corporate politics and restrictions. You are advised to keep the day job until you get your business established and transition away from paid employment to self-employment.
3 / You will get a greater sense of self actualisation by delivering on your own creativity, a truly human desire. The downside is, if it does not work out there is no one else to blame no scapegoats but you. It is up to you to make your own wage not be given one just for being at an office desk or place of work.
4 / There are other people out there in a similar position as you, learn from your peer group through networking and grow your circle of acquaintances. They may end up being customers or ambassadors for you. You will have the opportunity of meeting new people.
5 / You can adapt your skills, knowledge, and abilities to create new pathways for business opportunities for yourself. Every day will be a challenge and you will thrive on the intrigue of an evolving market. You can adapt like a chameleon to the winds of change. There will be no time to be bored, you will no longer be just a clog in a wheel, you will make money for yourself not someone else.
So, if you want to work from home here are a few basic tips for you:
You must have a robust business plan in place as a guide to achieve your strategic goals and objectives. See https://sherpha.com/
- You must do your market research as a a key focus of any start-up. Your market research must test the viability of your idea, gain insight into your customer profiles, and understand your competitors. You must put your business idea through a market validation process before investing your time and money in it.
Testing with Market Validation with minimum viable product will help you asses how likely your business is to be sustainable and potentially scalable. Remember you must offer a product or service that customers want and are prepared to pay for.
Complete thorough research and to identify a product or service that fills a gap in the market.
From your market research you will be able to tailor your strategic marketing and sales planning to maximize your return on investment. See https://sherpha.com/publications-for-business-startups-and-business-development-planning/
- Now dig deeper into writing a business plan. If you can demonstrate there is a gap in the market and a market in the gap i.e. you have a viable business idea, then prepare a detailed plan to help guide and help your business venture.
The business plan is a critical must do tool that will allow you to make, your mistakes on paper, help with your decision making and achieve your long term SMART goals and avoid serious mistakes e.g. funding requirements and your pricing policy.
The business plan can be used to convince other people why they should invest in your business idea. See https://sherpha.com/training-program-for-start-up-businesses/
- How to fund your business idea and at what level and timing.
Most businesses require funding to set up and launch, the level of funding varies greatly. You need to consider, prestart, start-up and working capital.
You need to estimate each stage of costs required, when will you need this funding and what you will spend the money on.
If you require funding, there are several ways that you can get capital for your business, but you must consider your options carefully. Way up the pros and cons of each option carefully and what mix of funding is best for you.
- Loans— Are exceedingly difficult to achieve for start-ups unless you have a great idea and a well-presented business plan.
- Investment—usually in exchange for part ownership or shares in your business.
- Self-funding— Using your own savings, the question is always, how much or your savings are you willing to invest and possible loose
- Invest in marketing is critical to your business success
Marketing and advertising are essential when starting a business, you must make your potential customers what you offer them. We recommend a simple process called the AIDA (Attention, Interest, Desire then Action).
You cannot overlook the need for high-quality marketing campaigns. Remember Seek first to understand, then to be understood.
There are some excellent cost-effective marketing techniques and tools that can help you market and advertise your business and attract customers.
Some top marketing strategies to consider include email marketing, social media, search engine optimization (SEO), and paid advertisements.
You must experiment with a range of marketing strategies to find what works best for you. You must also monitor your campaigns closely to ensure that your budget is being well spent, set a budget and what is the expected sales to be achieved to justify the spend. If it does not work.
Starting your own business can be a highly rewarding both mentally and financially, but it will be extremely challenging. You must accept that setting up a business is never easy, and you must be prepared to work hard. Take all the guidance and mentoring you can to improve the chances of success, but it is important you specify what you mean to be successful. You can use the guidance and help listed above on your journey to success.
Looking forward to hearing from you, book a free introductory online mentoring session
Thomas Cullen Founder and C.E.O. www.sherpha.com
Email me at email@example.com
www.sherpha.com is here to assist, help, and guide your journey from idea to success when starting or developing a small business like a Sherpa would help you ascend to the summit of Mt. Everest. We guide you in what you need to do and help you with how to do it.
Copyright: January 2021
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