If you’re considering starting a home business, there are some obvious benefits, including lower startup costs, tax breaks, and more control over your schedule. In addition, many of America’s most famous companies started in their founder’s home.
However, as with any major decision in life, it is important to research the pros, cons and consider the most important factors when starting a home business. Here are five questions to ask yourself.
1. What can you make and sell?
Do you have a skill, talent or passion that can be turned into a product that you can benefit from locally, nationally or globally? Many services and products, such as unique handmade items, can be made in your home and sold online from your laptop.
2. How can you differentiate your business for success?
Before starting your business, it is important to conduct a market analysis of the product or service you want to sell and of your potential customers. By doing this, you can determine how unique your product or service will be and how your business can potentially succeed.
3. Where should you sell your products?
There are many online platforms available to help you successfully launch and sell your product or service, including Shopify, eBay, Amazon, GoDaddy, and Etsy. Many of these platforms make it easy to sell and ship products online, build a customer base, and expand your geographic reach so you can focus on creating and improving your product. Most are also free to use for smaller businesses and do not require a high initial cost.
4. How can you optimize your workspace?
Make sure to create space in your home to run your business well. Depending on your industry, that could mean setting up a dedicated office or customizing space in your home to store inventory and important documents. Think carefully about how your supply chains and other processes are affected by using your home as the primary business address.
5. What are the best ways to market your product?
Social media platforms like Facebook, Instagram and Twitter are great tools to promote your products and services online. Many selling platforms, such as Shopify, can connect your business directly to your social media accounts. Meeting platforms, including Zoom and GoToWebinar, also give you opportunities to interact with clients virtually. Finally, you may want to develop a website to sell your products or services.
Whether in your home or another space, starting a new business is a daunting task. Asking these questions up front will help you put your best foot forward.