Entrepreneurship often provides the income needed for financial freedom. According to the Global Entrepreneurship and Development Index of 2017, the United States was ranked first in providing the best environment for entrepreneurship. You live in a country that supports entrepreneurship.
Home-based businesses are more common than you think. IncFile.com reports that more than 38 million home-based businesses exist in the U.S. They further state that home-based businesses generate between $100,000 and $500,000 annually. That’s more than the average person earns annually in a regular job.
You shouldn’t think twice about creating a home-based business. It’s the way to go! Not only will it increase your revenue, but it will also:
- Allow you to pursue your passion
- Give you more time with your family
- Give you greater control over your life
The success of your home-based business rests in your hands. These 5 best kept secrets can keep your business alive and thriving.
Register Your Business
Operating a home-based business doesn’t mean that business laws don’t apply to you. It doesn’t matter if the business operates like a storefront or is based solely online. It must be registered.
You don’t want the IRS to knock at your door. The ground will open and swallow the business you worked so hard to build! So, register your business as either a sole proprietorship or LLC before diving in.
Stick to a Schedule
One of the downsides of a home business is that it can be difficult to separate work time and family time. They seem to blur into one. It must become habitual for you to have a distinct work and family time schedule.
Family time is important for creating work-life balance. Set aside time for work based on your life’s demands. This may mean that you can only work in 3-hour chunks at a time because you have a newborn who needs your attention. The point is to create a schedule and stick to it.
Keep Customers Happy
This is the golden rule of any business. Happy customers mean more business through repeat buys and word-of-mouth referrals. More business means that your business can keep growing.
There are many ways to keep customers happy. Some fundamental strategies you can use are described below.
- Listen to your customers. Your customers must feel like their voice matters. It may be hard to hear criticism sometimes, but constructive criticism can only make your business better.
- Deliver what you promise. People become angry and frustrated when they get less than expected. Your aim should always be to exceed expectations.
- Provide special deals and discounts for loyal customers.
Have an Established Business Process
Every product or service has a process for delivery. Ensure that your process is seamless and provides the best user-experience. Questions you should be able to answer include:
- What happens immediately after a customer indicates interest in my product or service?
- Do I have a secure payment option available?
- Can I depend on my supplier to meet the demands?
- Can I trust the shipping company to deliver goods on time without damage?
- How can customers leave feedback?
Establish an Online Presence
Home-based businesses often don’t have the same marketing benefits as brick and mortar establishments. Digital marketing must become your new best friend. It’s often best to invest in a seasoned digital marketing consultant rather than attempt to tackle it on your own.
The No Nonsense Consulting team consists of digital marketing professionals. We help startups and small and medium sized enterprises (SMEs):
- Create websites
- Create blogs
- Effectively use Search Engine Optimization (SEO)
- Create lead capture pages
- Develop and execute effective digital marketing campaigns
- Create strong social media profiles
You can create a winning home-based business. It’s time to transform your ideas into a business that can work. Step into a brighter future.