Starting a home business is a rewarding venture that entails many long nights and a lot of hard work. To prepare you for the world of being an entrepreneur, here are 6 things you need to know before starting your home business.
This isn’t a scare tactic, it is simply the truth. 8 out of 10 businesses fail within the first 18 months due to poor management, lack of product uniqueness and disengagement with customers. If you want to make sure your home business makes it past the two year mark, make sure to take plenty of time working on your business plan, focusing on and engaging with your target market, and perfecting your skill or craft.
2. Don’t Focus on Trying to Prove You Are a Real Business
When most people start a home business, they waste a considerable amount of time and money in an attempt to prove to others that they are a business owner. This includes printing a massive amount of business cards, designing fancy letterhead, and purchasing custom pencils with their company name etched into them. Instead, one should focus on the items that a company needs to succeed such as shipping boxes, a functioning printer, and reliable internet service.
3. To Purchase Wholesale Products You Must Apply for a Seller’s Permit
If you are selling a physical product, you can purchase your products in bulk from a wholesaler by obtaining a seller’s permit. Your state comptroller or board of equalization will provide you with a seller’s permit at no charge. When you go to purchase your wholesale items, present the seller with your permit number or license in order to receive the bulk discount.
4. Outsource As Much As You Can
In the beginning stages of starting your home business, you may become overwhelmed with the amount of work that you must handle. Thankfully, you don’t have to do everything by yourself. There are many certified experts in various fields that will be able to assist you with your business needs. Whether it be creating a logo, or designing your website, outsourcing these tasks can save you a lot of time and money.
5. You Can Save Money By Printing Your Own Shipping Labels
If you are shipping a physical product, it is best to purchase a scale so you can weigh your boxes and print your own shipping labels. The post office’s price contains a markup so printing your own labels will save you a huge amount of money over time. PayPal’s website offers an interactive shipping portal where you can purchase postage and print labels in less than five minutes. If you have a product that needs extra care, it may better serve you to outsource shipping to another company that has more experience. Companies like Pack-All International can help you with shipping heavy equipment or vacuum packaging in Mississauga.
6. Use Family and Friends to Spread the Word
Those who support you the most will most likely be your very first customers. Take advantage of their generosity by asking them to spread the word about your new business. Social sharing sites are also a great way to connect with loved ones and advertise your services. Ask your friends and family to share your latest business news with their friends. Before you know it, you will have a large circle of individuals who are interested in the services you provide.
Starting a home business is an exciting time in one’s life. Don’t get too discouraged with the amount of work and effort that is required to get your company off the ground. Keep these 6 items in mind while launching your new home business, and you will be on your way to success!