Getting Your Home Business Going

When working out your start-up business plan keep it to the essentials and make sure it’s accurate and believable. Remember that some people never get past the planning stage in pursuit of a perfect plan. Get your home business colleagues or freelancing friends to help you brainstorm your start up business plan.

Once you are happy with your business plan then it’s time to move on to the practical stages of setting up a home business.

Get your home business colleagues to help you with your start up business plan 

Finding Suppliers

Depending on the type of home business you will be running, will you need to find suppliers? This might be not only for your product itself, but also for the IT systems you’ll be using in your home office. 

You can look online for supplier details, or speak to other businesses you know. Get together a list of potential suppliers, and arrange to speak to somebody from each one. You need to discuss prices (including bulk discounts if appropriate) and payment terms with them and get a feel for how reliable they are. Once you’ve decided who to go with, get all the above details in writing before you sign anything. 

Will you need support from people with more experience in certain areas (such as bringing your product to market, or advertising)?

Online Power

How many people nowadays trust a company with a poor (or sometimes non-existent) website? A professional site, with excellent communication and clear links to your products will allow your customer to find what their looking for quickly and easily.

An online shop offers you a fast and secure way for selling your product or service, and images or videos of a product demonstration can provide you with extra marketing tools. Find out more about this in Setting Up A Website.

Keep your first website simple and affordable. There are plenty of excellent free or very cheap off-the-shelf sites, with hosting and an admin system for your editing. You can build it as your revenue builds.

Use social media and SEO (search engine optimisation) to raise your profile, create a buzz about your product and connect with your customers. For the home working world Twitter and Facebook are great ways of updating your clients to the latest exciting developments for your home business; product launches, live events or special offers. LinkedIn can provide you with valuable networking opportunities too. 

Share Your Time

In large companies different departments deal with different aspects of running a business. When you set up a business from home you’re pretty much on your own, and it can be easy to focus too much on one aspect of things, and not enough on the others. 

As a general rule, divide your time into three: looking after your customers, dealing with the administration and home business future development. Spend roughly equal amounts on all three and you should have a thriving and productive home working set-up, with happy customers who enjoy spending their money with you!

One Final Tip

On day one when the doors are flung open for business, you’ll likely to have very real costs and no revenue certainty, or very little.

Therefore, keep it as low cost as you can. Spend as you earn, even if there is money in the bank. Build from your revenues not from your savings and you’ll end up in a better place. Now go for it!

If you're up for being a life-long learner take a cruise around our business advice centre - and learn, learn, learn about how to get going with your very own business start up.

 

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