Starting a new business	Marketing
E- Business	Performance

 

Running your own business, in particular out of your own home is a realistic dream to pursue, so long as you understand that in order to make the dream come true, you will need determination, planning and an understanding that you won’t make millions overnight (in fact, the majority of people working from home, earn less than their office counterparts).

Having said that, working from home, does offer immense freedom and flexibility and if you like working independently and not having a boss, then you might find this option highly rewarding.

As a Home Entrepreneur myself I have enjoyed both the highs and lows of working from home and in this article, I’m going to outline some the key issues you need to be aware off, before you get started.

Get a business plan and set clear goals

Before you quit your job, it is important to develop a business plan that outlines the type of business you will be developing, and your vision and goals.  Business planning is boring, but trust me, writing it all down, will clarify your goals, provide you with a strong direction and break down the exact steps required to make your home business a success (not to mention the budget required).  Oh, and unless you need a business plan, to submit to your financial institution, your business plan, does not have to be that elaborate or long.  My first business plan was only 2 pages long, with all the action steps transferred to a simple white board.

Avoid the scams

There are lots of home based options on the web, and you need to be aware that some of these options are scams.  To ensure you avoid the scams:

• If it sounds too good to be true, than it probably isn’t a legitimate business, but a scam.  Be wary, of those online advertisements that promise the sun and deliver nothing (apart from a headache and an empty pocket).
• Avoid the online pyramid selling schemes, where you pay money to join and then recruit other people, who also pay money to join, with the incentive, that once you have recruited a certain number of people, you will receive a payment, greater than your initial outlay.  These schemes are doomed to failure and are illegal.
• Be very wary of organisations that want you to pay money up-front. 

Get organised

You need to be really strict with your time working from home otherwise you can waste considerable time and get distracted from work tasks.  To stay on task, ensure you establish a strict routine, schedule in specific tasks and minimise distractions, in particular distractions from family and friends.  (With family and friends, you need to make it clear that you are working (not shirking), otherwise, they will continue to erode your time, by chatting on the phone for hours on end, or coming over for an unexpected coffee). 

Don’t spend money unless you really need to

Your budget could be really tight to start of with, so don’t waste your money on items you don’t really need.  For example, although it would be lovely to have that new screen monitor, or a new office chair, do you really need these items to start making money?

Become a marketing guru

Without clients, you don’t have a business, so one of the key components of working from home, be it a contractor, freelancer, or running a home based web business, is to learn the core principles of marketing.  So get reading and understand the marketing principles required to make your business a success.  (Provide suggested reading/commission products)

Relevant articles and resources

• How to promote your website
• Is starting your own business for you?
• Why client service matters?

The Australian Securities and Investment Commission, outlines the major scams online at http://www.fido.gov.au/scams