Starting a home business from scratch can seem like a daunting task. There are numerous elements to factor in, and even then, some things may go in the wrong direction. But there are benefits to having your home businesses. For starter, you can set your hours and be the boss. And since this is a home business, the start-up costs can be much lower than otherwise.
In this article, we will be looking at three essential steps to make it to the top in record time.
The Two Characteristics of Any Successful Startup
Be it a home business, an online store, or even a multinational corporation; every company needs to fulfill two requirements to be successful. According to Tim Guleri, a venture capitalist, serial entrepreneur, and managing director of Sierra Ventures in San Mateo, California, a startup will only have a chance at making it to the top if their product or service fits into a market that’s growing.
Take Blockbuster, for instance. Back in the day, this home movie and video game rental provider was fulfilling a need for a growing market. But with the proliferation of online streaming, CD rentals plummeted, and Blockbuster is now but a distant memory. It was Netflix and others like it that took the torch, as it were, filling in the gap that Blockbuster left behind.
Secondly, any business needs to have a viable and robust financial model to keep everything from falling apart.
Traditionally, small businesses had minimal access to marketing. The best-case scenario was to spread the word via satisfied customers, a few radio or newspaper ads, and other similar examples. But with the arrival of the internet and more importantly, social media, things have taken a turn for the better.
Companies of all sizes can now promote themselves and their product over the many social channels that exist. The key here to an even higher return on investment (ROI) is to choose the right social platforms that satisfy the needs of your business.
Social channels such as Instagram and Pinterest, for instance, are highly visual and work best for industries that can present themselves in that format (life, travel, design, food, pets, etc.). LinkedIn, on the other hand, is great for B2Bs. The point is that you should invest your time, energy, and resources on only those platforms that benefit your business the most.
Your website will act as the central hub for your entire online activity. Not only will it provide authenticity, but it will also be a landing zone for all potential customers that funnel from social media or other sources. And as you can imagine, first impressions count for a lot, meaning that your website needs a lot of attention.
Aside from the aesthetics such as the layout, logo, color palette, etc., you also need to focus on search engine optimization (SEO). It is straightforward to use and navigate. It’s not worthwhile to make your site look pretty if users can’t easily find what they are looking for. Try making it as intuitive and as user-friendly as possible
As a home business, the best chances of making it to the top depend primarily on the internet. The online environment requires far fewer maintenance costs and can present an excellent marketing opportunity. And together with a product that satisfies a growing market, a viable financial plan, and the necessary determination, there is very little that can stand in your way.