If you’re someone who loves being at home and spending time at your personal sanctuary, probably the idea of a run-from-home small business has crossed your mind quite a few times. The multiple and different things you can create from home have increased in the last few years, and nowadays, it is widespread to know that many people have been able to manage running a business from the comfort of their homes, or maybe starting with a side hustle that later on makes you an entrepreneur.
This might sound like a dream come true, but we know that every rose has its thorn, and several obstacles come into place when starting a business on your own; this is why we decided to gather some business experts to share with us the secret of success, regarding subjects from ideas, products and prices on your business to marketing and sales. We’ll break down everything you need to know so you can start your own run-from-home small business like a pro.
STARTING WITH YOUR BUSINESS
How do you know if there is a demand for the product or service of your business idea?
It all comes down to performing solid niche research before you even start implementing your business idea. You need to pick a niche where you can make money; that’s what you are here for, right? Ideally, you want to enter a niche where you get just the right level of competition to ensure there is a sizeable market for your product or service.
There are several revenue sources available, as well as growth potential combined with low seasonality, and are established as the expert in the field or can at least hire an expert to boost your credibility. However, after considering these factors, the most critical decision is whether you are still interested in your niche of choice!
Ioanna Karelia | Founder for Be Your Maverick
How to choose a product or service to sell that would be a perfect fit for you?
There are two ways to approach this: ride a wave or grow into something you’re personally passionate about. Sometimes it’s both, but more often than not you’re following the money or your calling. If the former, I always recommend trendspotting tools, such as Exploding Topics. As the name suggests, it alerts you to topics and products that are bubbling up 6+ months before they hit the mainstream. Perfect if you want to get in early and beat the crowds.”
Stuart Goulden | Founder & Lead Consultant for Likenoother.co
What’s your advice for writing the ideal business plan?
Here’s my advice for writing your ideal business plan:
- Know Your Market.
Before you start writing your business plan, make sure you understand who your market is. You’ll need to know what products and services will appeal to them, how much money they spend on similar goods and services, and where they shop.
- Define Your Product/Service.
Once you’ve identified your market, you’ll need to define your product or service. What does it do? Who is it for? Why should people buy it?
- Develop a Marketing Strategy.
You also need to develop a marketing strategy. This includes identifying your target customers, determining how you will reach them, and developing an effective message.
- Create Financial Projections.
Once you’ve developed a solid idea for your business, you’ll need to write down what you expect to happen when you launch. This is called a financial projection. It’s basically a list of numbers that show how much money you think you’ll make, how much you’ll spend, and how much profit you expect to earn.
Donna | BusinessBlogs Hub
Mid-week check-in: All you have to do on Wednesdays is take a quick peek at where you are and ask yourself, ‘Will I complete my Success List this week?’
On Friday mornings, after updating your metrics (you are measuring your efforts, right?), it’s time to see what you’ve accomplished or where you may have fallen short. Use this time to wrap up tasks or move things to the following week
What are some low-cost business ideas for a run-from-home business?
These are some of the low-cost business ideas to implement at home.
- Being a YouTuber
- A Blogger
- Starting a Car Wash
- Vegetable Farming
- Cleaning Services
- Baking and Distributing Snacks at Road-Site
- Social media management
- Computer and cellphone repairs
Marenyane Mokhethi | for Earn Online Lesotho
How do you avoid a business failure before it happens?
Avoiding business failure as an entrepreneur is like avoiding the very essence of entrepreneurship; In fact, the acceptance of failure makes you stronger. Every entrepreneur should build systems and structures to help manage failure and mitigate against a total business breakdown. Build structures and systems to help you understand the likely pitfalls, your competition, your business environment, and most importantly build resilience to failure.
Olufemi | Managing Director of Experts
What should be the process to follow for financing a small business?
Financial management for a business is not a simple task if you are not a professional, you should take a basic accounting class or seek the advice of an expert before you start. The first step in the small business financing process is to define the business model (especially needing to be specific about the cash-in and cash-out of the business). The next step is to determine the size of the business and the capital to maintain operations, including contingency costs for possible harmful situations. Last but not least, receive capital mobilized from different sources such as equity, bank loans, and state support.
Linh Nguyen | Marketing Manager at 2B-IO
How to find the right investment tool for a small business?
To find the best investment tool for small businesses: first, think about what type of assets you’re looking to invest in: you’ll generally need different platforms to invest in stocks, bonds, and real estate. Once you’ve decided on the assets you want to target, focus your search on two things: cost and customer reviews. Keep in mind that even 1% fees can have a major impact on your profitability over time, so don’t overlook even the smallest amounts. And if you’re still stuck on where to invest, I recently published a list of investment newsletters that will help you narrow down your options and cut through the noise to discover vetted investment opportunities personalized to you.
Jordan Bishop | Founder of Yore Oyster
Why creating a financial plan is important when starting a business?
A financial plan allows you to determine whether your business idea is viable, and it keeps you on the path towards financial health as your company grows. While it might seem a bit intimidating at first, making a good financial plan is necessary for the sustainability of your business, as it allows you to attract prospective investors, receive the necessary funding, and achieve success. And fortunately, you don’t have to be an accounting professional to put a financial plan together. Considering all the key factors of financial management for a business will open a whole world of opportunities for growth and success.”
Keith Coppersmith | Kenkarlo
What are the stages of growing your business?
Stage 1: Start-Up
This is an action-oriented time with an overall goal of building a rock-solid foundation that can sustain your business over the long term. During this phase, you’ll be getting educated, creating your business entity, nailing down your services, branding yourself, building your team, putting systems in place, strategizing your online presence, and creating a marketing philosophy and plan.
Stage 2: Growth
This is the growth phase and actually the toughest phase—and the one when most businesses fail. Vision, determination, and thick skin are crucial to getting through it. During this stage, you focus on client relations, networking, generating new business, creating online content, and continuing your professional education so you can delineate yourself from your competitors.
Stage 3: Maturity
During this stage, you’ll be focusing on reevaluating and refining your systems and marketing strategies, continuing your education, reviewing your clients, and savoring the fruits of all of your hard work. In this phase, work is a stable workload as a result of consistent referrals and refined marketing strategies, and you can be more particular about the type of work you do and for whom you do it.
Janet | CEO of Scribaceous
How do you start creating a brand?
Understanding and specifying the characteristics of your target customers is the real first step to creating a brand identity. When you identify their problems and issues first, you will be able to carve a brand identity designed to solve their problems. You can only create how your brand will look, feel, and sound. The brand logos, colors, and slogans come secondary. What comes first should understand who you wish to help with your products and services and how your brand will help these people.
Clancy Clarke | Head of Marketing for BrandCrowd
How to avoid poor branding strategy?
There are two vitally important things you need to get right in order to avoid poor branding. The first is to make sure you have all the fundamentals in place—a clearly defined brand strategy, messaging guidelines, and a visual identity system that you feel comfortable using. If you lack these things, it’s time to hire an expert. Look for someone small enough to pay attention to your business, but skilled enough to put together a high-quality brand. The second is to ensure consistency in everything you do. If you can’t commit to a consistent look and a consistent message, what reason do prospects have to believe that you can deliver a consistent quality product or service?
Jon Person | Cult Method
How Can People Make Their Small Businesses More Profitable?
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought. But in today’s time, there are many ways through which small businesses can make profits. You can maximize your profit in your business ventures by taking your time and planning out all the necessary steps you need to achieve success.
1. Get Organized
To achieve business success, you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.
2. Keep Detailed Records
All successful businesses keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.
3. Analyze Your Competition
Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.
4. Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
Hue Douglas | For Zumboly
How can understanding and implementing a customer-centric approach enhance the success of an online business?
Understanding and implementing a customer-centric approach is crucial for the success of an online business, particularly in eCommerce, as it fosters trust, loyalty, and satisfaction among customers.
By prioritizing their needs, preferences, and feedback, businesses can tailor their products, services, and overall shopping experience, leading to increased conversion rates, higher retention, and positive word-of-mouth. SaleHoo, as a platform connecting online sellers with reliable suppliers, plays a vital role in this strategy by enabling businesses to source quality products that resonate with their target audience, thereby enhancing customer satisfaction and ultimately driving sales growth.
Additionally, SaleHoo provides valuable insights and resources to help businesses understand market trends, consumer behavior, and what’s selling (and what’s not), empowering them to make informed decisions that align with their customers’ expectations.
Sean Leonardia | SaleHoo
MARKETING YOUR BUSINESS
What are the best ways to promote a business?
There are a few things that are very important to promote your business. Firstly, is important to publicize and promote the website of your business. For which you have to first decide on what it is you want to achieve from your website. Usage of social media is hands-down the most cost-effective strategy to generate visitors. Pinterest, Facebook groups, and Instagram are some that produce excellent results. Content Marketing is one of the greatest weapons a digital marketer has. These are some of the greatest tools a businessman can use to promote his business. Play them right and it’s a sure win.
Alfred Allen | for Suntrics
Why should small businesses invest in social media?
Every business needs to create awareness of their products and/or services with their target market. The most efficient way to do that is through social media, which is vital for small businesses. To do it effectively, you need to understand your target market, what needs they have that you can meet and what social media they use to get your message in front of them.
Nigel Greenwood | Managing Director at Bubul
How to develop an awesome Content Marketing Plan
1. Establish Your Goals: Start with the end in mind. What do you want to achieve by publishing your content?
2. Know Your Audience: In order to create content that is relevant to your audience and adds value to them, you will need to have a solid understanding of who your audience is.
3. Choose Your Content Marketing Channels: Choose content marketing channels that match your business and your audience.
4. Know What Content Your Audience Wants to See: A vital, and often tricky, part of creating a content marketing strategy is to create the right content.
5. Plan Your Content Marketing Resources: Now that you know what type of content you’re going to create, what do you need to turn this content into a reality?”
Wishpond
How is storytelling important for your business?
The human brain is wired and attracted to stories. This is because stories are how the human brain learns, grows, and remembers things. You can better remember important events and communicate or connect with your audience through stories.
When you tell a story, you humanize your brand. You show your customers that you are more than just about making money and problem-solving – especially solving their problems. Stories allow you the opportunity to be more creative with your audience. People love learning and gaining new perspectives, and stories effectively do this through your brand image and knowledge. When you use stories, you gain audience engagement and the action required to run a successful and sustainable business.
Jon Allo | CEO of JonAllo.com
Other marketing strategies for run-from-home small businesses?
Starting a business from home typically involves keeping your costs low, otherwise known as bootstrapping. It, therefore, makes sense to be resourceful with your marketing too. A good starting point is the free marketing tools directory. You can find software for SEO, content marketing, social media, automated email marketing, design tools, photography banks, and a lot more!
Stuart | for Surges
DIGITAL SMALL BUSINESS
Why is it important for a run-from-home small business to have a website?
Having a website gives your business credibility and makes you look professional. Research shows that 84% of consumers believe that a business with a website is more credible than companies having only social media profiles.
A website can help you attract new customers through Google. Every business needs to add more customers to enjoy continued success. A website helps boost the business’s visibility on the Internet. As a small homerun business, a website can help you to showcase your products and services. Customers can be attracted by using high-quality pictures on the website.
A website makes it easier for prospective customers to know more about your business, products, or services. A professional and experienced website development company can help you design and develop an impressive and effective website that can help boost your business growth. Their design and development services will help in enhancing the online presence of your business.
How to choose a good domain name for your business?
The First step in building a brand is to create an online reputation. Therefore, you must ensure the domain name you’re choosing for your business is short and memorable. It is also recommended that a good domain should also pass the radio test. Remember a domain name has its own perks, it makes a visitor confident about your website.
Robin Hablani | Digital Asset Specialist for Godomainers LLC
How to choose a proper website design for your business?
The design of your website is a representation of your business. When you choose a design for your website, you’ll want to please your customers and reflect your brand.
Your brand’s values are a good base and guide for your website design. Also, you must consider the experience of your visitors. Every design element must be an element of the overall goals of your online presence. Your website should propel your brand forward by generating confidence in your business. The goal of your website is to provide your customers with a reason to keep coming back to your website and recommend your business to others.
Meshach Owolabi | for Rindx.com
How do you bring traffic to your business website?
There are three important parameters to bring target customers towards a business: Profitable Keywords, Quality and Engaging Content, and Strategic SEO with Link Building. We believe this works for almost all businesses who want to get tons of organic traffic in a natural and long-term way.
Uday Tank | for Rankwisely
How to make your small business website return extra earnings?
Affiliate marketing can be a high-benefit way to monetize your website if you’re ready to create extra content promoting third-party services and goods. Many bloggers earn this way by getting paid a commission when readers buy something using the referral links stitched into promo content, product reviews, and listicles.However, the most easy-to-apply technique is turning a profit from ad codes you put on your website. Displaying ads doesn’t require extra efforts or investments as you simply take an ad code and put it on one or several web pages, getting paid for views and clicks.
Olly | for Adsterra Team
How to start an online business?
An important aspect you have to pay special attention to when creating an online business is to understand that the virtual experience of your client has to be amazing. This means you need a responsive and friendly website, your SEO strategies need to be implemented from the very beginning. (work on your technical SEO and Link Building strategies) your customer service (email, chat, phone) have to be friendly and ready to help, and your communication should answer the main questions people will have about your company, products or services.
Last but not least, be creative and have fun with your communication. The is no right formula so you have to test several times until you find the best results.
Lilian Oliveira | for HelloNira
What are the key elements to growing an Online Business?
The key elements to growing an online business are knowing your target audience, focusing on providing value to them with your content, and connecting with complementary businesses. No business worth its salt makes it on its own. It’s important to provide value to your consumers and find complementary businesses that value mutually beneficial collaborations.
Peter Keszegh | for OnlinebizBooster
What are the different digital sources you can use as an online business?
There are several digital sources to run easy online dropshipping businesses. You can consider using eCommerce platforms like Amazon FBA, Shopify, eBay, BigCommerce, etc. You must find suitable types of dropshipping business before you use these platforms. For instance, product reselling, product creation, print on demand, or business extensions.
Edward | for Leeline Sourcing
What are different online business ideas to start a business?
There are countless online opportunities for starting a business. To mention a few; blogging, affiliate marketing, influencer marketing, selling courses, vlogging and freelancing. Every online business idea has challenges. It’s never the best approach to select an opportunity with the hope of making money easily. Rather, choose one idea based on your skills and passion. Then double down your efforts on that business idea, continuously educate yourself, connect with other online entrepreneurs, and above all be persistent. It’s only through deliberate and focused action that you can build a successful online business.
Elvis | Founder of Kampusville.com
What are different tech business ideas you can do from home?
One of the best and trending to run an Internet research company based on technology-related services, like running and monitoring web applications using various tools. Run blogs based on Search Engine Optimization. Profits are gained from blog platforms upon online content services. There are a lot of giant companies already given proof to run a successful business on these ideas. For the online sales and services from time to time. It is more important to promote the various services online direct end-to-end business.
Harish | for Techno Hoop
How can webinars be a tool for small businesses?
Webinars are effective tools small businesses and solopreneurs often use to attract new customers, because they give people a chance to get to know you, personally experience the depth of your expertise, and see what it would be like to do business with you. The problem is live webinars are exhausting and impossible for small businesses to sustain on a regular basis over the long term. The solution is to automate your webinars in a way that maintains the interactivity and two-way communication that makes them so valuable. If you do that right, you’ll not only save a ton of time, you’ll be able to attract qualified leads and sell your services in your sleep — literally!
Todd | for eWebinar
Why are barcodes important for a product sold online?
Barcodes serve as an identification of products and help them to be more accessible and recognizable by customers worldwide. They are used to speed up the checkout process, as well as improve inventory management for both producers and retailers. Producers should not save and should buy barcodes if they really care about the genuineness and identifiability of their products.
Harry | for Barcodes Pro
Why Choose an Email Marketing Agency Specifically for Ecommerce?
“Every business needs an audience, especially small business owners! After all, you’re just starting out. You probably have your ecommerce business set up and ready to go, but you need to find a way to engage with new customers. However, ecommerce businesses are at a disadvantage. Unlike regular retail brands, online store owners don’t usually get the opportunity to put their products in front of consumers. Ecommerce brands are constantly competing with both each other and traditional in-person retail stores. When you’re plotting out a new marketing strategy, you want something that’s effective. Of the many marketing channels, email campaigns are some of the most powerful marketing tools that a business can have in its toolbelt.”
Melanie Balke | for The Email Marketers
Why do people typically choose an e-commerce online store to launch a small business?
There are a few main reasons why e-commerce platforms, such as Shopify, are the preferred means of launching a small business.
Firstly, e-commerce has made it much easier and cost-efficient for aspiring entrepreneurs to start running businesses. There’s no overhead cost like renting space for inventory on these platforms. What this means for online businesses is higher profit margins — and who doesn’t enjoy cost savings?
Secondly, an e-commerce store has the potential to reach much more people globally. Every transaction is conveniently facilitated by digital tools, without the need for customers to visit a physical store.
Lastly, even with a relatively low budget, e-commerce business owners can adopt organic and paid promotional strategies to increase customer reach and amplify their brand presence.
Nitzan Reuven | Founder of Koala Apps
Why is Business Intelligence Software Useful?
Business Intelligence (BI) Software enables companies to analyze, retrieve, and transform data into useful, actionable insights to better inform business decisions.
What are your best tips for starting a business podcast?
One of the tips when it comes to starting a business podcast is building and nurturing an online community. The latter requires strategy, consistency, and work, but the rewards are far greater than the time you’ll have to invest. You should not be afraid to be specific about your ideal listener. With a lot of options, the more specific you are about what your community and your podcast have to offer, the faster you’ll be able to grow.
When starting a business podcast, also consider having guest interviews, as they play a significant role in increasing your podcast reach. It’s worth trying, especially when recording remote interviews is easy with online platforms. You can host up to 9 guests, further edit your episode with AI-powered tools and get automatic transcriptions and summaries of your audio content — all in one platform.
And when choosing a guest, make sure to choose one that can add value to your episode and whose audience and values are aligned with your own. It will grant you access to a group of new potential listeners and allow you to bond with them through your guest.
Lidia Saroyan | Podcastle
What is printing on demand, and how hard is it to start this business from home?
Print on demand is a low-risk, easy method to launch a massively successful business with no inventory. Physical things may be a terrific method to monetise your creative spirit, whether you’re an artist, writer, designer, or entrepreneur. You may offer your own unique take on ordinary items such as t-shirts, posters, or backpacks.
from OGO.
MANAGING YOUR PROFESSIONAL AND PERSONAL LIFE
How to create an effective home office setup?
A Home Office is an ideal setup that can be realized. Depending on the work profile, it might vary. Choosing a spot where you can sit comfortably is a prerequisite. By sitting comfortably, we mean not a cozy chair but a place or a spot that you can stick to without any hiccups.
Next comes the noise levels. The place you selected to sit down should be quiet enough for you to focus and talk on calls with your colleagues. Adding an aroma you like to the space can help you be happy, especially on calls.
What tips do you have for managing a small remote team as a new business owner?
Managing remote teams can be challenging, especially in the current context where remote work has become a necessity due to the COVID-19 pandemic. However, with the right strategies, remote teams can be just as productive and efficient as those working in a traditional office setting.
Here are 4 tips for managing teams:
1. Giving freedom and avoiding micro-managing
- Managers should trust their employees to do their work efficiently and effectively without constant supervision.
This helps to increase employee morale and motivation.
Micro-managing can lead to decreased productivity and decreased employee engagement.
2. Privileging performance and encouraging deep-working sessions
- Performance should be the main focus rather than the number of hours worked.
- Deep-working sessions can help employees get more done in less time and increase productivity.
- Managers should encourage employees to take breaks and avoid burnout.
3. Avoiding calls when it’s not needed
- Regular check-ins are important, but too many calls can distract and reduce productivity.
- Managers should use video conferencing and other communication tools to keep in touch with employees but avoid calls when they are not necessary.
4. Creating a remote work policy
- A remote work policy helps to ensure that everyone is on the same page and understands what is expected of them.
- The policy should outline the company’s stance on remote work, the responsibilities of employees and managers, and guidelines for communication and collaboration.
- This helps to increase productivity and improve the overall remote work experience.
Andy Stofferis | Andy Sto
