10 quick tips when starting a home-based business

WHENEVER I’m asked what’s a good home-based business to start today, my usual answer would be “whatever you believe you can do.”

While that’s not exactly what most people are hoping to get as an answer, I do give some tips on how to find the best home-based business that would suit them.

And beyond that, I try to follow up with more advice on how they can successfully put up and manage a business at home.

Here are 10 things you need to remember when you’re venturing towards a home-based business.

1. Work with your passion.

Always my first rule: do something that you love. When you’re in a business that gives you personal satisfaction, then you’ll do anything to make it succeed.

2. Believe that you will be successful.

Optimism plays an important role in starting a business. When you have a winner’s mindset, then you’ll be motivated to work hard, persist, and focus.

3. Have a plan.

A home-based business is still a business—which means you need a business plan if you want to succeed. As the saying goes, “If you fail to plan, then you’re planning to fail.”

4. Separate home and business.

Set up a workstation or a “business space” at home and don’t just work anywhere. This will help you become more organized and better focused to work.

Also, separate your business accounts from your household expenses–this means taking into consideration that your business needs to “pay” rent, electricity, water and other utilities it consumes to your household.

By having a complete and independent view of your business finances, you’ll be in a better position to see if the business is doing well or not. Who knows, maybe you can already afford to rent an office space and expand!

Lastly, you have to talk to the people in your household to set some rules and more importantly, ask for their cooperation. Certainly, you wouldn’t want a customer to hear a television playing in the background while you’re doing a sales pitch over the phone.

5. Love thy neighbors.

More often than not, they are your first potential customers. So don’t be ashamed to make a sales call and offer your products or services to them.

However, don’t sweat it if they don’t buy and don’t take it personally. Think that at least – you were able to practice your sales pitch and hopefully, be better equipped and have more confidence when you start selling to people beyond your social network.

6. Define your edge.

What will make people buy from you instead of getting it from the mall or more established businesses? Is it a better service? Longer warranty? Cheaper prices? More flexible payment terms? Know what you can offer and use it to your advantage.

7. Build good relationships with your customers.

A home-based business lacks the professional image of a formal office or an inviting storefront. But what you lack “visually”, you can more than make up for by having great customer service.

A personal approach incorporated in your selling and marketing efforts will help you get loyal customers and consequently, repeat sales.

8. Optimize your marketing efforts with social media.

Marketing your business through social networking sites such as Facebook and Multiply is a cost-effective way to get customers. Learn how to use it.

9. Don’t be a one-man team.

Accept the fact that you can’t do it alone. You can maybe, at first, but if you want your home-based business to be truly successful—then be ready to hire some staff and delegate tasks.

10. Train to be a better entrepreneur.

For most people, a home-based business is the starting point of their journey towards a life of entrepreneurship. And the only way to reach success is to constantly invest in yourself and make your entrepreneurial spirit grow.