Whether it’s through a side-gig or a full-time project, more and more entrepreneurs are opting to do business from home thanks to the wealth of industries that support remote work.
From selling digital products to freelancing in some way, shape or form, building your own empire from the comfort of your home office is no longer a far-off dream.
Even so, the process of getting started and growing doesn’t happen by accident. If you want to seamlessly build up your home business the right way, consider the following seven tips to manage your expectations.
Mind the Legalese
Contracts. Regulations. Legal loopholes.
As noted by Reciprocity Labs, regulatory compliance comes in many shapes and sizes for a variety of businesses. Understanding the legal details of what you need to run your company, from accepting payments to staying in line with local regulations, is an absolute must-do before getting started.
Remember: it’s your responsibility to educate yourself legally and speak with a lawyer if necessary (as nobody else is going to do it for you).
Be Ready to Upgrade Your Tech
When talking about tech, building a serious business means having the right hardware and software solutions on deck. While freeware and your existing home setup might work out initially, you should plan on reinvesting in your business’ tech ASAP when money starts rolling in.
This might mean investing in a dual-monitor display, recording equipment or comfort items for your home office. Also, don’t neglect the importance of paid marketing tools (think: email automation, business intelligence) as noted by this checklist of small essential business tech.
Devise a Strategy Against Distractions
Simply put, focus can be a massive problem for stay-at-home entrepreneurs trying to find their footing. Whether it’s setting strict hours, total isolation from home responsibilities or adhering to productivity methods such as a Pomodoro technique, you need to explicitly block out time to get work done day after day.
Be Willing to Get Out of the House
Being a home-based business does not mean being a homebody, though. For the sake of productivity, it pays to switch up your environment from time to time. For example, coworking spaces and coffee shops can serve as your hub away from home if you need to power through a particularly tedious project.
Don’t Be an Island
Don’t overlook the importance of networking even if you’re flying solo. Through networking events and social media alike, you’ll naturally connect with more clients and customers by putting yourself out there. The more connections you have in your network, the more opportunities will come your way.
Expect Some Slow Spells
Regardless of your industry, freelancers and those working on their own experience dry spells when they least expect them. Expect those ups and in your bottom line and keep an emergency fund ready just in case.
When in Doubt, Charge More
Speaking of money, many home-based business owners make the mistake of selling themselves short. Just because you’re working from the comfort of home doesn’t make your services or expertise less valuable: in fact, you likely need to charge more to compensate for expenses such as insurance and taxes.
As such, come up with a pricing strategy that finds the balance between more money in your pocket and consistent business.
Becoming a work-from-home success story requires a combination of the right tools and mentality when it comes to doing business. With these pointers in the back of your head, you’re more likely to build a company that’ll last for the long-term.