At-home businesses have become increasingly common this past decade. In the 90s, you would have found only a handful of businesses that were situated in their founders' garages. Today, there are close to 40 million home-based businesses in the US alone, most of which are reportedly posting decent revenues. But with opportunity comes the risk of losing your investment money as well as your time. Give yourself a better chance of succeeding in your entrepreneurial venture by following these four tips:
Work With a Virtual Office
The good thing about virtual office spaces is that you can attain an impressive business address, mail forwarding services, access to fully equipped meeting spaces, lobby directory listings, and a wide variety of cutting-edge business services while no longer having to put so much stress on your home address. What's great is that virtual offices are also more affordable compared to renting an office space, buying the equipment, and hiring people yourself (or with some small help).
Separate Your Bank Accounts
At-home businesses are at risk of getting their budget affected by changes in personal circumstance unless you draw the line between the two financial areas. Make sure your bank accounts are managed separately. By keeping your finances from overlapping, you can protect your business' cash flow from impulse purchases and personal debt. At the same time, your business troubles should not bleed into your personal finances. Make sure you have enough personal savings to stay afloat during your business' dire times.
Get a Website Up and Running
A good website is a staple in modern day commerce. It's your first point of contact with your customers, especially if your business operations are managed at home. With a website. you can build your brand, market your products and services, and reach a wider audience without having to exhaust your resources. With a public and well-designed website, you can also find it easier to hire others, either to work remotely or right there with you. Make sure your website is mobile-responsive and user-friendly to minimize bounce rate and maximize lead conversion.
Business insurance is often foregone in exchange for short-term savings. But running a business, whether it's home-based or not, presents a number of potential risks. For instance, you could get sued by a disgruntled employee, a customer, or a business partner. Without insurance, your business could turn belly up. All it takes is one bad accident to financially derail your business operations.
Running a business at home affords many luxuries that traditional brick and mortars only dream of having. Albeit, it also entails financial risk and responsibility that every entrepreneur must acknowledge. Use the four tips above to maximize your business' success rate.