So you want to start a small home business? Congratulations for taking the first step towards your freedom. Running your own business is the best way to take charge of your life but it can be a nightmare if you don’t do your homework. I am going to look at my top seven points that you must consider before you take the plunge and fire your boss.
It is very important that you do a thorough research in order to start your home business on a solid foundation. Your business model must satisfy the following key points without an exception:
1. Start small and cheaply.
2. Easy to scale up.
3. Flexible.
4. Can run without you.
It is very important that you work on yourself first before you start working on your home business. Just like a builder, you must have a clear detailed picture of what you want to achieve before you start. If you are a “doer” you must work on your soft skills and develop organisational skills. This will enable you to leverage people and systems and free up your time, and that should be your priority with every project you undertake.
From the onset you must aim to build a systemised business that works without you. Michael Gerber summed it up when he said “There is no difference between a small business and a big business. A big business is a small business doing things the right way”. That being said it is critical that you start your home business the right way.
OK, let’s dive into my seven check points:
1. Avoid the time trap
Start your home business right and avoid creating a stressful job for yourself. Do not trade your time for money. Create systems that will run without you. Most people leave employment only to find themselves working longer hours for less returns. Let that not be you. Always work on your business not in it.
2. Think big
Be a visionary. See the full picture of your product/service before you begin working on it. What services/products will you be offering and to who? Have a clear picture of your deal client How are you going to produce and deliver the product? What sales funnels are you going to use? How are you going to generate leads? What backend products are you going to offer?
3. Create a mastermind team
Create a team of contacts to help you run your business. It is advisable that you work with a mentor or coach. You will also need a graphic designer, copywriter, webmaster, lawyer just to name a few. If you are a techie you can save a lot of money by doing most of the work yourself when you start up but you don’t have to.
4. Start Small and cheaply
You should be able to start your home business with minimal capital outlay. Steer away from the traditional brick and motor business model which requires a large investment upfront. Start small, think big, scale fast.
5. KISS and scale up fast.
Yes, Keep It Super Simple. Make it so simple that it cannot be simplified any further, that way you can easily systemise your operations making it easy to scale up. Emulate the McDonald’s model. Chunk your operations into small tasks with detailed step by step procedures. Even if you are starting out alone do this as if you are teaching someone. If you really want to create passive income streams and free up your time, approach your home business as a system from the onset.
6. Systemise everything.
Once you are set, systemise your business and either automate it or assign a manager to run it then move on to the next project. It is important that you systemise your business if you want to avoid the time trap mention in this article
7. Be flexible and ready to embrace change
If you want to survive in these dynamic times you must be ready to embrace change. Technology is changing so fast, you need to keep up in order to remain competitive. Your flexibility will determine the destiny of your business. Study your competition and see what works, then go and create a better futuristic product.
This is a continuous process, never let it rest, until the good is best.
Author: Thabani Simbani BEng., Dip. Information Technology.
I love creating small income generating projects. I have been working from home for over 5 years now and I am loving it. As a systems engineer and ICT professional I find it easy to grasp new technologies and I love sharing my knowledge to help others rip the benefits of the information age that we are now living in.
Whether you are just starting out on your home business journey or you are a guru, let us connect and share ideas. Please check my website http://passiveincomesacademy.com
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