Starting a Home-Based Business: Tips for Success

Today’s guest post is by Amy Collett. You can find her at bizwell.org.

So many Americans are finding the benefits of starting their own home-based business that it’s becoming a huge industry. Often called the gig economy or the sharing economy, these types of jobs are often either temporary or part-time, but they can also become full-time careers for people who want to work for themselves. The benefits are myriad; for those who need flexible hours, who have a disability, or who need to earn extra money while they’re between jobs, a home-based business can provide just what they’re looking for.

While there are some drawbacks -- as a business owner, you’ll have more responsibilities when it comes to figuring out your tax liabilities, for instance -- working for yourself can lead to some amazing opportunities and possibly open doors to a new career. If you’re a working parent who needs to work around a specific schedule, or if you are living with a disability and need something that will allow you to work comfortably from home, it’s the perfect fit.

Keep reading for some great tips on how to get started with your own home-based business.

Research the Gig Economy

While there are some differences between the gig economy and starting your own business, there are some similarities; for instance, both allow you to have flexible hours and work on your own terms. In the gig economy, you might drive for a ride-sharing service or become a pet sitter or dog walker for people in your neighborhood. You can find jobs within a certain distance of your home, choose the pets you work with, and set your price. Other options include remote work like working as a virtual assistant, translator, tutor, or editor.

Learn How to Stay Motivated

One of the most important aspects of working for yourself is learning how to stay motivated. It can be hard to get work done when there’s no one to hold you accountable, so you must do it yourself. Set aside a certain amount of time to work each day, keep distractions -- such as your smartphone -- to a minimum, and talk to your family members about the rules of the house while you’re working. Not only will this help you get more work done, but it will also reduce stress and help you delineate work time from personal time.

Find Funding and Work With the Best Tools

If you’re having problems funding your business, there is help available, especially during COVID-19. The federal government is offering businesses assistance through traditional SBA loans and the Main Street Lending Program, while some private organizations are providing grants to select small businesses. 

Finding the best tools for your needs means you can be as productive as possible while staying in touch with the people who are most important to your business. From sharing photos and files with Dropbox to setting up an office suite that allows you to work from any computer and share that work with others, there are several tools that will make working from home much easier.

Keep Learning

One of the best things a person who wants to be successful at their own business can do is to keep learning. If your goal is to become a consultant, it’s important to learn everything you can about the particular subject you’re consulting on. Becoming a maven will not only make it easier for you to find jobs, but it will also instill confidence that will attract customers and clients. You might look online for tutorials, learn a new language with an app like Duolingo, or take a class related to your field. The more knowledge you have, the better able you’ll be to help others.

Starting your own home-based business can be a stressful undertaking, but with a good plan and some help from your friends and family, you can make it a success. Remember to stay organized as much as possible, as this will help reduce stress as you take on new goals.