If you think you’re ready to break into the world of entrepreneurship, congratulations. Owning your own business has always been the American dream, and it’s one that is within reach. But, before you quit your 9 to 5, there are a few things you should know about starting a home-based business.
Is It Right for You?
One of the first things you have to hash out with yourself is whether launching a business from home actually aligns with your goals. Of course, you get to be your own boss, and there’s no commute. You’ll also enjoy many tax benefits and can grow on your own terms. On the downside, it’s much more difficult to separate your personal and professional lives, and, as your business continues to enjoy success, your office/workspace may require more than your home can offer.
COVID-19 and Startups
Starting a business now might seem a bit intimidating with unemployment levels skyrocketing. But the coronavirus crisis may be the ideal time to get your feet in the door of entrepreneurship. You’ll need to keep in mind, however, that, as the world changes, so too must your business strategy. You’ll want to think ahead to how you might adapt during a second wave. It’s also prudent to build in a few additional revenue streams that can help you stay afloat when things get lean. Fortunately, there are many resources that can help you make the best decisions when launching a business in the midst of COVID-19.
One of the most appealing reasons to start a business from home is that you can add remote employees from anywhere in the world. You might, for example, have a highly skilled developer from India and marketing person just the next town over. Once you figure out your onboarding protocols, you’ll need to focus on your communication skills. Unlike in the office, remote workers can’t simply strike up a conversation and get answers quickly. You’ll need to utilize communication platforms, such as Slack, and make sure every employee has access to a newsletter or daily carousel of pertinent information. Unitonomy underscores the need for effective communication by citing the importance of a human connection.
Your Home Office
Every home-based business has to have a place to operate. This is usually a home office or workshop. The former might work best in a spare bedroom, preferably one away from the most highly used areas of your home, such as the kitchen or living room. If you need a workshop, a garage or outbuilding is an excellent choice. Regardless of your needs, do make sure the space has ample room – and privacy – to accommodate your preferred work environment.
The biggest downside to running a home-based business is balance. And although, when you work for yourself, it is not always possible to separate your personal life from your work life, there are a few things you can remember that will help you keep the two in check. The first is to set a schedule. For example, work from 7 AM until 4 PM, and try not to log in before or after these hours. You’ll also need to utilize your communication tools to let people know when you are and are not on the clock. Do make a point, however, to handle personal tasks during break time, which can help you enjoy more unobstructed hours with your friends and family once you close up at the end of each day.
Although the current climate we are living in is uncertain, it can be the right time to secure your finances. By starting your own business and working from home, you can take control of your family’s financial future without exposing yourself to danger. But make sure to assemble the right team, find balance, and, most importantly, prioritize communication with both your family and your employees.