Setting up a business is a complicated and challenging task. When it has to be done at home, it just gets more complicated and challenging.
Here are 10 steps you need to look into before you set up your new home-based business:
- Study Market – Understand who your customers are and who the target audience should be. BuildSearch can throw some light on this for you.
- Research – Do research about the market. This includes not only your customers but your competitors as well. Find out who the competitors around you are and what their business operating style is, etc.
- Make Space – Make space at home. You may need just a laptop in the beginning and may be happy with space currently occupied by it but having a professional environment will go a long way in helping you focus on the business without distractions of the house.
- Find Contacts- Any business requires contacts. You need vendors, suppliers, marketing people, customers, etc. you can even publicize through word of mouth for which again you need good and strong contacts that can put a word out there.
- Make time – When you are working at home, it is easy to get distracted and carried away with your household chores and responsibilities. Set aside sometime every day and dedicate it only to your business.
- Reach Out – Talk to your friends, family, people you meet, etc and spread the news about your business. If you feel someone can add value to the business, reach out to them without hesitation.
- Budget – You need to have a budget in mind and this money is set aside for business purpose alone. You also need to know how much you can spend on this business.
- Market Right – Marketing is very important no matter what business it is. Do it the right way to make it effective and have a good reach amongst your target audience.
- Legal Aspects – check the legalities involved in starting the business. Different cities have different laws and it is important to abide by them.
- Taxation – when there is a business, there is money involved and hence taxation. Look into this with a qualified auditor to avoid any confusions or legal issues.