Leaving a formal employment environment to establish and run a home-based business is the dream for many people. The idea is appealing as there will be no commuting, meetings or supervisors to deal with. However, for all the benefits running a business from home can provide, it takes discipline to be successful, not to mention a healthy dose of leadership, organisational and time management skills.
Similar to many activities in life, it pays to have the right information before setting up a home-based business. James Hopkins, the founder of the Lifestyle Marketeer programme, has helped many expatriates and travellers learn how to start and grow digital advertising businesses that assist local communities. His experience and knowledge have proved vital for many who’ve gone on to learn the various factors that contribute to success in running home-based businesses.
Keep Costs Low
Having a home office means being able to save on rent for an office, but that isn’t the only area where cost savings can be realised. In the excitement of running a business, it can be easy to want to invest in the latest equipment and technology. However, it’s prudent to focus on the necessary items only, as overspending can place a burden on a business’s finances. As much as possible, keep overhead costs low.
Set A Schedule
If left unchecked, home activities can turn into distractions and interruptions that keep a homeworker from being productive. For this reason, it’s vital to come up with a schedule that dictates working hours. Communicate this schedule with family and friends, so everyone is aware, and consider writing down rules that ensure working time is not interrupted.
Where possible, rely on software to provide reminders on what needs to be accomplished every day. Have a to-do list that outlines what’s important and aim to cross off as much as possible by the end of the day.
Establish Motivating Factors
As an employee, progress reports and monthly reviews are some of the factors that provide motivation. As an entrepreneur, setting goals ensures there’s something to strive for, both daily and in the long run. It is important to make these goals achievable and challenging, so that the drive and passion for improving stays alive.
Continually Evolve Your Offering
Whether it’s a product or service, it has to keep evolving to remain relevant in the marketplace. As an entrepreneur, keep working to make the necessary adjustments and modifications to ensure your offering appeals to both existing and new customers.