How To Start Your First Home-Based Business

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It’s the dream of many people to start and successfully run their own home-based business, but you may be frightened by the rate of failure that you’ve seen. According to a post by Fit Small Business, you shouldn’t let those statistics worry you as many of these results don’t paint an accurate picture of small business failures.

In fact, according to Mashable, this is the best time to start a new business. If you have the right characteristics to see your business through to a successful start, there are plenty of resources available to support you.

Characteristics You Need To Maintain A Small Business

Perhaps those scary statistics wouldn’t be worrisome if you know that you have – or are willing to learn – some of the personality traits of successful business owners. They include:

  • The willingness to take sensible business risks.
  • The ability to solve the problems that you will encounter.
  • The ability to adapt to changes in your industry and the marketplace.
  • Tenacity to weather the long haul.

It also helps to have a positive attitude and a strong work ethic, as well as perseverance to see you through your launch and lean times. Read more characteristics of successful entrepreneurs at Investopedia.

Becoming A Consultant

Once you know that you have these traits, it’s time to decide on a service to offer. Here are questions that can help you choose:

  • What skills and talents do you already have? Skills are things you’ve learned to do already, such as accounting, editing or graphic design. Talents are inborn skills like an eye for detail or math acumen.
  • What certifications and degrees do you already have? In what fields do you have professional experience? Having expertise will set you up as a qualified startup.
  • Who do you want to help? Having groups that you’d prefer to assist (new homeowners, single moms, etc.) will provide a niche that you can focus on.

Read more ways to jumpstart your consulting business from Entrepreneur.

Photo credit by Pixabay

Choosing A Business

Before getting started, you need to make sure that your business idea is marketable. According to Forbes, one of the reasons that businesses fail is because they don’t provide a “unique value proposition.” That is, why should someone use your business as opposed to another provider? Learn how to create your unique value proposition with these tips from Bplans.com.

If your service is unique, you then have to make sure that there is a market of prospective clients willing to pay for your service and that you can effectively explain what you offer and how it can help them.

Building Clientele

Next, you’ll need some tools to find clients and promote your business. Here are some ways to get started:

Word Of Mouth and Social Media Marketing

When you start, tell everyone you know about your business, online and offline. Friends and family can become your first customers. It’s also important to get customers to know, like and trust you, and social media is an easy way to do that. Read why word-of-mouth marketing on social media is critical.

Website and/or Portfolio Site


These are important tools for any business owner. If you create art, photography, or offer writing services, set up a portfolio site to show off your work. Otherwise, a website with good search engine optimization and an email newsletter is a must-do for you.

Running Your Home Based Business

When you’re running a business from your home, make sure you do the following:

  • Set up space where you can work without distractions.
  • Set up “office hours,” times you can work when no one will bother you including the people you live with.
  • Have a reliable computer, smartphone, and printer, as well as steady Internet service.
  • Use software to track your income and expenses so you’ll be properly prepared to pay your taxes.

Running a small consulting business can bring you economic freedom if you have the right traits to start up, stay with it and maintain your business for the long haul.

 

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