After the last year, I have worked with SO many people who have taken lockdown as the headspace they needed to FINALLY put that big dream into action. From ethically sourced vintage jewellery, to beautiful homewares and even subscription plant based Asian cuisine, I’ve been part of some incredible projects.
And I don’t see that pattern ending anytime soon – did you know that the UK saw over 1,800 startups launched on a daily basis in 2018 alone?! Have you been wondering what the next step is, with that idea burning in your mind and keeping you up at night?
If you are reading this, there is a fairly large chance that you at least have a fairly substantial side hustle or project that you are trying to monetize. Maybe you’re a GP with an interior design blog, a PA who does hairdressing in the evenings, or a teacher who bakes. Almost two-fifths of UK workers now have a “side hustle” and that number is expected to increase to half of the adult population by 2030 as the trend grows at an unprecedented pace, according to new research. You are not alone!
I’m here today with some top tips of moving forward with that home-based business you’ve always dreamed about.
What’s the Big Idea?
Though you could just jump in feet first, most of us don’t just quit the day job overnight to launch a business. First, you’ll need to have a business idea.
All of our experiences add up throughout our life to enable us to work towards that one thing that we are here to do. That one thing, that is inbuilt in your soul, leading you forwards. Like a homing beacon, it guides you along the right path. If you feel lost and don’t know which way to turn next, there is a good chance that you are already doing it. You just need to recognise it. That passion project, those 30 minutes you spend on a Saturday morning arranging your freshly bought flowers, the hours you spend baking cakes for friends, the advice you impart to friends, or the motivation you give to others who enter your home. This is not the time to reinvent the wheel or think of something brand new.
The support to take the leap
Regardless of whether the economy is struggling, the BBC points out it’s more than possible to launch a profitable business as an entrepreneur, but you WILL need to find your support tribe. Trust me, though it is possible to go alone; its hard, lonely and unsustainable.
A coach or business partner can help in formalizing your goals and give you the accountability, sounding board and support you need to get there. Allow some time (up to 6 months) too pre-launch to develop your branding and marketing strategies; essential keys to success for any fledgling venture.
“You were my business partner every step of the way, guiding me through the start-up and asking great questions about my brand and values!” – Ithika
Home-based businesses generally enjoy some of the lowest overhead costs of any type of business. Although you might be able to get your home-based business off the ground cheaply, sometimes for less than $100, there will still be some inevitable expenses. You might have to pay for business supplies, electronics, shipping, and many other expenses that you didn’t have before.
Luckily, when it comes to funding your business, you don’t have to go it alone. Check out SmallBusiness.co.uk for grants available to small businesses, and of course you can also search for investors, find an appropriate partner or apply for a loan.
Essentials & Legalities
As someone with a background in legal, I can’t skip over this part and in fact its one of the biggest mistakes I see in startups. PROTECT YOUR SHIT. Register your business, pay your taxes, and keep track of all financial paperwork. Hire an accountant if you need, get independent legal advice or use a mentor to walk you through the process.
For me, there are a few business tools that are simply indispensable for running a home-based business. For instance, you could look into and I am a fan of all of these!
- Project planning: Trello or Asana
- Payroll, timekeeping and invoicing: Toggl, Wave, and Freshbooks
- Free and low-cost calls: Skype, Google Hangouts, and VideoCentric
I have been described as the organisation Queen and terrifyingly productive, but the truth is I couldn’t do it without a whole host of apps in my arsenal. My brain can only remember so much!
I know that’s just the start of what you need, and of course there is much more I have to share with you. If you’d like to explore anything I’ve covered above feel free to connect with me for more information, ideas and inspiration that will help your business get started out on the right foot!