Thanks to technology, you no longer have to purchase a store space downtown or rent an office space in the business park to start a company — all you need is a workspace, a computer, and an internet connection.
The benefits are undeniable. Being a home-based entrepreneur is cheaper, more flexible, and more scalable than the traditional way of doing things. But that doesn’t mean it’s easy. There are plenty of pitfalls that home-based entrepreneurs can fall into that keep them from finding success, especially those who work in the digital world. The key is to be aware of them so that you can avoid them!
Lack of Capital
Just because it’s less expensive to start a company out of your home doesn’t mean you can do it for free. Here are a few things you can do to get the capital you need for your venture:
- Take some time to save for startup costs before you launch; the more you can bootstrap your business, the less money you will owe.
- Research small business grants that can help you get started, and learn how to apply like a boss!
- If necessary, apply for a small business loan. Just make sure you don’t sign the dotted line on any terms that you won’t be able to meet.
Neglecting to Create an Office
Working from the couch is not a long-term solution for your home business. Start thinking of how you can design a home office that will help you stay focused and productive.
- Choose a spot in the home that will minimize distractions from other household activities.
- Get all the equipment you need, and make sure your gear is of high quality. For instance, you will need an ergonomic chair, a desk with adequate space, a reliable desktop computer and/or laptop, and any software tools necessary for completing your daily tasks.
- Use vertical storage solutions like floating shelves and storage towers to save space.
Not Building a Network
Just because you work in the digital world doesn’t mean you don’t need to build and maintain your professional profile. Get out there and network!
- Grow your online presence by engaging on social media sites like LinkedIn, Facebook, and Twitter.
- Keep up to date on industry-related seminars, conferences, and other events that you can attend.
Failing to Prepare
Finally, starting a home business still requires you to diligently prepare so that you can lay a firm foundation for success.
- Conduct thorough market research in your industry and/or geographic location to ensure your services are meeting a need.
- And research your local zoning laws to rule out the possibility that you could be breaking the rules with your home business!
If you’re thinking about turning your digital service into a home business, make sure you treat it like a legitimate business. Follow the tips above to prevent some of the mishaps that plague so many other home-based entrepreneurs. By preparing for the challenges ahead, you can minimize your problems and maximize your opportunities!
Career Constructors can help you take control of your future and construct a career that truly matters to you. Book a consultation today.
