Written by: Bandana Jain, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As many 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 helps position a budding start-up for success. One of the most useful elements of a home business is its online presence, which enables 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, other considerations can be helpful when considering to launch a home business. Here are some useful recommendations for setting up your home business:
1. 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 plan.
2. SET ASIDE A SPACE FOR YOUR HOME BUSINESS
Many people think they require a completely separate room which has to be transformed into an office in order to succeed in launching a home 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.
3. REMIND YOURSELF: IT IS A REAL BUSINESS
People sometimes stigmatize 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.
4. GROW YOUR SKILLS
Learning doesn’t come with finishing 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.
5. SOCIALIZE 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 apply to your business and sector and considering joining online related business forums and groups.
6. 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.
7. CREATE STRONG SOCIAL MEDIA PRESENCE
You like it or not, digital marketing is the norm of the day. Having a substantial social media presence will help in raising the success quotient of your business to new heights.
Bandana Jain, Executive Contributor Brainz Magazine
Bandana Jain is a Dubai based lifestyle and travel journalist for the past two decades. She’s also a passionate lifestyle blogger, photographer and loves pursuing modelling as a hobby. One of the aspects of her journalistic life that she thoroughly enjoys is rubbing shoulders with Bollywood celebrities. Having said this, her community journalist status ensures that she loves interacting with people from different strata of the society. She loves the limelight on stage sometimes as an anchor, whilst on other occasions as a public speaker. When she is not pursuing any of the above, you can find her shopping in Dubai’s famous malls or chilling by the beach with her favorite cup of tea. Travel is her passion, creativity her morale booster and enriching conversations are enough to give her the necessary thrust in life.
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