As many British mums find themselves in an unprecedented situation this year, both personally and professionally, a shift may be the exact push needed to launch a new business venture.
Launching an online home business can be exciting but equally daunting. In the MENA region, 64 percent of working individuals stated they would like to start their own business, with 36 percent afraid of failing which often prevents them from taking the leap. There are many elements that need to be considered when starting any business including investing time, developing ideas, identifying resources, and creating a plan that help position a budding start-up for success. One of the most useful elements of a home business, is their online presence which enables their customers to have easier access to the company.
In addition to key online tools that can help increase the success rate of a home business, there are other considerations that can be helpful when considering launching a home business. Nellie Akalp, Founder of CorpNet.com and guest author at GoDaddy.com along with other research experts, shares six tips that are useful for setting up your home business:
Set aside a space for your home business
Many people think they require a separate room which must be transformed into an office to succeed in launching a business. However, simply designating a small area in your bedroom or living room as your home business office space, can suffice when starting out. It is helpful to create some structure around your workspace.
Remind yourself: it is a real business
People sometimes stigmatise home businesses as not a “real” business simply because the entrepreneur does not have an office outside their homes. This stigma is sometimes also perpetuated by the home business owner themselves.
İt is important to fully understand that business whether physical or online, in an office or at home, requires tremendous efforts. To implement a business-like structure at home, start by setting ground rules for you and your family, so that they are aware you are not available during specific hours to run errands and do various chores. Make it clear to yourself that you need to focus on work – this will eventually be clear to others around you as well.
Grow your skills
Learning has no finish line, make it your mission to improve your existing skills and grow new ones. These skills will be reflected in your business and allow continuous progress and possible expansion of the business.
Create a business plan
A business plan is the most fundamental element of every business. The primary reason for a business plan is to see whether your idea is capable of being successful. Once you have chosen the ideas you are passionate about, write down a business plan which includes: an executive summary of the business idea, research of your target market and competitors, description of your ideal customer, marketing strategy, and financial and operational plans.
Socialise and interact
Having a home-based business could tend to keep you isolated throughout the day. It is important to occasionally switch your workspace from home to a cafe or the community library. Meeting like-minded people and individuals in various businesses and industries is also imperative. Try attending business networking events and various conferences that are applicable to your business and sector and considering joining online related business forums and groups.
Launch a company website
More than four billion people across the world and nearly 200 million in the Middle East have access to the internet. In addition, with the current unprecedented pandemic related circumstances, people are starting to see the value of having company websites and online activity. Setting up a website allows your customers to reach you directly and be introduced to your products or services in your own creative way, with the information right in front of them.
Written by Nellie Akalp, Founder of CorpNet.com and Selina Bieber, Senior Regional Director for Turkey, MENA and South Africa at GoDaddy, the company that empowers everyday entrepreneurs around the world by providing all of the help and tools to succeed online. For more information about GoDaddy you can visit their website and Facebook page.