6 Steps to Setting Up Your Online Home Business

6 Steps to Setting Up Your Online Home Business

Given the way our lives have been revolutionized by the World Wide Web, for the majority of the entrepreneurs setting up an internet home business offers the promise of a new dream fulfilled.

Today loads of people are scaling up their online hours to establish a powerful and influential presence on the web and supplement their income with their laptop and an internet connection.

If you have decided to venture into setting up a home business then here are 6 steps you need to consider:

Business Plan

Most successful business ventures start out by creating a business plan. It helps you stay focused and on track while you are setting up. You will need to consider a number of factors that are of key importance to your business; your target market, your competition, your price points, marketing strategy and funding requirements for your venture. You can write out a plan yourself or you could use an online tool like enloop to do that.

Target Market

Something you really must do before you start your home business is find out if there is a market for your idea. Once you define your market, you will want to find out how big that market is and if it has reached saturation. Try working with your service, product or offering to mould it to suit your market, and make sure you have something worthy of the sale! If you see that there is already a very huge competition in the particular niche you have decided to work in, you will need to narrow it down to cut out the competition and help your business stand out from the crowd.

Financing Your Business

Next come the finances. You have to figure out how much you will need and how you will finance your business. If you don’t have the initial funds to get the ball rolling, bank loans, credit cards or overdrafts are the most common options people use to cover the shortfall. You could borrow money from your friends or family – perhaps you could offer them a share in your business, or arrange a repayment method. It goes without saying that your aim is to find the most comfortable and cheapest option to finance your home business startup.

Your Home Office and Office Supplies

Next on the list is to start setting up your workspace – your home office. It’s important to have an area in your home which is closed off from the rest of the house through partitions or dividers.

A separate room in your home is ideal but not essential. Any enclosed space that you could distinctly call your office is fine. Of course, you will need to a PC or a laptop or possibly both. If you will be travelling for business, it may be best to have both a PC for the home office and a laptop for portable work. Also, you need to have a good internet connection and a separate phone line for your business.

You also need to buy other necessary office supplies for your home business like furniture, a fax machine, printers, toners, stationery, and computer accessories and so on. Try to minimize costs by choosing a cheap office supplies provider. Memo Etc is a great example of a provider as they offer excellent office supplies at very low cost.

Your Website

Then comes your website. Depending upon the features that you want your site to have it could cost you from £500 to £15,000. Your website should be professional and everything should correspond to your unique business idea. You should update it constantly with original and valuable content related to your niche. Also you will need to set up business email addresses, for example, something like adminxyz@onlineservices.co.uk .

 

Marketing

Finally, with everything in place you will need to tell people about your service or product. Your very first priority is to utilize all the free marketing strategies available. First, email your friends and family and tell them about your new business venture. Ask them for referrals. Create business pages on different social media platforms and share interesting content about your product or service. Add it to local business directories as well Google and Yahoo business directories.

As for paid advertising, Google PPC advertising can be a cost effective way to advertise because you only pay when someone clicks through to your site. Also you could consider creating an affiliate program and use affiliates to build your business by leveraging their exposure in your niche.

 

 

Written by Caroline Baxter
Caroline Baxter is a serial Entrepreneur, Business Start Up Coach, and recent bestselling author on Amazon. Having started her first business aged 24, she now has multiple businesses in property, the motor trade and online and offline business consultancy. Caroline is now starting a series of live training events to support entrepreneurs looking to plan launch and grow their business