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Running a small business at home is a great way to earn extra income and eventually break away from your normal 9 to 5. Starting a small business at home can sound overwhelming at first because you literally are the business, and you have to do everything yourself. Here are ways to start a small business at home.

small business

Find a mentor

Do not isolate yourself by working alone by having your small business at home. There will be times you’ll need a professional to go to for some advice. Running a small business at home can prevent you from developing workplace relationships and doing face to face networking for new clients. Look for a mentor among your industry and make connections.

Know what’s out there

Conduct market research on your industry and talk to your target customers to find out your small business at home’s potential. Ask experts questions about launching a small business at home. Reach out to professionals that can help you with certain areas of business. You need to know your target market before you try to sell to them.

Have a business plan

Entrepreneurs may differ on the importance of a business plan or on what form it should take. But a good business plan is key to your small business at home success. Profit is the ultimate goal of any successful small business. You should examine your small business’ expenses and then figure out how much you will need to sell to cover those costs and start generating a profit.

Budget 101

Once your game plan is set it’s time to add up how much it will cost. Factor in every business expense necessary to be up and running. It’s better to be over-prepared than short on funds when the invoices start rolling in. When you are thinking of the cost to start a small business at home, don’t forget about your home budget. Lay your expenses out in order of which ones you must pay, like your mortgage, to ones that can slide if the money runs out, like miscellaneous bills. Once you have a grasp on all your expenses, start to create a business budget. Before anything, go over all of your options before putting your money into your small business at home. Make sure this is something you can financially pursue.

Risk assessment

With any small business at home, comes a plethora of risk. It’s best to prepare yourself for the worst-case scenario. Consider keeping your job and main source of income until your business can replace that, or ensure you have enough savings to cover any gaps in income you may experience. Create a sizable nest egg of several months of your basic living expenses is a good guide to follow.

Future Plans

The first year of your small business at home is critical. You must find ways to adapt as the business grows and take on new challenges. Prepare yourself for the time that growth requires you to move the business out of your home and into an office space. After the rush of small business at home launch and the initial influx of curious customers, many small businesses don’t expand any more than where they are. Any business, big or small, must constantly adapt to changing market conditions. So, always plan for the future.

By Damilola Faustino

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