By: Sharita Humphrey
Starting a business can seem rather scary at first. You’ve got to think about how to get your resources, review whether your budget would be enough, or – whether a certain business would be profitable.
This is why, in order to live a simpler life, many people delay starting their dream business because of the challenges it may involve.
The good news is… there are ways to start a business in a simpler sense. You may start a business from the comfort of your own home and save a lot of headaches. It might not be the dream business you had in mind, but all big businesses started small.
Know the pros and cons
If you’re on the fence about starting a home-based business, here are some benefits and downsides to think about.
- A reduction in overhead costs (office space, transportation, warehouse rentals, etc.)
- Time saved by not having to commute
- Work-life balance that is flexible
You can also benefit from tax deductions when operating from a home-based business. Although some organizations have now returned to working in offices, many small business owners have found the virtual shift to be efficient and cost-effective, resulting in many making it a permanent change.
The following is a list of the most typical tax deductions claimed by home-based business operators.
You can save up:
- Business office insurance
- Cleaning services or cleaning materials that are typically arranged by contract in offices
- Mortgage insurance and accompanying interest
- Utility expenses that cover electricity, internet, heat, and phone bills
- Maintenance and fixtures fees
- Difficulty in keeping your professional and personal lives separate
- Possibility of government-regulating actions for home-based companies
- Facing the challenges of isolation if you’re more of an extrovert
- Possibility of working long hours
- Reduction of social connections due to working alone at home excessively
As you can see, not everyone is suited for starting or purchasing a home-based business. Before you take on this endeavor, you must weigh up all of the pros and cons.
Remember that having a strong financial foundation prior to starting your own business can make the process smoother.
List down your ideas
The first step in starting a backyard business is to come up with a project idea. You might wish to start a business out of one of your passions, or you might want to try something new.
What do you usually do? What are you good at? What are your hobbies? You can start assessing yourself and list down these things. You can ask for support and brainstorm ideas on how to monetize these hobbies and passions that you had.
When you have the plan laid out, you can start eliminating ideas or concepts that aren’t going to sell.
The concept is crucial, but don’t be afraid to come up with a few alternatives in case things go wrong. When it comes to starting a business, a little trial-and-error is OK.
Market your idea
The wonderful thing about beginning a business in today’s culture is that you don’t need a large marketing expenditure. Thankfully, you can utilize social media to promote your business and get it off the ground right in your own backyard.
Additionally, you can make use of social media management software to schedule updates on your accounts. These apps would make your business life much easier to manage and some of them are free to use, such as;
As a bonus, you can concentrate on other tasks while your social media accounts are taken care of.
Think about expansion
Although your initial goal may have been to create a backyard business, you may find that your business grows to the point where you can no longer operate it from your backyard. Don’t be scared as this only indicates that your company is becoming more successful.
It is now even easier when businesses started to gain ground online. So expanding and reaching out to the world is actually doable and possible.
Don’t be scared to extend your business by purchasing an additional building for your backyard or renting out a nearby office. This is your company, so keep an eye on it and be proud of it. Just having started it in the first place is already a success in its own right.
There’s no reason why you shouldn’t start a backyard business of your own. You’re already halfway there if you have some spare cash and a good idea. Making money without ever leaving the house is now conceivable (and reasonably easy) in today’s increasingly connected world. The rapid expansion of remote work is proof that high-quality performance and significant commercial results can be accomplished without the need for pricey real estate.
Working from home and being your own boss is no longer a pipe dream— it can become your reality.