There can be so many reasons why you would want to turn your hobby into a successful Home-Based business.
There may be too much demand for your products, you want to earn money or simply want to sell your products to people out there out of passion. Whatever be the reason, you must keep certain points in mind before you start your own little venture.
Business plans and all other strategies aside, you need to start with two great factors in mind. Patience and motivation to grow. Businesses and ideas don’t grow overnight, it can take from months to years to reach the mature stage when you actually start to earn money and reach break-even point for your business. Keeping this in mind, be sure to have enough backup cash to take you through all this before you start into your venture.
Along the way to kickstarting and growing your business, you will come across many bumps and downslopes. Never let them demotivate you rather look at them as a learning experience. You constantly need to have an urge to grow, otherwise you will simply back off. If your business is not going as expected, take a step back and analyze the situation. Maybe your expectations were too high, or you identified the target audience and their needs the wrong way. Learn from it and start from the new angle if wanted but NEVER LOSE HOPE AND MOTIVATION.
Now that you have gathered the motivation and have enough patience. Let’s take a look at the basic steps that will help you launch your home-based business:
- Create a business plan:
If you want a financial backing and investment for your business, you may need to write a proper formal business plan. You can find many template for how to write a formal business plan and if you cannot write it on your own, there is no harm in asking for help.
If you are not looking for a financial backing or investment, the plan will still help you get a clear roadmap for your business. You will be better able to integrate your ideas and align the processes if you have a clear plan ahead of you.
No need to formally jot down everything but make sure you think ahead of these main points ahead of starting your own home-based venture.
You need to be clear on what products/services will you be offering to your customers. Whether you will operate in virtual market space/ traditional market place or both?
What will be your sales procedure if you are dealing in virtual marketspace? (examples includes COD, online transfers and sale and purchase rules)
This is very important because you are now creating products or providing services for your customers. You need to know them to reach them. Study and know about your target customers’ demographics, age bracket and needs.
Your Industry and the competitors in the market:
Whether you want to start a baking shop or crafting business, study the industry in details and current dynamics. Get to know your competitors, the fellow similar businesses, and their business models. This will help you with creating the strategies which can take you at par or ahead of them.
Prepare a plan of expected revenue, growth and when do you expect to reach a break even.
This will help you with the budgeting, costing of your products/ services and the marketing plan that you will be putting into effect eventually.
Market and branding plan:
This is very important, for a new business to flourish it needs to reach the right target audiences.
Understand your market and customers. Brand your business and products accordingly to the market survey and customer needs. Branding will communicate your company’s message to your customers. It’s very important to brand it properly so customers can receive the right message.
The branding of your business will include:
-Selecting a name for your business
-Logo of your company/ business or services
Now that you have done a quick study/ survey and created a business plan, It’s time for action.
Invest in high quality products and raw materials for exceptional customer services. Create products according to your target audience needs with a blend of your unique style. It will help you stay distinguish from your competitors while still staying in the game.
Let’s start selling
So now you have your products ready to sell. What shall be the next big step?
Photos and Graphics:
Invest in a good camera and take amazing eye-catching photos of your products. If selling online, photos are the first thing that customers going to see and a good first impression will make them come to you.
If you are selling a service then understanding photoshop is not a bad idea. Communicate your services to your customers with catchy graphics.
Code Your Products:
Code your products. There is great amount of information related to coding on the internet, study them and code your products.
In today’s era of digitalization, a Website is a must. No website ensures an instant demise of a business.
Invest in developing a good website and start uploading your products and service offerings on it.
Social media presence:
The next step of creating a website is to make your presence known on all relevant social media pages. These are vital for your survival so strive on creating a strong social media presence. Main platforms are Facebook, Instagram and Pinterest.
Now that you are prepared and all set to sell, there is just one thing left for you to do.
PROMOTE, PROMOTE and PROMOTE your products to your relevant targeted customers and