Four Ways to Make Home Businesses More Successful

With or without the COVID quarantine, there are many people working from home.  They range from the stylist who has a one-chair home salon to the real estate agent who works out of her SUV. Others are renovation contractors, tradesmen, and entrepreneurs of all kinds. For these hardworking people, we have gathered tips for taking care of business from home. 

  1. Establish Your Space

Some people think they can work anywhere as long as they have their phone, tablet or laptop. However, this is not the best way to stay organized. Furthermore, it makes separating your business life and your home life even more difficult than it needs to be.

Establishing your workspace in your home is one of the most important things you can do for your home business, even if it’s just a side hustle.  A designated office space ensures that all of your paperwork and supplies are kept in one place.  Your family or roommates will come to respect that as your space.  When you are at your desk working, they are less likely to bother you than they will be if you are sitting at the kitchen counter doing the exact same task.

  1. Maintain Your Inventory

Whether you have boxes of hair salon supplies or tons of tools, you need a place to organize them.  Your sales business may require you to keep boxes of products ready for delivery.  Your home catering business may need a place to store your extra dishes and pantry goods. 

If you don’t have room in your home, renting a storage unit for your business is an easy answer. This doesn’t have to be a large space. It just needs to keep your business items dry, safe, and ready for use.  Sure you can use the laundry room, the garage or the back of your truck or SUV, but none of those options are as easy to organize and keep organized as a separate place where you have the only key.

  1. Keep an Eye on the Bottom Line

Many entrepreneurs try to do everything themselves. It is a good idea, however, to hire someone who can do your books and make sure you are keeping up with your bills. You don’t have to hire someone to do it full time. You just need someone who can commit a few hours each week to the task.  

The biggest mistake that many small business owners make is to neglect their finances.  A bookkeeper will keep you aware of today’s challenges.  When you need an accountant, you will spend less to prepare because your books will be in order.  If you seek investors or partners, they will be more impressed with professional books than with amateur ones done on the fly.

  1. Grow your Social Network

Not everyone is a social butterfly, but many people can handle posting to social media.  If you want to get started, you can get a jump on things if you brainstorm what you could post.  Keep a running list of ideas and post often to social media that fits your business. This may be Instagram, Facebook, or LinkedIn.  

If you create a calendar, you can organize your list of ideas on the calendar and add ideas related to holidays, seasons, and local events.  It takes some planning and some regular picture taking, but these free tools could save you a bundle in advertising dollars.  

No one can hand you the keys to success, but hopefully these four tips will help you as you run your business out of your home.

Anzhela Sychyk

Anzhela is a seasoned business journalist with a keen eye for spotting industry trends and a knack for explaining complex financial concepts in a clear and accessible way. With over 15 years of experience covering the world of finance and economics, Anzhela has established herself as a respected authority on all things business.