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Last Updated on January 20, 2024 by Work In My Pajamas
There are many small business in the world, and lots of them are home-based. While this is the dream life for many people caught in the nine-to-five grind, running a home-based business has its challenges. Following are tips on avoiding six such struggles associated with running your home-based business.
Motivation
Start by establishing a regiment similar to what you did when working at an office. Get showered and dressed as you would if you were reporting to work. Plan your day with a calendar and focus on accomplishing your goals.
Isolation
If you miss the camaraderie of working with others, ask former business associates to lunch each week. Attend several business events and seminars each month. Get to know your new vendors and develop relationships with them.
Balancing Family Life
Though you’ll have more flexibility at home, you must let your family know which hours you’re available. Designate a specific bedroom or study as your office. Don’t allow family members to interrupt you while you’re on the phone with clients. It’s unprofessional and can cost you financially.
Money Problems
It’s best to start a business when you have several months’ worth of savings set aside. While running out of money can ruin your dream, you can always try to borrow money by using a service such as LoanBuilder. Use the money to expand your business, whether it’s to purchase equipment, pay taxes or open another branch.
Choosing A Supplier
Choosing the right supplier can make or break your business. This is especially true if you require a product vendor. Research the company online for any complaints. Ask the supplier to refer you to other people who sell their products to verify that they’re legit. Find a supplier who allows you to order one item at a time at wholesale rates.
Promoting Your Business
Learn how other home business entrepreneurs market their products or services, and emulate them. If you use advertising or direct mail, key your coupons or order forms so you know from which ad they were elicited. For example, use 3/16 for a direct mailing that goes out in next month.
If you learn to overcome these common hurdles, you have a much greater chance of succeeding as a home business owner.
