Climbing the corporate ladder isn’t for everyone. Most people don’t want to be sitting at a desk, working a nine to five. That’s one of the reasons why people jump toward the opportunity to create a business on their own.
Watching a couple of motivational videos on YouTube gives you the courage to start. However, turning your passion into profit takes much more than that. Here are some things to look out for when starting a business from home.
Business Plan and Strategy
How often have you thought about starting a side hustle or doing some freelance work, only to postpone it for tomorrow? That’s a pretty typical scenario.
If you have a great idea or want to enter a competitive market, it’s extremely difficult to know where to start. You need to think of a name, a logo, create a website, get social media exposure, figure out your finances, pricing, marketing, and the list goes on. When there’s so much to be done, it’s easy to feel overwhelmed and anxious and say that you’ll do it tomorrow. That’s why planning is so important.
There’s only so much that you can do in a day. Plan your free time accordingly and set attainable goals. Let’s say you want to create hype on social media for a few months while you stand up on your feet. Start by creating an Instagram account and publish one post.
That should take you less than half an hour. The day after that, publish another post and try to register a website domain. Small, consistent steps are the way to go. Think of it like working out. If you go to the gym once and work out for 8 hours, you won’t see a change in your body. But if you exercise for 20 minutes each day for a few months, you’ll notice a massive difference.
The point of starting your business is to make money by solving a problem. You might have the best idea, product, or service, but that won’t matter if no one’s buying them. Before you invest in targeted ads or marketing materials, do some research. Create a buyer persona for your ideal customer and go to the places they visit.
You could find your ideal customers in Facebook Groups, Instagram comment sections, or Reddit threads. Make sure you have a good idea of who will be buying from you. Listen to their pain points and try to solve them. When you know what they need and want, offer your products or services in a non-intrusive manner.
How much should you charge? Most people think they should aim for a lower price than their competitors. Since it’s cheaper, you’ll get more customers, right? That’s not necessarily correct because it depends on a few factors.
If you’re offering a better product with a better user experience, it’s logical to sell it for a higher price. Do some digging on your competitors and consider the quality of what you offer. Are you trying to make something high-end and premium, or do you want to enter the mid-range? Set the price accordingly.
You’ll deal with a lot of sensitive information when your business starts making money. Having a website where users edit their credit card details makes you responsible for that information. It’s your job to keep it secure.
There are two ways that a situation can unfold if that data gets stolen by a hacker. Firstly, your clients will lose faith in you, and your business will fail. Secondly, they can sue.
If you’re not a tech geek, hackers can easily breach your devices. All it takes is for you to connect your phone to a public Wi-Fi network once. A cybercriminal might get your emails, passwords, and credit card details in a couple of minutes.
The best way to protect yourself online is by using a high-speed VPN. You won’t notice a difference, but the VPN will protect all your data. Hackers won’t be able to target you unless you purposefully decide to share personal information such as your passwords.
Getting Sick or Injured
Venturing on your own has a lot of benefits. You get to create the schedule and be your own boss. However, there are a few downsides as well. If you’re a solopreneur, then your business depends on one person – you. If you get sick or injured, no one can come in as a replacement.
Your ability to work is directly correlated to your financial livelihood. One way to protect yourself is disability coverage. But you also need to pay attention to your health. It’s fun to be working 24 hours a day when you’re creating a business, but it isn’t healthy.
Incorporate breaks, exercise, and fruits and vegetables. If all you think about and do is work, then you also increase the chances of burnout. Devote some time for self-care, and set some limits. With time, everything will fall into its place.