Tuesday, February 2, 2021

What You Need to Build a Home-Based Business — For Starters

There’s always something compelling about the idea of working for yourself — even more so when you can do it anywhere in the world, like from the comforts of your home. Not having to answer to anyone also sounds incredibly liberating, while eliminating the need to be somewhere on a schedule is undoubtedly the height of flexibility. Not only that, but there’s the potential to pursue something that you care about as a livelihood, too.

No doubt, the best way you can achieve all these and more is to start your own business — preferably one that you can run remotely on your own terms. But of course, the execution will probably not be as easy as the idea. In fact, you’ll be looking at a significant investment of your time, money, energy, and hard work, which is probably why there aren’t more people scrambling to start their own home-based businesses. 

The key is to break down the process of building a remote business, so you’re not overwhelmed before you’ve even started, thus: 

Don’t do everything yourself.

As you start a business, you’ll probably be of the mindset that you need to do it all yourself to make sure that everything runs smoothly and, of course, to save money. However, it likely won’t be long before you find out that BusinessTown is right: this isn’t a good idea. After all, a business is a many-faceted organism that makes use of several different skills, and the fact is, you probably don’t possess all of them. 

Case in point: If your strengths lie in the creative, you might end up using up too much of your precious time tackling technical aspects of your business. This can be truly counterproductive, as opposed to just hiring someone who knows their stuff to do it for you. Again, the expenses come to mind, but really, it can prove to be more cost-effective to pay for a professional, rather than wasting time and energy attempting to DIY when you’re better off spending those on creative pursuits, networking, and/or revenue-generating tasks.

Also, remember that there are many different business structures that can accommodate your company’s needs. Small businesses can choose to be sole proprietorships or partnerships, but if you’re planning on earning sizable amounts of money or expanding your business down the line, then a Delaware LLC or S-Corp can protect your personal assets. If you’re unsure which type of business to establish, then it’s also a good idea to consult with professionals who can advise you on the pros and cons of each business formation.

Invest in tech tools that get things done.

With a solid team in place, set up your business to run as seamlessly as possible. Fully manual labor is pretty much a thing of the past, now that there’s an app or software that can make a variety of tasks faster and easier to do — and, in many ways, more accurately, securely, and safely at that. It’s a good idea, therefore, to invest in the tools that your business specifically needs for efficiency. 

Fundamentally, when you manage a remote team, you’ll find that effective collaboration is crucial. For this reason, you’ll also want to leverage collaborative tools like Slack to communicate and manage workflows effectively. Communication is king, after all, so also explore methods like creating a company-wide newsfeed or project- and/or team-specific channels for more efficient and standardized information dissemination — essentially, for the left arm to know what the right one is doing

Armed with a solid business plan and adequate knowledge, it is, indeed, possible to hit the ground running as you launch your remote business. And with the right support, tools, and resources, you may even find that being your own boss is exactly as flexible and rewarding as promised.

Photo via Pexels.com

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Mary Sherwood, MS, CDMS, CCM
Professional, Rehab, & Occupational Services, LLC
Landline 302.644.1827 | Mobile: 410.444.1989 | Skype Mary E. Sherwood

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