Nowadays, 69% of all entrepreneurs begin their journey in the business world by creating their first company at home. Home-based businesses are not only a growing trend – they are also the way forward for millions of enthusiastic and talented professionals who are looking for an independent alternative to their 9 to 5 routine.
If almost 7 in 10 entrepreneurs can start their business at home and drive it to success, it’s fair to say that there’s no reason to feel ashamed about using your garage as a launching base.
Ultimately, some of the best companies today started in the most modest circumstances. Apple which started in a garage in the 1970s. Google, the world’s most famous search engine system also started in a garage when Larry Page and Sergey Brin rented a garage from their friend Susan Wojcicki.
The garage is a common location for many multinational companies, as it was often the only space available at home. Walt Disney created his first films in a garage. Jeff Bezos, the founder of Amazon, initially built the first version of the E-commerce site in his garage in 1994. In other words, starting at home doesn’t mean you can’t go big.
While long-established companies have moved to public premises, more and more startups and small tech businesses are embracing the potential of a forever at-home routine, which lets them stay competitive and active in the digital market.
Buffer, for instance, is a brilliant example of how a remote team can come together to create an intuitive and streamlined platform.
OnTheGoSystems is a well-known name for bloggers and freelancers who publish on WordPress, as the 100% remote company creates dedicated plugins for the community.
In other words, your home-based business is not defined by its location – and has the potential to grow into a significant venture without ever needing to rent office space.
However, whether you decide to find a place to call your physical headquarters, or whether you are happy with a virtual approach, it’s important to understand that not all home-based businesses make it past the first few years.
Indeed, even a solid strategy can’t save you from the mistakes of misunderstanding your priorities as a home-based venture.
If you’re tempted by this entrepreneurship journey, you need to know how to manage the challenges of meeting your audience expectations without breaking the bank. Managing your growth is all about setting the right priorities for your company.
There’s a difficult dilemma for first-time business owners that has a lot to do with the capitalist understanding of the business world. In essence, entrepreneurs start a venture in the hope of increasing their financial wealth – ultimately, you want your venture to work, and to do, it has to make money.
However, the first stage of a home-based business tends to be characterized by limited funds, which can make it difficult to convince buyers to trust you. When you compete against long-established brands and companies, creating a positive impression is crucial to your market approach. But how do you best show your audience that you’re a reliable and stable company when you’re working from the corner of the dining table at home?
In a capitalist society, excess acts as proof of financial stability. As a result, it’s not uncommon for business owners to embrace a maximalist trend in an effort to prove their worth to the market. However, impressing your clients with everything that shines could backfire dramatically.
Indeed, a business that makes excess its market strategy is likely to run into financial difficulties at an early stage. Instead, you need to change your focus and build a minimalist approach to keep your budget under control. Cluttering your working space with unnecessary gadgets doesn’t help your strategy. On the contrary, it slows you down.
Additionally, clutter also affects your mental health, clogging up your thoughts, your creativity, and your mood. If you want to be the business with a difference, be the business that uses less to achieve more.
Businesses are the worst enemy of the planet. For years, industrial companies have released harmful gas, fumes, and toxins in the air, leading to a worrying increase in pollution levels. As early as the last 1880s, city companies were considering moving their premises outside of town to ensure their staff could benefit from fresh air.
Over 130 years later, the connection between businesses and the environment has become a priority for the survival of future generations and wildlife. The companies of today can’t afford to waste resources mindlessly without considering their environmental footprint.
Your home-based company may not be a big player, but it doesn’t exclude you from making the health of the planet one of your company priorities. Thankfully, applying a green strategy doesn’t need to break the bank. On the contrary, you can focus on solutions that reduce your need for paper and ink, such as using a tool to fax online, which means you don’t need to print out anything.
Similarly, there are plenty of cloud tools that keep your data online to avoid paper usage for administrative, accounting, and legal tasks. Additionally, your choice of furniture – reclaimed material or repurposed furniture are a favorite in a green business – and waste management can also help to make the world a green place.
Every business is built on a community of talents coming together to create a solution that meets the market expectation. At the heart of your home-based success, there’s a community’s heart beating as one. Admittedly, when you first launch your venture, you might find that your business community consists only of one person. However, it doesn’t mean that you are doomed to work in an isolated environment.
On the contrary, the most successful businesses rely on teamwork to remain creative, productive, and relevant. Thankfully, finding the talent you need to grow your venture has never been easier. You’ll find plenty of skilled employees through dedicated job portals – LinkedIn is a good address, but you can also target specific remote portals.
It only takes a few tools to bring everyone on the same page and stay connected. In fact, you can implement a team chat option if you want to keep the communication open all day long.
Even if you’re not a stage where you can hire new staff, you can join a business community to build a network of people who understand what it means to work from home. Some communities even provide co-working space which you can book when you want a change of horizon.
Every business owner can benefit from building a substantial social media presence. But, competing against big brands online, and especially on social media where they have a large number of followers, can feel like an impossible challenge.
Indeed, most brands can use their social media presence as a way to raise brand awareness and promote their latest products. While you can use a similar approach, it’s important to embrace your situation. In a home-based business, you are the person who gives life to the venture.
Make it a priority to maintain a genuine and honest presence. Your customers don’t only want to know about your business, but they are also interested in finding out who you are. Making your presence personable differentiates you from big brands, which don’t have a business face. Developing your unique voice and sense of humor will not only help your profile to stand out, but it also appeals to modern users, who want to identify with a business.
Last, but not least, your business needs to meet a variety of requirements. From a financial perspective, your home-based venture needs to be designed to generate income, for instance. But you can’t build a successful business on your revenue plan. You need to create an inspiring goal that defines what your business stands for. Too many solo entrepreneurs fail to describe their vision, and, as a result, their company lacks purpose and values. Your vision encompasses your long-term purpose and guides every decision you need to take in the meantime.
Home-based businesses need to face many challenges to survive the troubled market waters. But setting a list of inspirational priorities from the start can help you to bring your company to the next level, one step at a time, and fulfill your role as an entrepreneur.
From understanding what you stand for to creating the background work for a healthy community, your priorities give your business depth and personality.
Hi I’m Karen Salmansohn, founder of NotSalmon. My mission is to offer you easy-to-understand insights and tools to empower you to bloom into your happiest, highest potential self. I use playful analogies, feisty humor, and stylish graphics to distill big ideas – going as far back as ancient wisdom from Aristotle, Buddhism and Darwin to the latest research studies from Cognitive Therapy, Neuro Linquistic Programming, Neuroscience, Positive Psychology, Quantum Physics, Nutritional Studies – and then some.