The 7 Step Guide to Starting a Home-Based Business

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For many people, starting a home-based business is the ticket to a truly fulfilling career. Perhaps you’ve been daydreaming about entrepreneurship from your desk at your 9-to-5 for years, or maybe you’ve recently settled on a business idea that could be viable in your industry. Choosing to transition from employment to full-time entrepreneurship can be nerve-wracking, but by polishing your sales skills with the National Association of Sales Professionals, you can move forward with confidence. By following these steps, you’ll succeed as a home-based business owner!

Should You Become a Consultant?

Do you plan to continue working in the same industry as an entrepreneur? If so, you may want to consider opening a consulting business. You can run your consulting business right from your home, and you’ll be able to charge lucrative rates for the skills and expertise you’ve learned while working for companies in your industry. If you feel like you need to brush up on certain skills, you could join a professional development program.

Why You Need a Business Plan

Whether you decide to open your own consulting practice or choose a different business model, you’ll need to outline a business plan before you dive in. Incorporating all of your important business details into one key document will help you stay organized and focused. 

So, what should your business plan encompass? CPA Practice Advisor recommends including information about your products or services, your marketing plan, your go-to-market strategy, and financial projections. This means that you’ll also have to crunch some numbers to work out a general budget. You’ll want to evaluate all of your potential income streams, your fixed and variable costs, and your estimated cash flow.

How to Form an LLC

When you’re starting a new business, you may not know how to go about choosing a business structure. While you have several options to choose from, you’ll likely want to form your home-based business as a limited liability company. By forming an forming an LLC, you’ll get the benefit of personal asset protection and additional tax breaks. And when you run an LLC, you can be quite flexible when it comes to your management structure. 

In order to officially form an LLC, you need to file the Certificate of Formation. Your state will have its own unique rules and requirements for this process. If you’re not sure how to do this on your own, don’t panic – you have options! You could hire a lawyer for guidance, but this can definitely eat into your budget. To keep things affordable, consider using an online formation service instead. This is the easiest way to an LLC online Texas registration.

Where to Set Up Your Home Office

To effectively run your home-based business, you definitely need a home office! Otherwise, you’ll be exposed to too many distractions. It’s best to set up your home office early on so that you don’t have trouble concentrating in the lead up to opening your business – this is a time when you’ll need the ability to focus deeply.

You can set up your home office in a spare bedroom, your basement, or even a quiet corner of your home where you can enjoy solitude. You will be spending long hours in your office chair, so make sure to choose a comfortable model that provides the support you need! In addition to a spacious desk, you should have adequate room for storage – floating shelves, cubbies, and filing cabinets can all help you stay organized. When it comes to decorating, allow yourself to be creative. Remember, this office is entirely yours to design!

Secrets to Securing Your First Clients

What’s the key to landing those coveted first clients? Networking! As the owner of a home-based business, you’ll probably focus on networking remotely, but remember, you can also connect with potential clients offline. 

Networking virtually can feel a little awkward at first, but with enough time and practice, it will start to feel natural. Success recommends reaching out to people with who you can easily establish a connection right away – maybe you live in the same area, went to the same college, or even worked with a few of the same companies in the past. Be clear about why you’re reaching out and explain how you can help them with their business. 

Which Home-Based Business Tools Do You Need?

As you begin onboarding clients and working on various projects, you might want to invest in a few helpful business tools. This could mean using dual monitors to work more efficiently and avoid switching between tabs throughout the workday, or downloading project management software and a website blocking app to stay on track with everything you need to get done. You should also purchase accounting software so that you’ll be ready when it’s time to file your taxes. The right tools can help you tackle your to-do list in a shorter period of time, opening up your schedule for additional exciting projects! 

How to Maintain Your Productivity

Soon, you’ll be juggling several clients, marketing your services, networking regularly, and trying to make plans for the future of your business, all at the same time! You’ll need to take steps to boost your productivity in order to get it all done. 

Putting your smartphone in a drawer or another room can be a smart choice, and silencing pop-up notifications from apps on your computer will also allow you to hone in on the task you’re doing without interruption. Taking short breaks throughout the day can help you feel refreshed when you’ve been working for hours on end. Finally, remember that you don’t have to work during typical office hours if you don’t want to – instead, you can work when you feel most productive.

Starting a home-based business can grant you more freedom in your professional and personal endeavours. When you run your own business from home, you can choose your clients, determine your own schedule, and take your company in new directions when it’s time to expand. With these tips, you’ll be able to launch your business and start thriving as a home-based entrepreneur!

Ready to boost your sales strategy to grow your home-based business? Enrol in a training program through the National Association of Sales Professionals! Contact us today through our website with your questions.