10 Tips To Generate New Business From Home
“It’s too difficult.”
“The times aren’t right.”
“It won’t succeed in this market.”
At some point, anyone thinking to start a home-based business has probably come up against these kinds of cautions. Naysayers might be right, it is difficult, but anything worth anything is, and our digital marketing agency is right beside you to help make it easier.
With the increase of remote work, both due to the COVID-19 pandemic and a shift away from office jobs, more and more people can now discover ways to pursue entrepreneurship headquartered at home. Today’s technology allows us a new kind of flexibility on how and when to work, so we’ve outlined some ways on how to generate business from the comfort of your home here.
- Look Into Network Marketing
Network marketing is a business model where individuals buy into a company and earn commissions on the products they sell. It’s a relatively easier and inexpensive way to start your own business from home, from almost any interest area possible.
- Have A Business Plan
This isn’t just for startups seeking loans. The primary aim of creating business plans is to see whether your idea can become successful. Once you’ve chosen your area of passion, business plan are:
- Understanding your ideal customer
- Financial planning
- Marketing strategies
- Executive summary of your idea
- Research of your target audience and competition
Image Source: Medium
- Involve And Connect
Meet and talk to people in the field. They are invaluable sources of insight, contacts, problem-solving, and act as support systems in building your business. These meetings can be through LinkedIn, Google Meet, Skype, etc., and are a great way to market yourself and your business.
- Sell Your Services And Skills
Combining skill + talent can help you generate a multitude of business ideas. It can also help you weed out ideas, like things that don’t interest you or require more certification than you currently may have.
- Get To Know Your Laws And Licence Requirements
Are there any zoning laws that prohibit you from running a business out of your home? This can range from country to country and region to region. It includes general business licenses, professional/trade licenses, health and safety permits, construction permits, or sales tax permits, all dependent on the kind of business you’re looking to start.
- Go Home-Made
This goes two ways.
One, make sure your home is business-ready to host clients if necessary, hold inventory, and reconfigure areas to hold storage, or if there’s a coworking space nearby you can rent out.
Two, everyone loves home-made products. Turn a hobby into a business, especially since now you can control all aspects of what you sell – from cost to quality to the audience. You can choose to start branded or on a virtual marketplace, and create anything from candles to cosmetics.
- Bulk Buys And Sells
The simple concept of importing products in bulk and selling them individually for profit is surprisingly common. This idea especially takes off when you’ve found a product that isn’t readily available in your markets despite the demand for it. If it’s easy to store and ship, you might have a solid business plan at hand.
Don’t have the space for inventory in your house? No problem. Use the dropshipping model to take inventory and shipping off your hands. Here, a third party produces, stores, and delivers products on your behalf (local or international), and you can stick to the marketing and customer service side of things. Make sure you find a trustworthy supplier who can deliver great customer service, or you can put your business’ reputation at risk.
Image Source: How Dropshipping Works
Even if you’re competing in a market without a shortage of the product/service you sell, you can still work to curate products for a specific niche or target an underserved region to stay relevant.
- Commodify Your Skills (To Services)
The phrase “time is money” is never more true than when you’re working in a service-based industry. If you’re looking at being a creative professional who works remotely (either freelance or company consulting), it often needs word-of-mouth referrals and networking to find suitable clientele – who will keep coming back if you deliver.
Service-based ideas can range from freelance writing and tutoring to dog walking and designing.
- Is This The Right Call?
We know working from home isn’t easy. If you know you have the required passion and entrepreneurial spirit to get your ideas and business off the ground even when the couch is 10 feet away, then this is the occupation for you.
Check out this list of home-based business ideas you can start today.
As marketers, we’re used to analysing every campaign and online conversation from a hundred angles. This weighing of the pros and cons applies to new businesses as well.
On the bright side, home-based businesses have fewer overhead costs (like warehousing fees), give you the opportunity to work both locally and internationally, and maintain a flexible home-work life balance, especially if you’re a retiree or a single parent.
However, this kind of business requires you to have space in your home to convert into a mini-business area (for storing any equipment or holding inventory), have to comply with regulations that need you to rent a space (a commercial kitchen, say, if you want to sell food), or your business may outgrow your home and you’ll soon need to hire more space and employees.
Whether you’re a web designer, a vintage clothing reseller, or a dance instructor, Digital Odyssey can help you stay on top of trends to effectively navigate the complex waters of the internet. Our marketing agency can help you with further ideas on how to design world-class websites, seamless user journeys, and digital marketing campaigns.
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