Running a business can be an intensive prospect, and of course, there are no uncertain amount of challenges you need to work through to reach that goal. Think of all the home business ideas that were stopped by the pandemic in the earlier part of this decade. However, we have a new year ahead of us, and (hopefully) most of that unpredictability behind us.
Is 2024 the year you launch your home business or side hustle? Thinking about that might give you butterflies, but there are many reasons to begin, and it’s important to remember there’ll never be a perfect time to start. Jumping into the new year with your plans intact can be a great starting point, because a clean focus (after all the festivities) will give you the sense of purpose and energy you need for this kind of approach.
So, where to get started? In this post, we’ll discuss a few measures you can use to begin, and how to start that ball rolling with confidence.
Consider Permits Or Operational Licenses You Need
To understand the founding structure of how exactly you’ll operate, it’s important to be clear-eyed about the restrictions in place and how they influence your approach. Permits or operational licenses can be granted ahead of time if you apply for them now.
For example, if you plan to create baked goods and sell them, then your facilities or recipes may need to be inspected for hygiene depending on where you live. By planning, you can verify your business dealings ahead of time, register your trademark, and make sure no restrictions are going to leave you unable to operate.
Market Research & Niche Identification
You might not have the latest and greatest market research group to help run focus groups or conduct surveys, but there are several methods you could use to gauge interest. For example, if you’re making kimchi then you could poll potential interest on your city subreddit, or ask in local community groups what kind of interest this will attract.
A niche will by its very nature have a defined market, but you can get started slowly. Perhaps you reupholster furniture, in which case you may only need one good client you can do some work for to build up your portfolio. That approach will feed healthily into the next point:
Build Your Online Presence
A website is cheap to host, and with template services like WordPress or Squarespace, putting together your content is easier than you may expect. Purchase a memorable domain name and start uploading reviews or photographs (compressed to load easily) of creations you make, like the process you used to reupholster the aforementioned furniture.
Offering contact info and a request form can also be a fantastic place to start. You can also fill out some pages to discuss how you do it and why your process is the way it is so that visitors feel included. This isn’t a “limited” humble method of putting yourself out there, even accomplished individuals do it. For example, the master guitar maker Michael Greenfield showcases his beautifully handcrafted guitars using the same format, and you can use that kind of template for good inspiration.
Financial Planning & Budgeting
First, estimated costs can be a worthwhile plan to make because then you know exactly how much to invest and what your contingency might be. For example, paying to register a business with your Company House can be a good place to start. You may also consider the rotating cost of hosting a website, or open free social media profiles to help cut costs.
Financial planning also means considering the cost of materials, your labor time, and what your prices should be set at, including tax. Tax is also important to consider as self-reporting earnings as a sole trader business will be essential for you to stay on board with your accounting. Services, like accounting, are also vital costs to consider because they will enable you to focus more time on your actual productivity and avoid making mistakes in your bookkeeping. If you need to pay for an outsourced graphic designer on freelancer websites to devise your logo and offer you full rights to it, that’s another cost to consider. Perhaps you can invest in fleet fuel cards if you plan to run cars delivering items from your farm shop.
This way, you can launch with everything you need out of the gate, walking before you run but still walking nonetheless. Constructing a home business is a modest approach yes, but it should still account for good preparation.
With this advice, we hope you can more easily launch your home business in 2024.