Top 5 challenges in a home based business

Starting or running a home-based business is a much easier and more affordable endeavor today.

 

With the advancement in technology, gathering relevant information, research, product ideas, and marketing has become more accessible for all. However, it still doesn't guarantee success for a small business. Here are the most common challenges home-based businesses face and ways to overcome them. Understanding and adapting to these challenges would go a long way in getting you closer to making money online as a successful entrepreneur.

This may be the number one reason people stay with their jobs instead of starting a home business. There’s no doubt that there is a lot to be concerned about. Will you make enough extra cash? How will you pay for health insurance? What will your friends and family think? In the case of physical injury, fear is a stop sign, but when it comes to pursuing a goal, fear should simply identify areas you need to address. If you’re worried about making enough money, then you need to create a business plan and marketing strategy that outlines what you need to do to make extra income from your side hustle ideas. Fight fear by gaining knowledge and taking action.

There is a great deal that goes into starting a home business: getting a license, business registration, drafting business and marketing plans, branding, website building, etc. Even with a list of tasks that need to be done, it can be a challenge to know what comes first and prioritize them. But like the proverbial journey of a thousand miles, starting a home business is done one step at a time. Start with research that will give you the information you need to know and the tasks you need to complete. You can find a lot of useful/relevant information on the CommKit-Business Ideas page and other online resources. Find a business mentor or a course that will give you deeper knowledge about your business idea and the steps you need to take to get started. A mentor or business adviser can significantly shorten your learning curve and help you get up to speed a lot faster than on your own.

Yes, time is short. You have a family, a job, and other obligations. But so did all the others who started a home business. There are two truths about time. The first is that the less of it you have, the better you’ll manage it. People with too much time waste it. The second truth is that you can’t wait for the time to come available. Instead, you have to make time. If you’re busy, get creative in making time. I’ve known moms who worked outside the home and started their business by working early in the morning, during lunch hours, at soccer practice, and after the kids were in bed. Still don’t think you have time? Keep a time journal and track everything you do all day to find small time periods, you can utilize better. Are you watching reality TV? Can your husband do the dishes to give you time to work on your business? Are you willing to give up a hobby in the short run to achieve home business success and ultimately more time in the long run?

Starting a home business involves adding new activities to an already busy life. Many of these activities may be new to you, so you haven’t developed a habit of doing them. As a result, it can be difficult to develop the focus and discipline needed to start and build a home business. Other times, new business owners are very busy but aren’t achieving any meaningful results because they’re not doing the right activities. This is where planning and scheduling can help. The minute you sit down to work on your business, you should know exactly what you need to work on and have the resources ready. Don’t wait until you’re at your computer to decide what needs to be done or you might give in to all the distractions that come with social media.

Many home business owners don’t bother with marketing until the end of the startup. After all, until your business is up and running, you don’t have anything to market, right? Wrong. Marketing is the most important work you’ll do along with providing a quality product or service. Unfortunately, many people jump into marketing by building a website and sending a few “buy now” tweets or posts and then wonder why no one is buying. There is a science to marketing and it’s best to learn and plan it during the start-up. Marketing done right brings lots of targeted customers for little or no money. It starts by knowing who are the best buyers for your product or service and how you will solve a problem for them. Next, you need to create marketing materials that communicate your product or service’s solution to your buyers. Finally, you need to put that message in front of the buyers, which means you need to know where they hang out. Marketing isn’t all about “buy now” either. Today, consumers are looking for solutions from trusted businesses, so your marketing should show your expertise and build rapport with your target buyers.

There is no secret behind home business success. Building a profitable home business involves research and planning, overcoming a fearful mindset and the constraints of time, and taking care of all the tasks that make money.

With CommKit, we are committed to building a local community passion economy, helping ordinary people to establish successful home-based businesses. We will partner with you to provide all the necessary tools to identify the right ideas, develop a plan, conduct market research, and promote your product or service to the wider community.

Any comments, queries, or further clarification - Write to us at admin@commkit.co.nz

 

Wish you all success !!