Home Business Start-up Know-How

Home Business Start-up Know-How

These days more and more people are looking to set up a home business and generate their income that way. The idea of creating something small out of very little and turning it into something special constantly keeps us thinking ‘what if’. If the idea of being your own boss, having no cap on your earnings and enjoying flexible working is something that appeals to you, this might be the right option. The good thing about starting up a business is that anyone can do it if they have the skills or are willing to learn) and motivation.

If you are thinking of getting started there are a few things to consider first…

Plan Your Home Business

Before you even get started, you need to have a plan. A business plan or a business model will form the basis of any goal setting and prioritising of resources moving forward. Within this plan, you need to set out your mission, your aims and specific details regarding costs etc. It will act as a map for you as you progress further, so it’ll need to be on point.

You’ll also need a business plan to be detailed and perfected in order to convince investors to loan you money should you need any. This does not mean that you are stuck with this plan. A home business, like any business, can change of time so if that happens, you adjust your plan and forge forward. 

Consider Outsourcing Within Your Home Business

You will very quickly realise that in order to run your business that you need to have lots of hats on. You need to be a copywriter, a bookkeeper, graphic designer, website expert and more. There comes a point where you may want to look for people online to help. A virtual assistant could certainly lighten the loan and allow you the freedom to concentrate on the key elements of your home business.

Research Distribution Methods For Your Home Business

If your business is about creating a product and selling it to customers you need to think about how it’s going to get to them after they’ve paid for it. You need to figure out the exact shipping method you’re going to use. You also need to make sure that you’ve packed properly so as to avoid damage – they’re not paying for a busted or tainted item. Be sure to look up places such as foam packaging suppliers so that you can get the correct packaging material. Finally, it would be wise to get some shipping insurance just in case anything bad happens during the trip. 

Market Your Home Business Effectively 

As part of your business planning your home business needs a marketing plan. Random social media updates are unlikely to boost your business to the level required. Again, ask for help from experts if required. Building a recognisable and trusted brand will make all of the difference if done right.

 

Savvy SME Business Tips

businessSmall to medium businesses often have it tough in today’s commercial market. There always seems to be a more prominent player that has access to extra resources to contend with. It is possible though for smaller businesses to not only survive but thrive if they are savvy and go the extra mile.

Take Care of Your Staff

First of all, when it comes to small businesses the satisfaction of your staff is absolutely crucial. Therefore it’s essential to take care of them in as many ways as you can. Such care may include having a strict policy about bullying and enforcing this, as well as offering additional bonuses for work well done and targets that are reached.

You can show your staff that they are appreciated by making a necessary activity such a training a bit more of an enjoyable experience. This is something you can do by using an outside catering company to provide delicious snacks and treats come training day. Alternatively, you may even try taking them off-site for a day to a convention centre, or even a hotel where you can combine fun and work, a strategy that is a sure-fire way to get you some kudos with your team.

Make Use of Tech and Social Media

Next, to survive in the world of SMEs, it’s vital that you keep your costs as low as possible while ensuring that you connect with and successfully market your brand and product to your target demographic. Luckily, you can do this quickly and cheaply by using social media and various IT tech to your advantage.

If you choose to promote items on your social media platforms, it’s free to set up, and you can reach a broad audience. You will always add a human element to your brand and create a positive reputation.

There are also some fab apps that you can use to create visually exciting and dynamic content to feature on your social media accounts. Something that will help your SME grab the attention of the demographic you are hoping to connect with.

Treat Your Business Customers Well

Lastly, it’s pretty significant to remember that the customer is the lifeblood of the SME. What this means is that the focus of your service, and product should be on what the customer experiences and gains by using it.

With that in mind, rigorous product testing, as well as AB testing for your online presence is a smart move. You will be able to see what options your customers will be most pleased with, and respond to most effectively.

Also, providing top level customer service at not just the point of sale but also before and after can help to create a positive relationship that can be leveraged for repeat sales and even promotion by superfans later on.

It is vitally important that your business be easily contactable and available at all times, something you can use social media to facilitate. Although, it’s always a smart idea to provide alternative methods as well such as email, helpline phone numbers, written addresses, and even website chat boxes if you want your SME to thrive in the long term.

Be transparent and consistent in how you run your business, be true to your brand values, go above and beyond for customers and treat your staff well. That is how you run a thriving small business.

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