A stay at home business can offer a lot in terms of flexibility and growth potential; not to mention, you can run it in your pajamas! If you’re looking to start a stay at home business, we’ve got a few tips to offer that will help you jumpstart your new project and give you that sense of freedom only a new business can offer.
1. Identify Your Strengths and Weaknesses
The first step to launching any business is to assess your skills. What are you good at? When people say your name, what is it synonymous with? Perhaps you’re an excellent manager or a talented photographer. Whatever your talent is, before you start your business, it’s important to assess these skills.
Once you’ve identified what you’re good at, it’s time to assess what you aren’t good at. This is equally as important as finding your strengths. When you identify your weaknesses, you can begin to focus on addressing them so you can turn them into competent skills or even turn them into strengths.
Now that you’ve done a self-assessment, you can decide what your business can offer the customer. Any product or service should solve a problem that the customer base has. When you’re tossing around ideas for a business, be sure you research what the market looks like. If no one needs your product or service, you’ll likely experience little success in your venture.
2. Figure Out Your Profit Angle
This step will involve some research into the market, as you’ll want to figure out a few things regarding profit:
How much will people pay for my product or service?
Will it be enough income for you to live on?
Do you have a backup plan?
If no one is willing to pay for your product or service, or are not willing to pay as much as you need to make a living from it, you might want to explore other options for your business. Going into business for yourself carries a certain risk, and you’ll want to ensure your expenses will be covered by the products you’re offering.
Eventually, you’ll want to make a profit off of your business idea. An at-home business can keep your overhead costs low, but if it’s going to be your main source of income, your utilities, house payment, etc, will become your overhead costs and therefore increase expenses. Try to factor these things into your business plan, taking into account those months when funds may be low.
3. Use An Upstart Loan
An upstart loan is a different approach to traditional loan securement. Upstart loans focus on more than just your FICO credit score when considering your creditworthiness, which is usually the deal breaker for those trying to start an at home business.
You’ll likely need some starting capital for minor costs associated with your stay at home business. Marketing yourself with ads and other mediums can add up quickly, and you might need other items like a new laptop or desktop computer.
Upstart loans are a good idea for anyone new to the business world. With softer requirements and usually lower interest rates, you can minimize your risk and get the business rolling. If you’ve never heard of this process, you can check out this review of upstart loans.
4. Generate Interest Via Social Media
For your business to generate income, you need customers, and to get customers you need to generate buzz about your business. That means some intense marketing, which can add up quickly if you’re using a marketing firm or other paid service.
Luckily, social media makes for a great marketing platform, and it’s free. Sites like Facebook and LinkedIn allow you to create a personal page for yourself and your business, including links, photos, descriptions of services and more.
Be sure to keep your pages updated with new services or products and promotions. Customers will want a permanent place to go to gain information on what your business is about, and Facebook even offers paid ads services to further boost your marketing efforts.
5. Create A Great Website
A website will act as the central hub of all of your business activity. It will include links to your social media profiles, products, services, and information on how to reach you. Not only that, but a good website makes an excellent first impression on new customers.
Conversion should be your biggest focus here; turning new users into paying customers. A good website can do just that, making the buying process simple and drawing in new customers with attractive design and easy access to products and services.
6. Employ Friends and Family To Spread The Word
Ideally, your friends and family will be standing by you as you start your new business. They can be a great resource for spreading the word about your business. Let’s say you have five close family members who are willing to spread the word about your business. If they tell just five people each, you’ve already spread the word to twenty-five potential customers.
This is basically free marketing, and the power of word of mouth should not be underestimated. People are more likely to trust the advice of a close friend or family member than an ad on a billboard.
7. Have A Solid Plan
A good business plan can make or break your stay at home business. Without a solid business plan, you’ll have trouble organizing and creating marketing campaigns, backup plans for slow months, and more.
Business plans can be created via a template, or you can hire someone to help you create one. A business plan can help you identify the flaws and strengths of your original idea, set specific goals, and outline how your business will operate.
In Other Words…
Starting a business can be exciting and frightening, but ultimately it can the pinnacle of personal success when you’re finally generating income and providing a product that people actually want. Have a plan, market yourself well, and don’t forget about your online presence, and you’ll be well on your way to a successful stay at home business.