How to run a successful home-based business
Posted on January 16, 2010 by Tahlent Team
Many people who commute to regular day jobs are very happy with the orderly rhythm of their lives. If you are one of them, this article is not for you. But if you feel straitjacketed in a cubicle job, if your dreams are too big for your workstation, and if you feel that your current job demands only a fraction of your skills and potential, you may be overcome by diminishing ambition and an overwhelming sense of frustration in your current job.
Read on. This article is for you.
Consider this: Maybe it’s time to break free. But remember, your self-imposed freedom is hard-won and takes a lot of back-breaking work before it is worth the effort. A home-based business requires extraordinary discipline in order to survive and eventually to succeed. Think over your decision several times and be absolutely sure that you are doing the right thing by leaving the security of your job for an independent home-based career.
First off, be sure that your skill is conducive for a work-from-home model. Accounting, writing and editing, translation and transcription services, illustration, graphic design, web design, travel agency, teaching music or dance, technology consulting and advisory services are more suitable for those who aspire to work from home. Network assiduously and test-market your offering by doing some research and speaking to contacts who you think will be potential clients.
Next, ensure that you have enough savings to shore you up in the event your business plans fail to realize profits within the required time. It is important to have enough money in the bank to see you through six months without a job. This time window is a bare minimum and may vary depending on your credit position.
Ensure that your home-based office is well set up and provided with everything you need to run a client-friendly business. Choose reliable service providers and ensure that your utility bills are paid. If you intend to employ other people to help you with the business, make sure that your contract clearly sets out terms and conditions such as minimum working hours, leave, medical facilities, and other benefits and privileges.
Register your company and ensure that your paperwork is complete before you begin soliciting business. Set up separate bank accounts — a current account for your business and a savings account for yourself. Make sure your service tax account and company PAN account are set up and other regulatory requirements are met before you begin doing business. It is equally important to define your rate card, set up your website and print your business cards so that you can make an impact as soon as you begin. It makes sense to initiate all of these efforts before quitting your current job.
The one big thing missing from your life once you leave an office environment will be the all-too-familiar water cooler conversations. Make up for their absence by networking actively and building connections consciously. You must set aside a small fund for business lunches and cocktails. As a self-employed professional, you can claim tax rebate on such expenditure.
Go online. If you a freelancer, ensure that your social networks are well set up. If you are a writer, editor, translator or other creative professional, it makes sense to create a profile on web communities offering services to freelancers.
Get noticed. Find out the best ways to advertise and market your business. For instance, if you decide to make a living from teaching dance or music, make sure your posters are on display at the local cafe or restaurant. Make cold calls and request meetings with potential clients if you offer technology consulting services or other advisory services. Publish a classified advertisement in a newspaper or magazine that is widely read and circulated. Ask for customer testimonials and publish them on your website and business collateral.
Focus and find the heart of your business. Initially, you may grab everything on offer in order to pay the bills. However, as your business starts to make money, you may find it prudent and practical to start focusing on core skills or specific kinds of work. Develop a specialty and be really good at it.
Make sure your home-based business doesn’t leave you too busy to enjoy life and spend time at home. Work-life balance is critical. Ensure that you have clearly defined working hours and if you do have to bend these rules occasionally, make sure you compensate by taking the odd day off.
Finally, just to pep you up, here’s a verse from an old poem that you might want to memorize every time you feel overconfident or under confident about your decision.
If you can dream – and not make dreams your master;
If you can think – and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same
- From If by Rudyard Kipling
Tags: Entrepreneurship, freelance, freelance career, home-based business, self-employed professional, self-employment, work from home
