Start a Successful Home-Based Business With These Quick Tips
Whether you’ve always dreamed of starting a business from home or you’re looking for a way to work remotely amidst the coronavirus crisis, now could be the perfect time to get your home-based business idea off the ground. And with these tips from Sharon Gill of Sharon Gill International, you’ll be well on your way to turning your dreams of running a home-based business into a reality. Read on to begin!
Explore In-Demand Business Ideas
In order to start a successful home-based business, you will need to come up with a great business idea that will flourish throughout the pandemic and well into a post-coronavirus world. Several great home-based business ideas from the team at Good Financial Cents include blogging, freelancing writing, travel planning, bookkeeping, and selling handmade items online — or you could start your own consulting business if you’re an expert in a certain area.
Per Profitable Venture, some of the best industries for home-based consulting businesses include career specialists, marketing consultants, organizational consulting, and team-building consultants.
Look for Business Funding Options
The coronavirus pandemic could be an excellent time to delve into the world of entrepreneurship — so long as you have the funding you need to get your home-based business up and running. Whether you need to purchase new equipment, stock up on inventory, hire additional staff members, and/or fund the day-to-day operations of your business, several funding options could help you to get your small business off the ground — while also reducing stress, maximizing cash flow, and allowing you to reach your entrepreneurial goals more quickly.
Amid COVID-19, funding options for small businesses may include the following:
● Non-government funding, such as the ZenBusiness COVID-19 Grant Program
● Government programs, including the U.S. Small Business Administration’s Traditional Loan, Main Street Business Lending Program, and Express Bridge Loan
While business funding can benefit you in a variety of ways, note that some home-based business ideas don’t require a whole lot of inventory, working capital, or startup costs. In these cases, Inc. notes self-funding may be a better alternative to applying for small business grants and loans.
Launch Your Home-Based Business
Once you’ve decided on an idea and secured the funding you need to get your business off the ground, it’ll be time to choose a location, legal structure, and business name. To qualify for the home office deduction at tax time, for instance, you’ll want to ensure that your home-based workspace meets the requirements of the Internal Revenue Service (IRS). Depending on where you live and the type of business you’ll be running from home, you may also need to apply for one or more licenses and permits.
In addition to selecting a location for your home-based business, you’ll need to decide on a name and business structure. Common business structures for small businesses include sole proprietorships, limited liability companies (LLCs), and corporations.
If you choose to structure your business as a sole proprietorship, you may choose to operate the home-based business under your legal name instead of registering a trade name with your state of residence. But be certain to obtain legal advice if you go in this direction as sole proprietorships may trigger personal liabilities that are traditionally shielded by limited liability or corporate legal structures.
Seek Professional Coaching
From landing your first few clients to learning how to stay productive while working from home, running a home-based business has its fair share of challenges. However, Sharon Gill’s coaching program can help you to achieve success as an entrepreneur, take your growing business to the next level, and overcome some common challenges of working from home — especially in the age of COVID-19.
if you are an entrepreneur/business owner and are ready to be coached by a business strategist and proven leader, click here for a free 30-minute coaching call with Sharon Gill
Whichever challenges you may be facing as you get your home-based business up and running for the first, second, or third time in your life, professional coaching could be just the thing you need to achieve entrepreneurial success.
For those considering starting a business in 2022, please click this link to get on the waitlist to join Sharon Gill International's next Concept To Market Bootcamp where you will learn how to launch your dream business in 90 days flat! The next cohort starts on January 10, 2022!
These are indeed challenging times, but there may never be a better time to start your own home-based business!
We would love to help you on your journey!
Special thanks to Amy Collett of (http://bizwell.org/) for Co-authoring this article!