Tips for Starting Your Own Home-Based Business

Imagine the powerhouse businesswoman of yore. She’s dressed in a sharp gray suit, with her hair done up in a smart bun and her fingernails clean and manicured. She looks ready to take on the business world with fierce competitiveness.

Now, imagine today’s businesswoman. Is she wearing pajamas? Should she be?

Women are empowering themselves by starting home-based businesses, whereby they can soar to the top, all while sitting comfortably in their home offices. This pajama-wearer has all the clout of a corporate executive, without the painful bun or a disastrous run in her pantyhose. She’s the new face of the powerhouse businesswoman.

Are you ready to ditch the corporate dress code and long commute for a cushier job at home? Before you put in your two-weeks’ notice, check out these tips for managing a home-based business to determine if this lifestyle is right for you.

Home-Based Business

Weigh the Pros and Cons

Working at home may seem like a dream come true, but are you sure you can separate your living and work spaces? You don’t want to fall into bad habits, like sleeping in. It’s also important to factor in start-up costs, your family’s opinion and how this decision will affect your overall reputation., the U.S. Small Business Administration, asks, “Have you thought about the characteristics and challenges that are most commonly involved in launching home-based businesses?”

Make sure you’re entirely certain you’re ready before making this transition. If you’re married, your partner must be on board. For mothers, a home-based business can mean more time with children, but children can also be a major distraction. If you’re planning a business that requires frequent phone calls are your children prepared to provide you with the peace and quiet you need?

Start a Business Doing Something You Love

If you’re unhappy working in your current job, switching to a similar home-based business isn’t going to make you any happier. If you dream of ditching your sales job, because you hate sales, selling from home isn’t going to magically make you love selling. In fact, it could be the catalyst that causes your home-based business to fail.

It’s important that you follow your dreams, anytime you’re considering starting your own business – whether home-based or not. Doing something you love is a motivator that will keep you going, even when times get tough.

If you’re ready to start your own business, pick something you love. There are thousands of jobs you can do from home, so finding something you love shouldn’t be difficult.

Here are some examples of home-based businesses you can start:

  • Copywriting services
  • Internet marketing
  • Sales
  • Web designer
  • Virtual assistant
  • Tutoring

Be Ready to Market Yourself

No matter what home-based business you’re managing, you’ll want to build your brand and market yourself. Marketing efforts are essential, if you’re hoping to gain clients or sell items online. Many home-based businesswomen choose to hire a marketing specialist to optimize their websites and build their online reputations. Brand and reputation management are essential.

If you’re just starting out, “Google” your name and see what comes up. You may find nothing relative comes up in a search. Or, you may find your social media pages, like your personal Twitter account and Facebook page. You may find something you don’t like, like a negative review or an unflattering picture. Anyone who searches for you is going to find this same information. It’s up to you to take control of this information and present a more business-related you. smartly advises on its Twitter feed: “Social media can cost you a job.” This refers to the management of online content, something that’s necessary when your business uses telecommunications to operate. It’s time to update your social media accounts to reflect your professional self.

Other ways you can market yourself online include:

·  Creating targeted ad campaigns

·  Email marketing

·  Website SEO optimization

Start-Up Costs

Depending on what type of home-based business you’re planning to operate, you’re going to need some start-up funds. You’re definitely going to want a nest egg, to support yourself while you’re busy establishing your business. You may require a seed fund, so it’s important to plan where this money is going to come from.

Here are some strategies for funding your home-based business:

·  Start a account and ask online investors, friends and family members to invest in your business.

·  Look into low-interest loan options.

·  Search for venture capital programs that you may qualify for.

Keep Your Mind on Your Money

Don’t forget that you’re now responsible for your own taxes. Payroll isn’t going to be there to collect your federal and state taxes from every check. Instead, you’ll be responsible for factoring these taxes against your business expenses. The last thing you want is an auditor knocking on your door.

It’s important to familiarize yourself with the financial challenges that are going to arise. You’ll need to factor in your profits, business expenses and deductions into your yearly taxes. Your safest bet is to save money each month to assist in any tax payments that may come due. Also, it’s essential to familiarize yourself with social security and how you’re affected now that you’re operating your own home-based business.

Be Ready for Change

Working inside the home is a lot different than working outside the home. You’re going to spend a lot of time by yourself. Your co-workers won’t be there to commiserate with you. You’ll have to face all trials and tribulations on your own, until you’re successful enough to take on a partner or an employee.

If you are working with someone, it’s likely to be over video chat or a via a phone conversation. This is jarring for some people. After a long time working with others, a home-based business can contribute to loneliness. You must be strong enough to roll with these punches, embrace change and get along.
If you truly want to make it as a pajama-clad powerhouse businesswoman, you’ll need to be ready for anything.