Tips For Starting A Small Business At Home

Tuesday, August 09, 2022

This post contains sponsored links but all opinions are my own

Have you got a great small business idea? Don’t let it slip away! There is a place for most people in the business world, and your idea could be the next best thing. Write it down and start exploring some of the possibilities. You could start a business you care about, have the potential to leave your corporate job and find financial freedom while doing something you love. Here are some top tips for people starting a small business from home, and things I have learnt along the way!

Be Confident With Your Ideas

Most people have business ideas; some have lots of them every day. We have problem-solving brains, and when we encounter an everyday problem, we find solutions naturally. However, only a small number of us have the confidence to take the idea and make it work. If you want to start a small business, you need to be confident with your ideas and take some risks. You won’t know everything about business right away; you will learn as you go and if one idea doesn’t work out, try another one. Having the confidence to start something new will always be the scariest step. You will never be ready to start a business, but if you put it off, you’re slowing down your progress and you may never start.

You will also need to be confident with your business and what it stands for. If you don’t love your services or products, it’s hard to convince others to purchase then. Instead, you need to be confident with what you are doing. Even if you feel like a small fish in a big pond, showing that you are confident and belong in your market can gain you sales and followers.

Related: Small business ideas to start in 2022!

Have The Infrastructure

Make sure you have the best infrastructure for your business. Infrastructure is the daily things you need to help run your business. It could be your website, selling platform and payment services. Without these, you wouldn’t be able to sell your products. Make you’re your website is up to date and have a range of payment methods to appeal to your buyers. How can you keep your overheads low and maximize your profits while providing the best possible service to your customers? One way is to accept payments in multiple currencies. If you’re able to sell a product or service across the globe, then you’re able to reach a wider range of people and boost your sales. However, you need to make sure you have the availability to do so. For example, does your courier ship internationally and what is the cost to your business? You might also want to sell on stalls where taking card payments is ideal. There are affordable card readers that you can get for your small business to ensure that you’re taking all the payments possible.

Be Passionate About Your Business

When starting a small business, there are two routes you can take. You can start a business with the aim of making lots of money, or you could invest your time and money in something you are passionate about. In most cases, the second option is the best and leads to long-term success. Sometimes it feels easier to start a business that will make you a lot of money from the start. For example, I know that reselling can be quick with returns if you know what you’re buying. As you’re selling through established platforms, you don’t need the slow set up, you just need the stock. However, if it doesn’t align with your morals and what you’d like to do, is it worth all the money?

A passion project keeps you going all the way. You’ll want to work on something that excites you. The journey might take a while, but when you reach your goals, you’ll feel more accomplished because it’s something you love. We live in the age where starting your own passion project could lead to an amazing business venture. I see so many people on Instagram doing what they love and earning money from their small business. When you work on something that interests you, it doesn’t always feel like a job. You should be passionate about your small business and want to share it. If you don’t, you might want to consider why you’re doing it.

Have A Professional Website

When starting a business, you’ll want to have a website or portfolio. Selling on Etsy is great, but if the website were to be shut down, you’d lose your only source of income. Diversify your income streams and have a self-hosted website that you can sell products from. Your website can attract new customers and showcase the products or services you have to offer. A website is a good asset to have when starting a business. It shows that you’re dedicated to your business and can show your customers more information about your business that they may not be able to find otherwise. A website is also beneficial as you avoid paying fees and transaction charges! You can set your own prices and won’t have to worry about paying Etsy fees.

Related: Small business social media tips to boost your sales!

Know the Competition

Your business idea is the best in your mind, but how does that idea translate in the real world? Have other people had your idea before, and what is the competition like in the industry? For that matter, what is the industry you are entering and can you make a profit? While I wish that starting a business was as easy as coming up with an idea and going for it, there are a few logistical things you need to think about. Your idea needs to fit in with other people selling similar items, but stand out enough to make your business attractive.

Look at what other people are doing and what you could do differently. For example, maybe you like home décor but you can’t find much available for something you’re passionate about or that represents your culture. You could offer something that appeals to you but could also benefit others. When you’re searching Etsy for ideas, make sure you don’t copy. Other people just like you have sat down and thought hard about their business idea and what makes them happy. Don’t copy products and discredit their work. How would you feel if you found knockoff products selling at a cheaper price? Unfortunately, it might happen as your business grows, but as long as you’re not copyrighting products or stealing ideas, you can steer clear of trouble!

Should You Leave Your Job?

It is always tempting to walk out of the office and into your own business. I have always wanted to leave my job to start a small business or work on my blog full-time. During lockdown, I was lucky enough to do that for a year before I started my apprenticeship! But before you leave, you need to make sure it’s profitable and can support your lifestyle. It’s best to work smart and grow your business in your free time without any risks. I know that for some, it’s not that simple. Work can take up a lot of time so working on your small business might now happen as much as you’d like. If you can, have someone to help you on the side. If someone else can package orders, answer messages or promote on social media, it could mean the world of difference. I know that sometimes you might be forced out of a job so starting a small business might be easier. If you have others to support you while you’re on your venture, then utilise it and see how far you can go!

Related: How to make your Etsy shop stand out from other sellers

Keep Learning

When staring a small business, you wear all the hats. You are the CEO, the promoter, the packer, the delivery person, the communicator, the editor, the everything. When you start your business, take the time to learn a few core skills as you may not have the funds to outsource. You could take free courses online to enhance your skills. Skillshare and Udemy offer a range of courses from photography to marketing. When developing your business, make sure you develop your skills too. You don’t have to be a pro at everything, but knowing a general set of skills can help you if you get stuck. For example, knowing your website host and how to fix issues can be a lifesaver if something happens. You don’t want to be caught without a website! If you don’t want to take on everything, you could always outsource to a freelancer. There are lots of affordable freelancers who can help with the things you don’t know how or don’t want to do.

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