Many people want to own their own business, but a much smaller number actually take the leap. 69% of men and 58% of women say that they aim to be their own bosses, yet only four percent of Americans are self-identified entrepreneurs.
What accounts for this discrepancy? Risk. Many are too afraid to start their own businesses for fear of failure. But there is hope. Home-based businesses are quickly becoming much more possible and commonplace than ever before. For example, 23% of workers said that they did at least some work from home in 2015 increasing from 19% in 2003.
Making your entrepreneurial dream a reality is more of a possibility now than ever. Here are four things to consider before getting started.
1. Develop your business plan
Even if you have a great idea, you need to put your dream into a thoughtfully-considered plan. Consider what every business should have in place before beginning operation: its Executive Summary, Mission Statement, Products and Services, Financial Projections, and Marketing Plan. Additionally, you should consider practical things like the kind of license or permit will you need.
2. Equip your space with the tools needed to do business
Your business cannot function without the proper tools. First, set aside space in your home—preferably a whole room—where you can consolidate your operations. Next, consider your tools. Do you want a laptop or computer devoted solely to your business? Do you need to increase your Internet speed?
We also recommend choosing a different phone line from which you’ll operate your business. A Small Business Phone System from TTI offers you a customizable package of voicemail, data, voice messaging, and VoIP that lets you put forward a professional image, no matter where your business is based.
3. Consider payment options
With so many online payment options available, you will need to consider which ones work best for your business model. If you are selling something, you may want to consider contracting with a merchant services provider. If you offer another type of service, consider which payment types you will use.
4. Figure out your marketing angle
A marketing plan is necessary for every home-based business, in part because you won’t be getting any foot traffic. First, create a website and be sure to consider if you need a web designer to assist. Next, think about your online marketing strategies. Will you employ email marketing? SEO optimization strategies? Click advertisements? If you’re not familiar with these methods, you could also hire an outside marketer.
Starting your own home-based business is a possibility. And if you implement a few or all these ideas, you can make working from home your reality.