by guest blogger, Amy Collett
(Photo via Pexels)
Making the decision to start your own home-based business is an exciting one. Whether your business will function as a side hustle or as your primary career, owning a small business gives you the opportunity to routinely do what you love. For many professional women, there is nothing quite as rewarding as working in your passion each and every day.
However, while it is certainly a thrilling time, starting a business is hard work. There is so much prepping, learning, and actual work that is needed before you meet with your first customer or client. If you’ve been considering launching your own home-based, woman-owned business, be sure to follow these helpful tips from The Beach Cities Breakfast Club.
Establish and set up the essentials
Before you do anything, you need to establish and set up the most basic elements of your business. This includes your business name, website, logo, services and/or product offerings, and all other critical details. Ensure that you don’t miss anything by brainstorming a list of everything you’ll need to move forward with your business launch. Also, be sure to lean on the expertise of other women who currently own a business. If you don’t yet know any female business owners, you can meet fellow entrepreneurs at an upcoming virtual networking group meeting. By learning from their experiences and challenges, you can better prepare your business for success.
Set up operations in your home
When running a home-based business, you’ll need to ensure that you have ample space to do whatever it is you plan to do. You will also want to ensure that your chosen space will foster productivity, and will have few distractions.
If you have not yet decided what part of your home will work best for your new business, create a list of what qualities you’d like in your workspace. Will you need storage for inventory? Room to meet with clients, or to store and use essential equipment? By carefully considering questions like these, you will be more likely to make the best choice. If your home does not lend itself to your business needs, consider having an addition built on to your home. While this is an initial investment, it can often pay off in the long-run (especially when comparing the cost to renting a space outside of the home).
Submit all needed paperwork and documents for licensing
Once you’ve established and set up all of the basics for your business — including your workspace — it’s time to fill out and submit all required paperwork. Most importantly, you’ll want to research licensing requirements in your area for your specific kind of business. The majority of cities/towns have all of the info you need online.
At this stage, you will also want to consider the benefits of forming an LLC — which include limited liability, tax advantages, and less paperwork. You’ll have to file the Certificate of Formation, and you can avoid hefty lawyer fees by filing yourself or by using a formation service. Every state has unique regulations around formalizing an LLC, so check the rules near you before moving ahead.
Create a marketing plan to attract your first customers/clients
Now is the time to begin creating a marketing plan to attract your first customers/clients. Whether you are ready to launch now or in a few months, having a solid marketing and advertising strategy as far in advance as possible is a wise thing to do.
Although there is an abundance of work involved, the process of starting a home-based business is well worth the effort. Being able to do exactly what you want, make your own schedule, and help others is one of the more rewarding goals you can set.
The Beach Cities Breakfast Club is an organization that aims to support female entrepreneurs and business owners in the Beach Cities of California. Learn more about how you can connect through an upcoming networking event.
Amy Collett approached the manager of this BCBC website to ask for permission to add content. She received no compensation other than our thanks and gratitude for her interest in women’s entrepreneurship.