11b, Reverend Ogunbiyi Street, GRA, Ikeja, Lagos

HOW TO START A HOME-BASED BUSINESS

What happens when you get bored with your 9 to 5? You could start something, you know? You don’t need to stress yourself to set up an office yet. You can start up from home!

In this post, we’ll guide you on steps you need to take.

Know your talents.

Ask yourself, what are you good at? How can this bring you money? The answers to these will be the foundation for your business.

Know your skills.

Talent is inborn but skills come with practice. You sharpen your talents till you become really skilled at them.

Get a business Idea

This should be based on your talents turned skills. For example, if you’re talented in cooking then you could start a home-based business as a private chef.

Know for sure.

Not every business plan would work in a domestic environment.

Consider factors like – the location of your home, the nature of the neighborhood, the nature of the business and the proximity and availability of the resources you need.

Test-run the home based business for a short time before launching.

Do the litmus test.

Before you start the business, ask yourself if your target customers are willing to pay you enough for the service or product you are offering.

Get a business plan and compare estimated profits and revenue to effort and expenditure. Is the idea feasible?

Some simple tips to help strengthen your business structure

You should…

Be versatile, open-minded and risk tolerant.

Outsource jobs to freelancers to help accelerate their business, when you need a helping hand to improve your product or service quality.

Participate in workshops, networking events and joint ventures as platforms to show your business.

Get an identity on social media. This would help with promotions and brand awareness.

Charge reasonably. Let the price tag that looks be low enough to attract customers. At the same time, don’t bring it too low because it could affect profit margins and ruin your business.

You shouldn’t…

Overestimate or underestimate the demand for your products. If you do, you could over- invest and lose funds.

Enter competitive markets without a distinct competitive advantage. What is your competitive advantage? Use certain business advantages to outstand your competitors.

Forget the costs. Always estimate and follow a strict budget.

Use good marketing strategies to promote services/products and reach out to potential customers.

 

Home-based businesses are springing up everywhere. Get a business idea involving your talent and skills and go for a start-up. Be confident in your skills. It takes a courageous person to turn a part of their home to an office, and start something they always wanted to do.

All the best in your business!

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