How to make your home business a success
Thanks to technology we are now afforded flexibility in how and where we work. It’s no wonder then that home businesses have been on the rise as more and more people discover how to pursue entrepreneurship from home. Here are some tips on to make your home-based business a success.
Have a business plan
Just like a business that is run from an office, a home business requires a business plan too. You should plan every aspect of your business, including how to market your business, get new customers, expand your business, manage your finances and keep your business running smoothly.
Follow laws and regulations
In Singapore, the Home-Based Business Scheme allows you to carry out small scale home-based activities to supplement your household income. While you do not need a license or HDB or URA’s approval to start and run a home business, you should follow the guidelines set out. These include ensuring that the premises are primarily used for residential purposes; no advertisements, signages or posters are displayed; and that there is no adverse impact to the neighbourhood and living environment, such as, noise, smoke, smell, litter, large-scale storage, or the frequent loading and unloading of goods.
Assess overhead costs
While a home-based business can result in lower overhead costs, there are other costs that need to be factored in, such as higher utility payments, insurance, office supplies and equipment, and marketing expenses. Understanding these costs can help you come up with a more realistic budget and stay profitable.
Set up your working environment
Having a dedicated office space in your home can give you the focus and motivation to get your work done, while separating your business and personal lives. Beyond a designated office space, other necessities include office furniture, an Internet connection and office supplies. Your working environment can also help you appear more professional when meeting with clients and customers virtually or in-person.
Utilise branding and marketing
Creating a credible and trustworthy brand for your home business can help you attract and retain customers. Likewise, developing a marketing strategy will create awareness about your business and widen your reach. You can market your business on different social media platforms to showcase what you have to offer.
Network with others
One of the downsides of running a home business may be that you are “cut off” from the outside world. Joining networking groups in your industry will give you the opportunity to get to know other business people, exchange ideas and get professional guidance. Building strong, positive relationships with members of your network can promote your business and connect you with customers and others who may help grow your business.
Manage your time
Developing a routine can help you to stay focused and productive. It can help you prepare for your workday and wind down after. One of the benefits of a home business is the flexibility of managing your time. However, operating a business from home may make you feel like you are always at work. Hence, striking a balance can help you maintain your energy and productivity, and lower the risk of getting burnt out.
Seek opportunities to learn
Be prepared to learn as you move along your home business journey. Be open to new learning opportunities and participate in training to continue building your skill sets. By pursuing professional development opportunities, you can strengthen both your skills and home business.
Indeed. “Running a Business From Home: 12 Tips on How To Succeed”. (2021, April 20). Indeed. Retrieved April 12, 2022, from https://www.indeed.com/career-advice/career-development/running-business-from-home
Midas Real Estate. “How to get success with a home-based business”. Published 17 May 2021, https://www.midas.com.sg/how-to-get-success-with-a-home-based-business/
Sutevski, Dragan. “Tips on running a successful home-based business”. Entrepreneurship in a Box. Accessed 12 April 2022, https://www.entrepreneurshipinabox.com/23528/tips-on-running-a-successful-home-based-business/
Urban Redevelopment Authority. “Home-Based Business Scheme”. Accessed 12 April 2022, https://www.ura.gov.sg/Corporate/Guidelines/Home-Business/Home-Based-Businesses