Have you considered building a business from home? Owing a business is a dream for lots of people. The dream of making your own schedule; of being the master of your domain, and being in complete charge of all aspects of working sounds pretty great. But don’t let the idealized concept of owning your own business blind you to the realities. It’s not all sunshine and roses. Don’t lose sight of the fact that it is just you manning the ship. If you fail, the ship sinks. Here are some things to consider when thinking about starting your own business.

Online business selling clothes
Photo by MART PRODUCTION on Pexels

Decide on product delivery

As with anything you’re going to attempt; you need to start with a solid plan. Are you going to be offering a physical product? Are you going to inventory the product? If so, you need to have the facility capable of housing inventory, shipping materials, and the manpower to package and ship items. Check into companies that allow drop shipping. That way you just need to build an amazing shopping website. When orders come in you just fill them through the third party and have them ship to your customers. You need to be sure it’s your name and materials that’s included in the shipment, however. The customer will only know you as the contact. It’s vital that you start building relationships with customers from the first order. Wow them with amazing customer service so they feel comfortable continually ordering from you.

Consider a service business

Every business doesn’t consist of offering a physical product for sale. If you are great at marketing or design; you can be in high demand. Offer social media services for local businesses. Advertising has changed so much over the years. People no don’t generally turn to newspapers or radio to advertise. But most people don’t know how to maximize the use of social media to promote their business. Offering to be a virtual assistant to local businesses can be a great income opportunity for those who are tech savvy with a creative side.

Protect your technology

No matter your business; an internet presence is a must. You have to have a viable website for your customers to learn about your business. Keeping that website safe if paramount. Don’t think your business is so small that hackers will pass you by. They won’t. You need to have your website locked down tight. This is especially important if you have customers login to your site to purchase items. You don’t want them to be susceptible to a man in the middle attack. Hackers will do whatever they can to obtain social security numbers and other personal information from your customers. As a business; you are ultimately responsible for working to keep your customers safe. 

Have beefy cyber security to prevent attacks.

Brick and mortar store

If you imagine yourself a more of a brick and mortar store owner, there is a mountain of expenses that go with that. You’ll start with the expense of a building; whether a mortgage or rent. You’ll need to buy insurance to protect your inventory. There will be utility expenses like electricity and water. Don’t forget the cost of Internet service; not to mention the cost of merchant services; charges for credit card acceptance.

Start up costs include more than inventory. Display cases, tables, and merchandise racks have to be purchased. You’ll need a cash wrap, merchandise bags, and more. Then you’ll have to pay for the inventory to stock the store. Expect to be out over $20-30k to start. This is not a venture for the faint of heart. But you will be your own boss at the end of the day; the end of a long exhausting day.

Marketing

No matter the type of business you decide to undertake, remember; marketing is your best friend. As we discussed above, you’ve got to find a way to aggressively market your business outside of old fashioned newspaper and radio ads. You need to explore every avenue of virtual advertising. Explore every social media possibility to market your business. You may need to step outside of your comfort zone to do it. Become a social media star to do it if you have to. Hire a virtual assistant if necessary; but get your name and business out there. It’s the only way to grow your business. 

Most importantly; when you gain customers, provide the most incredible experience that they won’t even consider going anywhere else for the services or products that your offer.

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