Want to set up a small home based business and be your own boss? Is it really easy to start a business from home and create a passive income source besides you regular 9-5 day job? Yes, it has already been proved many times like these days many people are able to set up their business from home and become their own boss. But starting a home based business is not at all easy.
Although there are many successful home business ideas online & offline to try out. But you have to know which one will suit you or which one you can try. In this article, I will be sharing a few such tips for running a small business from home.
These days many people are able to start a small business like catering, baking, home tutoring, home daycare business, bookkeeping business, printing business and many more which are very to operate from home.
How to start your own home based business & make it successful
One can consider these points as tips or action plan to make your business successful. If you are looking for how to start a home-based business with no money, then let me tell you one thing that without any investment, how come you are expecting to make money?
Business Plan: Do you prepare a business plan with which you will take necessary actions? Don’t take it lightly, document the plan and brainstorm on each topic to cover each and every point.
Market Research: Have you done proper market research of the product that you are going to sell online? You can find out the most preferred or best seller product in various online stores to decide your own product. You should research properly as there are many people who might be planning on the same business to launch, but only people with a proper business plan can make it a success.
Create a Website: Do you have a platform to sell your product or service? Due to the evolution of the digital boom, one must have a website to start spreading awareness or the benefits of your products online by creating a website or sharing on social media.
You can follow Social Media Verve for more updates on social media & digital marketing.
This day’s online presence is a must for any business. In case you want to start your own business without spending much, then you can join the seller program of Snapdeal or Flipkart and sell your product online from all top online shopping sites in India.
What kind of website do you need for your online business? Do you know how much you have to spend to maintain such a website? It is better to learn basic web designing skills to handle small issues to same website maintenance cost.
Competitor Analysis: Did you list out who are your competitors? This is one of the mandatory steps that you have to follow. Competitor analysis is a must to grow your business. E.g. if you are planning to start a salon and spa business in your society, then try to find out what others are doing. This will help you to understand what the customers are looking for, what you can offer on top of that and make your saloon unique to attract customers.
Register Your Business Name & GST: Did you register your business name? Register your business name to make it more genuine and give a positive signal to your customers. It’s very easy these days as there are many websites which will make this work in few days only. Also, don’t forget to register GST number online.
Office Space: Do you have a home office set up? Many home businesses got failed due to this reason only. Find out some space at home so that you can operate your home business professionally. You need a separate space to think and execute your business plans effectively and that’s why you have to find a place for the same. In case you have a space crunch, then you may rent a small room in your society itself and manage both family & business together.
Involve Your Family: Did you involve your family in your business? You have to make your family understand about the seriousness of your business so that they can cooperate with you and share your family responsibilities whenever required. This is a must to have, to create a successful home business.
Have a current account or Paypal: Did you open a current account or a PayPal account to accept payment from domestic as well as international customers? If you have the budget you may integrate an online payment gateway. These days there are various ways to accept international payment. In fact, if your search with free payment gateway for my website in India, you will find few of the popular names like instamojo.com, razorpay.com etc who can help you to set up a payment gateway for free.
Promote your business: How do you promote your business online or offline? Find out the promotion plan and better to start blogging on your business niche to attract organic traffic besides paid promotions. These days, social media promotional strategies are very effective and you have to build some trust flow around your product or brand to make it popular. Digital promotion is far effective compared to offline promotion. But again that depends upon your product and business model as well.
So, you have to stress on these points to make your business plan strong and take necessary actions to make it happen. Maintaining a home based business is not at all an easy task and if you are women or homemaker then the challenge will be much more.
Did you able to set up your first home based business? How is your experience? What are the challenges you have faced? Share your feedback and query here by writing a simple comment and let me know how you find these home based business tips.