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Running a Successful Home-Based Business

Running a Successful Home-based Business

 Technology has evolved the traditional way in which businesses are approached and run. We find younger people doing more with less and relying on technology to generate business income with smaller to no seed capital or human resources.

This is the nature of business, aided through technology, driven and sustained by smart concepts together with the desire for humans to relook their positions as 9am -5pm employees. People and millennials are desiring or already spending more time on their own goals and weaning into their own businesses. With this, it’s nearly impossible without readily available funding, to simply leave the security of employment and jump straight into a self-employment set up. For these reasons, many people are taking their entrepreneurial ventures into their private spaces to be set up as functional businesses. While the idea of working from home can have the same amount of perceived cons as it does pro’s, with a systematic and professional approach the business will operate as usual regardless of the space from which it operates out of.

Systematic Approach Needed

Clarity of objectives, strategic planning, ongoing focus, attention to detail, support systems, timelines and business sustainability need to be considered and planned for well in advance when setting up an office from home. Firstly and possibly most importantly is to understand that work operates out of your living space but is not part of it. Clearly “office territory” needs to be defined and respected by other household members.

The support of internal systems that aid and maintain a constant professional business environment is paramount. Ensure corporate systems are in place through basics like telephone skills of household members commissioned to answer the business phone when you’re out. Look at how client home based meetings are handled without any family interferences. Are your operational structures like internet access, website and corporate stationery conveying a message of a professional business enterprise?

People don’t shy away from working with smaller businesses and entrepreneurs for various reasons such as personalised attention, niche products and services and are generally supportive of smaller business enterprises. In saying this, it does no harm in outlining that you’re a home based business for various advantages however ensure that your internal operations and “corporate identity” leaves clients feeling that they are working with a sound, credible and trustworthy business.

Professional and Personal Separation

Home based businesses need to respect the owner by defining operating times.  Time management, if it is a one person helmed entity, is extremely important and owners needs separate the operational day to day running of the business with personal time.  Separate bank accounts need to be opened and tax measures needs to be adhered to prior to starting a company so that all legalities of operating a business are met.

Should there be more employees that work out of the home based business, they are required to conform to all aspects pertaining to human resources and the employment act. Contracts and payroll/salary slips are imperatives together with tracking of leave days owed and / or taken. Staff members need to be advised of the office working conditions such as smoking in the work space regulations, lunch breaks, allowances for the parking of their vehicles and parts of the house deemed off-limits.

Growth Considerations

Home based businesses can be highly profitable and sustainable if the initial planning and outlay of capital is well considered and planned for. Depending on the nature of the business, exact projections of income and expense can be determined while still making room for ad hoc and unforeseen expenses. An expansion plan needs to be considered while servicing current clients to ensure the sustainability of a business as well as its growth ratio. Depending on the owner’s goals, a business can outgrow the home-based space due to exponential success rate while still remaining homed-based.

This can be achieved with a plan to financially reward smaller work forces while increasing their work deliverables.  However then you should arrange for staff to see the vision and value working from a home-based environment. This can be the case of always having access to home prepared meals for lunch and dinners when they are needed to work late. The work space can be serviced by cleaners daily while a home based chef can also serve staff drinks of choice at their desks for optimal work outputs. A day bed in a “chill area” can see to a 20minute power nap or reflection time as seen at Google headquarters. The same can be applied to a self-owned and individually run business. Free up time by having mediocre tasks like arranging for lunch or cleaning the office seen to by a house keeper or dedicated resource. However ensure you eat away from your desk or at a dedicated space in the office to give you a break to refresh your mind. Have parts of your garden dedicated to staff or yourself to sit and merely take inspiration time during the day.

Allow for client visits or the occasional Friday afternoon drinks and snacks at your offices or in a garden set up at the house however free from family contact. This allows for engagement with clients and staff while showcasing your office space and integrating a relationship management element. Still incorporate the general business and corporate ethos pertaining to staff, clients and practices as one would however on a home office based scale. Practices like yearend close of office luncheons or staff birthday treats must still be provided so the working space becomes very much a business space that operates from your home with professional considerations in place.

Conclusion

A home based office is largely a very desirable concept with the right business product or service. This needs to be carefully considered and approached with as little risk incurred to the business owner or family however risky the decision may be. If proven to be a no brainer to run a sought after business with a clear market and an organic growth rate, that minimally if at all impacts your living and financial conditions, then go forth and make yourself the next Mark Zuckerberg or Steve Jobs.  But be rest assured, nothing self-ventured was ever deemed easy and in this competitive innovative era there will be times when the thought of a corporate salary will be very desirable.

However legacy starts with a dream that seeks action through business motion. That’s often translated into stepping out of one’s comfort zone and doing what’s needed within reason and always ethically steered to achieve great success or even just for the sake of entrepreneurial freedom.

About the author

Apex Window Werks is a home window replacement and window repair service provider. The company is located in Elk Grove Village IL. Feel free to visit their website for more details about the services, process and guarantees.