The roaring ’20s of the 21st century are here, and it’s time to step out of your employment comfort zone, take the leap of faith and step into your home business. However, starting a business from home isn’t a piece of cake and needs some thorough groundwork before you start. 

If you have a home business start-up idea that you have been sitting on, Hoist has the best tips for you to convert that idea into a reality.

Where to begin?

If you find yourself asking this question, the following tips can help you cover your bases before you take the leap: 

1. Assess Yourself 

Starting a new business may sound exciting, but it's critical to first conduct a complete self-assessment of your abilities, knowledge, and potential roadblocks. ‍

Consider the following questions:

• What are your greatest assets and flaws?
• What are your interests?
• Are you someone who enjoys taking chances?
• What is the state of your finances right now?
• What would the influence of starting a business have on your personal life? 

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2. Find your Business Idea 

Now is the time to start looking for business ideas that you can start from home. Read on to find out our list of business ideas you can start with little investment, and from the comfort of your home. 

But before you do so, take notes on each of the following topics as you begin planning:

• Structure of the company: Consider the various types of businesses that are accessible and which ones appeal to you. 

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• Prior work experience: They say that the finest teacher is experience. What abilities do you possess as a result of previous work experience? Include both job-specific talents and soft skills, such as leadership, communication, and the ability to collaborate with others.

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• Interests: During the self-assessment procedure, you will have recognized your passions or interests. Consider what you can monetize. 

• Social Media: Social media sites like Twitter and Instagram may be a gold mine for company ideas. Look into what people are talking about on the internet and see if you can provide a business or service that fulfills a problem. 

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• Startup Costs: Before you go ahead and pursue any particular idea, consider how much it would cost to establish this type of business from home.   

Eg. Your initial costs for a freelance writing business could be extremely inexpensive, especially if you already have a computer and internet access. On the other hand, if you want to establish an Amazon selling business, you'll likely need to invest more in inventory, packing, and shipping, among other things.

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• Test your idea: Put your idea to the test in a variety of ways to see if it's worth investing in. You could give your services for free to test the market if you're launching a service-based firm. If you're planning to sell a product, on the other hand, you might want to test it out with a small group of people or advertise it on a crowdfunding platform to get feedback before pushing further.

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3. Market Research is Essential 

Once you’ve come up with a few ideas and decided on a type of home business, it’s time to deep dive into the market. Studying the market beforehand will not only assist you in determining what is currently viable, but it will also assist you in developing a marketing strategy in the future. 

Here's what you'll need to do your research:

• Is there a gap in the market that you can fill?
• What is the demographic of your target market?
• What is the industry's size?
• How much money and work will it take to get your company off the ground?
• What is your one-of-a-kind value proposition?

To find the answers to these questions, you may want to reach out to your professional network, especially if you have colleagues in the industry you want to enter. Even if they run a firm that is significantly different, conducting informational interviews with entrepreneurs might be beneficial. 

If you want to build a hardware store, for example, speaking with a merchant will provide you with valuable information on storefront costs, pricing methods, personnel hiring, and other matters.  

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4. Legalize it!

You want to make sure that your business is properly set up before you launch it. Failure to do so may result in hefty fines from the government or unwarranted personal culpability. 

Prepare yourself for a wave of papers. Here's a quick rundown of what you'll need to get your business up and running legally.

• Name of the company: Check to see if your company name is lawful and not protected by someone else's copyright.
• Obtain a business license: You'll need to register your company as a sole proprietorship, LLC, or corporation to establish a legal business organization.
• Obtain the required licenses/permits: To operate your business, several states need you to obtain certain business licenses or permits.
• Obtain your federal and tax identification numbers: You will be required to disclose your profits and pay taxes on them. Get a federal and state tax ID so that the IRS can identify your company.
• Open a business bank account: The last step is to open a business bank account so that you can accept checks in your company's name.

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5. Your B-Plan is your Plan A

A business plan is a written document that acts as a road map for the future of your firm. It aids in the development of strategies for achieving your objectives and is a requirement for receiving funding. 

The Small Business Administration recommends the following to be present in your Business plan: 

• Summary of the report: Describe your business in detail. Include details about your company's values and staff.
• Description of the company: Describe how your company solves your clients' concerns and why it will be successful.
• Market research: What are the names of your competitors, and what are they doing right? What can your company do to make it better?
• Product or service line: Describe the services you provide to clients and how they benefit.
• Request for funding: If your business needs funding or investment, you can submit your request in this section of your report. 
• Financial forecasts: To demonstrate that you're following a sound business plan, state how much money your company expects to make. 

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6. Sell Yourself the Right Way:

It's time to put your company plan into action now that you have everything in place. Marketing is the best way to expand your business and take it to the next level:

• Make use of digital marketing strategies: To stand out from the crowd, you'll need a strong internet presence. Blogging about your knowledge, being active on social media, and advertising on Google are just a few methods to get yourself recognized online. 

Make sure your website is conversion-friendly. Effective web design, attractive writing, and calls-to-action (CTAs) strategically placed throughout your site are all required.

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• Maintain your network: The importance of networking during your career cannot be overstated. With every home business, make sure to stay rooted in your neighborhood and community, as it is the easiest way to get the word out. Don’t shy away from putting yourself out there, whether online or offline. 

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7. Expand your Business Slowly

To run a successful home business, you must surround yourself with the right talent. Hiring unqualified staff can cost you your time and money, and also harm your company's reputation. 

We understand how tough it may be to acquire quality people, which is why if you decide to start a company while partnering with Hoist, we'll walk you through the process of hiring subcontractors. Here are some tips to assist you to hire in the right manner in any business:  

• Make your job description as explicit as possible: Make an attempt to create a detailed job overview. Include any responsibilities you may have as well as any perks you may offer, and preferably put them in bullet points, for ease of readability.
• Use social media to locate potential applicants: LinkedIn is a wonderful place to start. Examine their employment history, credentials, or degrees they may have included on their profile. There are also multiple freelance networks that can connect you to people who are looking to be employed
• Learn management skills: You must be a good leader yourself in order to establish a good team. A smart manager understands how to empower each employee to achieve their full potential. 

Now that you’ve successfully fulfilled the above planning part of starting a business from home, you can head straight to executing your business. If you are still looking for business ideas that you can work on, check out the following list of ventures that Hoist has curated for you: 

Home businesses you can explore: 

1. Freelancing 

Freelancing may be the way of the future. It is the perfect way to make some extra money while doing something you enjoy, whether you have decades of expertise in the area or your schedule just allows for a part-time job. 

One of the easiest businesses to start, a well-developed and maintained freelance network will get you the time and returns that even normal businesses won’t. So don’t be shy to explore this area, be it in writing, photography, marketing, or other fields.  

2. Tutoring 

Tutoring and teaching is a less traditional side business, but one that can be done successfully. Tutoring could be a wonderful alternative for you if you're a student or professional who is well-versed in STEM, languages, or a subject that is in demand, like blockchains and crypto. 

If you can't find a way to tutor, you can easily create and record an online lesson, which you can then share on learning platforms like Coursera, Udemy, or even YouTube. These classes can be as long or as short as you want, and you have complete control over the content.

3. Handicrafts 

Whether it's soap, candles, sauces, or pottery—you're in a unique position to start a business from home because product development and sourcing are directly in your hands. 

Many creators on Shopify started with a part-time home-based business, selling on Etsy or to friends and family, and subsequently expanded into full-time business owners after creating a demand for their products. Handicrafts have a huge market and are the best way to be self-sufficient while also having high job satisfaction. 

4. Painting 

Starting a painting side business may not be the first thing that springs to mind when considering small side businesses, but it's as straightforward as it gets.  Painting jobs come in a wide variety of sizes and types, which will keep your firm busy. From interior paint jobs for homes to exterior paint works for commercial complexes such as offices, there is no dearth to the amount of projects that can come your way. 

If a painting business is something you’re interested in, Hoist hosts a large network of painting businesses and is your one-stop point if you want to pursue it full-time. With Hoist as your trusted partner, you’ll have all you need to get started in just 30 days, and you'll soon be reaping better profit margins. We provide everything you require to manage your company, from training to marketing materials, for only $8K per year!

Get more details on partnering with Hoist here.

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5. Cloud Kitchen 

Do you like to bake and cook? In that case, starting a cloud kitchen or a home bakery is as good as it gets. Create a menu for your cloud kitchen, open an online store, and have your food delivered or picked up by friends and family, or other low-cost intra-city delivery possibilities. 

You may also choose how much business or how many orders you want to handle each day, and you can even hire workers as your business grows.

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6. Web Design 

Web design is a terrific business to start from home. All you need to know is a bit about coding and have a keen sense of design and aesthetics. As organizations increasingly outsource website design and development, the need for this service will only expand.

With a few online classes, tutorials, and practice, you can simply improve your existing skill-set. Focus your portfolio on a narrow set of abilities for a niche market, and you can charge slightly more for your services than the competition.

Conclusion:

The days of making ends meet with a 9-to-5 job are long gone. Starting a business from home is a low-cost side venture that you can set up with just a few basic tools and lay the groundwork for a future, more lucrative income source. 

Hoist is here to help if you ever want to extend your home business, now that you've acquired a few ideas. If you want to make your home business a full-time career, check out this article on how you can reach all of your self-employment goals and turn your dreams into a reality.