Finance & Economics

How to kickstart your home business for a successful first year

Chloe Marchbank

Freelance writer

 


Starting a new business is one of the most exciting opportunities in the world of work. Whether you’re going solo with a part-time venture or hiring a team to help you full time, it’s important to make some preparations before you start working away. Thanks to technology, it’s easier than ever to start your own business from the comfort of your own home. Make sure you get off to the best start possible with our tips to kickstarting your home business in the first year.

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How to kickstart your home business for a successful first year. Source: pexels.com

Create a detailed business plan

One of the very first – and most important – things you need to do before starting up is to create a business plan. Not only is this essential for those who need loans and funding, but it’ll help you decipher any potential pitfalls, ways you can develop, and targets you must reach to hit milestones. A good business plan outlines details for the next three to five years ahead, including financial planning, marketing ideas, goals, and targets, as well as how you plan on meeting the latter. This will give you something to refer back to later on down the line.

Stay organised from the start

There’s nothing worse than urgently needing a document, only to realise you have no idea where it is – especially if a client needs it. Keep on top of your paperwork by implementing an organised system straight away. This doesn’t have to be anything over the top, a filing cabinet with designated folders should do the job. Make the most out of your space by using a multifunctional printer that copies, scans and prints all in one. Remember to use compatible ink to keep your documents crisp and easy to read.

Determine what you need

You don’t want to settle down to get work done only to realise you’re missing certain machines, tools or gadgets. While this will largely vary depending on the type of business you do, it’s important not to forget about the essentials of every home office. This includes a fast-running computer, a second screen to increase productivity, reliable internet connection and a business telephone. Consider what else you will need before you open up for business so you aren’t caught short.

Don’t underestimate the power of marketing

While word of mouth is incredibly important when it comes to gaining new customers, marketing is one of the best ways to get your business off the ground. There are an abundance of options for a small business, so consider if you can lend some of your budget to this area. It could be anything from placing an advertisement in your local newspaper to investing in search engine optimisation (SEO) – there are opportunities to suit all budgets. Don’t forget to set up social media accounts for your businesses; share the account with your friends and consider investing in advertising on these platforms to boost how many people view it.

Delegate to freelancers or remote workers

If you find yourself getting overwhelmed with work, it may be time to delegate some of your tasks. While you may not have an office, you can certainly hire some remote workers to help you. If you only need a small amount of assistance or you don’t have enough to warrant hiring someone full time, then a freelancer is perfect. Whether you need a graphic designer, writer or translator, you can find a freelancer to assist in most industries. This allows you to focus on the core of your business as well as essential managerial tasks.

Running your business from home offers an abundance of benefits, including not having to worry about additional rent costs, no commute and having more control over your own schedule. Make sure you cover the above to ensure your business gets off to a great start in its first year and beyond.

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