Home-based businesses are great for a variety of reasons. They can be started on a shoestring budget, the overhead is low, there’s no rush-hour commute—the list of pros goes on and on. However, home-based businesses do have their own set of unique challenges which can inhibit company growth.
For best tips on how to run a successful home-based business, we asked members of YEC Next the following question:
Q. What is one useful tool or method that entrepreneurs can use to grow their home-based businesses?
1. Invest in your online presence
In general, digital marketing and technology evens the playing field. Twenty years ago, it was extremely difficult for small businesses to compete with large organizations, as they could not afford to look nearly as professional. Today, it is no longer cost-prohibitive to highlight your business. Invest extra on your website and marketing to improve perception and attract the customers you desire. —Ryan Meghdies, Tastic Marketing Inc.
2. Adjust your mindset
The biggest hurdle of working from home is getting your mind right to be productive without distraction, and the ability to turn work off when you are “out of the office.” A simple, but effective, trick is go out in the morning to get coffee or run an errand so that when you get back, you are entering “work mode.” Same at the end of the day—turn everything off, go out, and come back “home.” —Todd Giannattasio, Tresnic Media
3. Perfect your time management
For most home-based businesses, especially those just starting, the earlier you perfect time management, the faster you’ll succeed. The main hurdle at home is dealing with the numerous distractions from electronic devices. Try to set aside chunks of time where you’re unplugged and the project at hand has your full focus. Also, learn to consciously realize when you’re losing focus, so you can regain it quicker. —Ron Lieback, ContentMender
4. Create a website
Create a website to sell and market your products online. You might be worried about designing or programming, but you really can do it yourself. Nowadays websites are available for less than $30 a month, without designing or coding knowledge, and there are useful templates available. Having a website is a great way to reach your customers with a little investment. —Jessica Baker, Aligned Signs
5. Use time-tracking software
Home-based businesses are great in many regards, but they lack the ability to monitor their employees when employees work in remote locations. In order to keep your team focused on your company (and not on unproductive distractions), implement a time-tracking software that will report their activities and monitor their production. With it you will be able to spot and correct problems much faster. —Matt Bigach, Nexus Homebuyers
6. Dress the part
Working from home may seem like a more leisurely way to work, but it’s the opposite. You have to be able to be two separate people with two sets of responsibilities. I’ve found that dressing to “go to work” helps transition the mindset into work mode. I wouldn’t think twice about changing the garbage bag if I was in my pajamas, but if I was in a suit, I would leave it until I was off my work time. —Ajmal Saleem, Suprex Learning