Starting a Home Business in 2019? Here’s What You Need to Know

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Starting a home business is like planting a garden. You lay a foundation, spend time working on it every week, and in time, the fruits of your labor spring forward. For many, this seems like a dream after working within the corporate world. After all, doing this from home comes with the added benefit of waking up when you want and working all day in your pajamas. There’s nobody to report to but yourself.

For some, this sounds like a dream. Until it actually comes true. Then, suddenly you’re battling distractions in the morning and balancing home chores with work chores in the afternoon. And at the end of a long day, nobody tells you to go home and get some rest. That’s up to you as well. This can create an unstable work-life balance. To avoid this trap and cultivate a successful start-up from home, here’s what you need to know.

 

The Big Idea

The first step in starting your home business is to come up with the big idea. Find out what separates you from the millions of other companies worldwide by answering these basic questions:

• What are your talents?
• What do you enjoy doing?
• Who would you need for your team?
• How many hours can you set aside for your business?

Try to create an equal balance between your passion and skill set. Then build off that.

Product or Service-Based Business

One way to narrow down your business idea is to identify whether you’re a product-based business or a service-based one. While both offer customers something of value, they operate on different levels. In the early stages, a product business needs to focus almost exclusively on making the best product possible. From there, marketing and outreach are secondary. Customer relations are tertiary.

For a service business, the priorities rearrange. The service is generally a craft or trade you already have expertise with, making your focus customer relationships.

 

Determine Profitability

Once you have an idea in mind, the next step is to determine the profitability. This includes both how to monetize your idea and how much money you will earn working from home. To monetize, you’ll need:

 

• An exact product or service you offer
• A method of payment for customers to pay you
• Delivery or service vehicles
• Marketing to find clients

When considering how profitable your company will be, take into account all the extra expenses that occur from running a home business. For example, if you’re a cryptocurrency trading business, you’ll depend on reliable, fast internet. Paying additional costs for a Wi-Fi booster and a higher data speed will be well worth the additional expense.

 

If you’re running a service business like installing heating, ventilation, and air conditioning systems, you’ll need a management app that regulates your schedule, streamlines customer relations, and organizes your HVAC invoicing.

 

Set Boundaries

With a typical career, you’re expected to be in the office nine hours a day, five days a week. This means the rest of your time can be spent however you’d like. Spend that time at the movies, going on walks, cooking meals, or visiting friends.

 

When you work from home, suddenly there’s no difference between a Saturday evening and a Wednesday morning. You’re perfectly capable of working all day, every day. But this can negatively affect your mental health. Working without breaks can lead to excess stress and decreased productivity.

 

Set boundaries when you work and stay strict about them. If it’s too much or too little, try a new schedule the following week. Finding the perfect balance is going to be challenging, but your body and mind will thank you for it.

Create a Workspace

One way to strengthen your mind against distraction is to have a designated workspace within your home. When you enter this sacred space, it optimizes productivity. It’s a place for work and work alone. Take some time to create the office of your dreams.

 

• Bring in plants– Having plants in your office keeps the air from going stale and creates a calm, peaceful atmosphere.

 

• Desk and chair– Instead of working from the kitchen table, have a dedicated desk for your business. This will reinforce that work life and home life are two separate entities.

 

• Art– Having a few pieces of art on the walls can help inspire the mind and boost your creativity.

 

Getting Started

Once you’ve thought of your idea, the hardest part is getting started and staying committed. As long as you keep moving forward and progressing one step at a time, you’ll be on your way to a successful home business.