Have you or not set up a home-based business yet?
In the eighties, I set up my own business working from home – a home-based business!
I started my working career in banking but at that time it was often the case of “dead man’s shoes” meaning that one was only going to get a promotion when someone resigned or retired! After a few short years I liked the idea of administration and becoming a company secretary so I applied for various jobs but the one that really appealed to me was an opening to become an assistant to a trade association secretary! I could say here that “and the rest is history!” Well, I quickly gained experience in all sorts of industries and “administration heaven!” This was my dream career from now on and for a good number of years I moved from organisation to organisation but I became disillusioned working for other people! So I became self-employed in the eighties and never looked back. I was master of my own destiny and had the freedom to run my own business and built up a number of trade association clients to establish a specialist management company. These were the best and the worst years of my life and so another time I will tell you more about all that…….!
Briefly, during all this time I traveled to the four corners of the world (apart from Africa) promoting groups of British companies to take part international exhibitions and trade missions, setting up new trade associations and golf societies, organising conferences and hotel exhibitions, events of all sorts including 8/9 golf tournaments a year for a while and general administration covering all aspects of work which included writing reports, press releases and articles, monthly newsletters, co-ordination of members’ yearbooks & directories, websites,promoting membership and many general and committee meetings.
Anyway, with the exception of working with one or two past clients I have thoroughly enjoyed the freedom of being the proprietor of my own business rather than working for an employer. Enough about me!
Develop a Weekly Timetable
It is very easy to bury yourself in work because of the need to make more money. However, do not “diminish” your quality of life especially with family and friends. Don’t let your passion for a new project and/or work in general take you over to their detriment – they are too important to you and them to you! The importance of communication to your loved ones cannot be over-emphasized. Tell them what you are doing and why!
Write up a weekly timetable for “you and their time together” and the times when you are working – this keeps you and them focused on your plans for the week ahead. Always create a little leeway in your weekly plan to take account of the “unexpected!”
Don’t be distracted by social media
You can only avoid this by developing the right balance of work on your business blog or website. Social media can be the downfall of many a well meaning person who promises not to be distracted but sadly does so and therefore wastes so much valuable time. Remember the reasons why you are working so hard! Keep social media in its place!
Draw up a Budget
In starting a home-based business it is important to draw up a budget to include a projection of potential income and for all primary aspects of the business – estimating value of sales, expenses and profits. You are then in a position to prepare yourself for anything that may arise:-
- By setting aside funds for a rainy day. This will avoid disrupting your regular business operations.
- Only withdraw emergency funds when it is essential and make sure you rebuild the funds quickly. You will certainly want to avoid making a loss like the plague in your new business!
- Always remember that behind all this hard work you will want to build up a good pension fund to retire on.
Write a Business Plan
Potential investors will be interested in knowing all about your business activities in order to place their money with you.
- Turning a profit, however small, rather than over-trading.
- Write a business plan – what does your business do in a few sentences. It is good to bear this in mind when talking to people about your business.
- By being confident and well-informed about your company and its products, you’ll impress potential customers
Know all about Your Product
- Understand what your business will require before you start selling your products.
- Consider the needs of the home-based business from more than one perspective.
- Have adequate knowledge to succeed in your business.
Just remember to “work hard, stay focused, have a plan, share your plan and you will be successful.”
Inspired by Elaine Horner and thanks.
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