How to Build a Successful & Profitable Business From Home

Here are some ideas on how to build a Home Business

Some of the top business bloggers on the internet gave us their top tips on how to build a successful and profitable business from home. Their advice is invaluable – take a look below to see what they said…

Ramsay Taplinblogtyrant.com

• The first thing I’d tell anyone wanting to start a home-based business is to make sure you really know why you are doing it. Working for yourself involves a lot of late nights and hard work (at least initially…) and if you don’t have a good motivation/passion you are going to run into trouble early. Being able to say, “This stress is worth it because I’m spending 10 more hours a week with my kids,” is very important, for example.

• Secondly, make sure you have a good web presence and start marketing yourself early. I recommend everyone starts their own blog and learns about posting photos, content, etc. as a very effective way to tap into local and overseas markets and attract attention. It’s vital that you have a place online where people can find you and recommend you to their friends.

• Lastly, think about outsourcing tasks as early and possible and see this as an investment, not a burdensome expense. There’s no point spending five hours tinkering with a spreadsheet when you could pay an accountant/book keeper to do it in 15 minutes. Your time is best spent on the things that grow your business.

Jill Salzman & Denna Szwajkowski foundingmoms.com

• Surround yourself around like minded individuals. Especially if your family and friends question what you are doing, and don’t seem so supportive. So be open to new friends, and find new support avenues if necessary. This could be online or offline. Learn to love business networking, and make time for it your schedule. Network with a purpose, and seek business groups or business organisations that attract your target market. For example if you are an entrepreneurial mum in business, check out The Founding Mums!

• Authenticity is crucial. If you aren’t being true to yourself, and your values, your potential customers will be just that… potential. No one trusts imitators. Be the best version of YOU. If you aren’t so sure who YOU are be prepared to grow within yourself. Want to grow a successful business, work on yourself. Success in business owners aren’t afraid to embark on personal development.

• Confidence. Consistency. Commitment. Successful business owners share these three traits. Confidence within themselves, and with their products and services, consistency over time with their actions, and a commitment to themselves, and their customers to deliver a high standard of products or services.

Renato and Debbie Bomitali

believetoachieve.com.au

• Choose a business model that aligns with your strengths. You have to love what you are doing. It keeps you enthusiastic about staying on track.

• Get Yourself Educated on whatever you choose to do.You need to have a full understanding of how to make your business work properly for you. To figure it all out yourself is not only time consuming, but could also lower your chances of having any success.

• Perseverance. Keep moving forward when things get tuff, dealing with obstacles/problems that arise. The beginning is always the hardest. Find a solution, “Don’t Give Up.”

Susan Browngrowingyourbiz.co

• Be very clear about what your goals are. Before you even start your business, you need to be in touch with the big picture of where you want to go, what you want to accomplish, and most importantly why. I know that this may seem unoriginal, but the reality is that in business there will be many ups and downs along the way. If you don’t “keep your eyes on the ball,” then you can easily get thrown off track or discouraged or both.

• Be prepared to tweak those goals as you go along. The circumstances of your life, your business, and even the market can (and often does change). So, even though you need to keep the big picture in mind, you also need to have a little flexibility.

• Don’t go it alone… especially if you work from home. Find a genuine community, such as forum (yes, they still exist), online group, mastermind, or even a blog that you can turn to in order to ask questions and get support. Even better, try to get an individual mentor. I can’t stress enough how important this is! The reality is that just because you are on social media, it doesn’t mean that you are truly connecting to other people who understand you and your struggles. Most of social media these days is automated anyway. One really good, supportive place for home business owners to check out is Firepole Marketing (http://firepolemarketing.com) (I’m not affiliated with them, but I am a fan).

Bianca Wordleybigwordsblog.com

• Be organised. Organisation is the key to building a successful business from home. Write lists. Put everything into your online calendar. Work efficiently. You are no longer tied to a timesheet, so when you have no work on do other things that matter like clean, do grocery shopping, garden and the dreaded accounting. Always think a few steps ahead so you are prepared.

• Love what you do. Without passion for what you’re trying to achieve you will find it hard to keep committed at tough times. Business is full of ups and downs and it is your love of your product/service/brand/craft that will pull you through the hard days. It’ll also inspire you to keep setting new goals and pushing yourself beyond even your expectations.

• Take time out for yourself. Turn off the computer. Make plans to catch up with friends. Arrange coffee dates with others who work in a similar industry to yourself. Always make time to spend quality time with your family. And make sure to take time out for yourself, whether it be to exercise, travel, read a book or simply have a lazy day in your pjs. Recharge, revitalise and be kind to you – that’ll keep you motivated, healthy, happy and fulfilled.

Melissa Groomempoweredmums.com.au

• Choose a micro niche. Too many people think their product is for everyone. E.g if you do movement and meditation classes for children, perhaps niche it down to children on the autism spectrum, aged 5-13 years, who live on the Gold Coast.

• Have a solid foundation and create your business model with various offerings.e.g. your free opt-in, to your e-book, e-course, group coaching, one on one coaching, annual expo.

• Write your Operations and Procedures Manual. Create systems in your business. i.e. Record every process and the tasks to complete each process. This may take you around 3 months to complete your manual as some tasks are not every day or every week. This will allow you to grow your team and take time off.

LaTersa Blakelymomswearingmultiplehats.com

• You must have clarity. In order for any business to be successful you must be clear on what it is that you offer to the world and what are the results your potential clients will receive as a result of doing business with you.

• Startup capital. Yes while it may take little to no money to start your business, you will need money in order to grow your business to the next level.

• Balance. You must be very wise and strategic with your time when starting your business. Know when to apply time to various areas of your life. For example, never neglect your time with your family; and vice versa, you have to learn how to prioritize your time and set boundaries early on.

Merle Gibbinsdontgiveupyourdream.com

• Research thoroughly any opportunity you are looking at to make sure they have a good record, good compensation plan and good support.

• Be prepared to work very hard for possibly 3-5 years to build a profitable business.

• Don’t rush things, take it step by step. Don’t run before you can walk

Simon Muntonescapologist.com.au

• Be Unique: you’ll make more money

No matter what kind of business you want to set up, have a good long think about your competition.

How many competitors will you have? How established are they? What’s good about them? What’s bad about them? What do they charge? How are their businesses doing? Can you REALLY expect to compete with them? How will you get an edge over them? How will you crush them?

This is a brand new world for you. And it’s cutthroat. You’re the new kid in town. Your competitors will eat their own livers before they’ll give up market share to you. So start off on a war footing. Think about how to out-manoeuvre them. Don’t play nicey-nicey. This is your livelihood too.

Do something they aren’t doing. Offer something they aren’t offering. What’s your Unique Selling Proposition? What differentiates you from the other lot? Why should someone pick up the phone and call you instead of one of your competitors? Is it price? Service?

You have to have a point of difference. Be unique. Be memorable.

• Start small; scale up

I assume you’ve got *some* start-up money, right?

Right. Well, don’t blow it all upfront on renting a flash office in the CBD, hiring four new assistants, then saying ‘screw-it I need a company Beemer and a new wardrobe and a new nose’. The minute you start hiring, renting and buying, you start spending (and, typically, start borrowing) It’s a gamble.

Remember the simple maths: every dollar you spend has to be replenished by a dollar in sales just to break even.

My advice: start small. Start from home. Use your existing car. Build a good client base before you start flashing the company credit card around. When you’ve made a little money, think about scaling up (or ‘up-scaling’, whatever).

How would you scale up? Depends on your business. But one of your biggest revenue constraints is your own time. Hiring an assistant can mean twice the clients for relatively small outlay — as long as the business is there.

• Don’t give up too quickly

At times this endeavor will feel like the stupidest decision you ever made. Why did you give up a steady job and a regular wage for this? Where are the customers? When will you get a day off, etc…

Don’t give up. Nothing worth anything ever came without hard work, sacrifice and a great deal of self-doubt. Power through it. See setbacks as challenges. Remain cheerful and optimistic. The minute your head goes down, the game is up.

Here’s a story you probably already know, but it bears repeating here: In 1975, Sylvester Stallone was a virtual unknown, struggling bit part actor with $106 to his name.

He wrote the script for Rocky in three days. He spent months hawking it around movie studios and was rejected by everyone.

Finally, United Artists agreed to greenlight it…as long as either Robert Redford or James Caan played the lead role.

Stallone argued like a red-headed teenager. Eventually, United caved and gave him a shot. Rocky won best picture at the 1976 Oscars. Stallone went on to become the rubber-faced uber-omnipotent action juggernaut we know and love today.

Moral of the story: even when you think the gig is up, believe in what you’re doing, give it every ounce of energy and don’t give up. You’ll get your shot. Just stay off the HGH.