Starting your own home business may be the start of an exciting path toward self-employment. Not to mention, it’s a great way to test the waters to determine if being your own boss is actually right for you. But, starting a business, whether in the comfort of your own home or not, takes a lot of work and dedication, and generating a profit can take two to three years (or longer). When you need your ventures to pay your bills, though, that can seem like lifetime. Lucky for you, as a fellow business owner, I’ve compiled these home business tips that will help you make more money.
8 Home Business Tips That Will Help You Make More Money
Dress for the job…no matter where you are
There is a popular saying that goes, “Dress for the job you want, not for the job you have.” When you start working for yourself at home, it can be easy to stay in your pajamas all day and avoid a hairbrush. However, you should still dress and groom yourself just as you would for work outside of your home in order to stay in a productive frame of mind at the start of each day. Plus, if you do need to go to an impromptu meeting, you’ll be ready to go at any time.
Become a member of your Chamber of Commerce
One of your first actions as a new business owner should be to become a member of your local Chamber of Commerce. Chambers help businesses connect to other businesses with networking opportunities, and they also typically provide great platforms for advertising. Use your membership to tell other business owners what you do and sell, and build strong relationships to help encourage referrals. When you’re self-employed, you need all the help you can get to get your name out there. This is just one of the many ways to do so.
Never underestimate the power of great photos
Whether you like it or not, presentation is a large part of sales. Making your product or service look good through great photos can help attract more outside attention and give you the credibility your business needs to increase revenue. Make sure then to also display them appropriately on your website, marketing materials and other areas online when applicable. Take these photos in natural light for best results or consider investing in a nice camera. If you have a newer version of a smartphone, though, they do tend to also take quality photos.
Always bring your business cards with you
Opportunities exist in the strangest of places sometimes, so never leave your house without your business cards. If you don’t have any made, you should get them made immediately. Business cards are a great and convenient tool to use to share with people you meet about who you are, what you do, and how they can contact you.
Be quick to answer inquiries
This is one of the more crucial home business tips on which many miss the mark. Make it a point to answer inquiries as quickly as possible. Act like every request is a potential sale. Customers will appreciate your promptness and, even if they end up not buying from you, they will be more likely to refer you to friends, family, and colleagues. Excellent customer service is key to building your home business.
Use social media and other aspects of digital marketing to leverage your business further
If you aren’t using social media to grow your business, you’re missing out. Take some time to learn about the different platforms and how you can use them to showcase your product or services. Video marketing is bigger than ever, so you should definitely take advantage of this. Don’t be afraid of the internet when it comes to your business – embrace it, and use it to your advantage. Check out this quick guide on how to create a lucrative social media strategy.
Be organized and record all potential write-offs
A part of making more money is by saving money. Use a program like Quickbooks Online to track your expenses instead of doing it manually, which costs you more time that you could be using to grow your business. Plan for the future by recording your ongoing bills and seeing where you can make cuts. Any monthly subscriptions you aren’t using or causes more headaches than gains should go. That extra money can then be used to reinvest in things that will actually benefit your business like advertising. Also, learn how to recognize what constitutes as a business write-off so that, come tax season, you are more than well prepared and don’t waste more time trying to figure this out.
Research the market and develop a plan
Before you dive into something new, make sure to do your research. Review the current market and see what the demand is for your product or service. Is the market over-saturated? Will your business be based on a trend, like fidget spinners, instead of something sustainable? Is there room for growth? In addition, when you start to determine your prices, make sure you price appropriately. Know what your profit margins and fixed costs will be and how much you need to make to break even as well as to make a profit. To know your break-even numbers, you’ll take your fixed costs divided by your gross profit margin percentage. When selling services, it may be harder to determine this, so you may want to start with how much you want to make in a year and how much time it takes you to do each service. Then, determine all your monthly expenses and come up with an hourly rate that will bring you to that goal. You may have to adjust this number over time. Keep in mind, too, that you may not be able to pay yourself this amount for a while.
Bonus Tip: Create multiple streams of revenue
Just as you would for your personal finances, you should find ways to create multiple streams of revenue for your business. This can be through blogging or even a YouTube channel. It should still be relevant to your business, but these passive income options will help you make more money and stay in business longer.
These home business tips will hopefully help you in your new venture. Just remember to stay consistent and find a great support system. Do you have any tips to add to the list?