Home-Based Business

10 Tips for Successfully Starting a Home-Based Business During the COVID-19 Pandemic

Many people are very discouraged about the COVID-19 crisis. Recent reports show that the unemployment rate has reached 14.9%. This is the highest level since the Great Depression. 

Unfortunately, some people may have trouble getting work again. They do have another option, though. They can start their own business.

The problem is that businesses are not always successful. In fact, about 50% of businesses fail within five years. Fortunately, this SlideShare deck has some good tips to be successful. 

The good news is that there are steps you can take and small business resources available that can increase your odds of success. Home-based businesses tend to be more successful, since they require fewer startup costs. 

Creating a Successful Business from Home During a Pandemic

More and more people are deciding to start a home-based business; however, not everyone gets the results they expect.

Starting a business from home has its advantages, especially because it helps us reduce the initial investment. On the other hand, the convenience and informality of working from home can jeopardize the consolidation and growth of your business.

Mentality: If you want to be a great entrepreneur tomorrow, start acting like one today. Whether you start in a small room or your living room, always keep in mind that the size of a company is the size of its founder’s vision. There are no small businesses, only entrepreneurs without vision.

Do you want to develop an Entrepreneurial Mentality? Meet the book “Entrepreneurship is a Way of Life”, a book full of valuable lessons and reflections for entrepreneurs.

  • Discipline and Organization: The comfort of working from home can be dangerous for your progress, so you must take on the challenge of entrepreneurship with total responsibility and be highly organized in every process.
  • Build your brand: Design a slogan, a creative name, a logo, a differentiating value proposal, etc. All these elements are key to differentiate yourself in the market and create an emotional connection with your customers. A great way to get started with this is to set up a few social media accounts and then buy Instagram followers so you aren’t starting off with an account that has nobody to read and share your content.
  • Invest: The fact that you take advantage of your home to reduce the initial investment does not mean that you will no longer invest in your business; on the contrary, whenever possible invest to grow. Invest in marketing, in equipment that helps you be more productive, in personnel and in all the key elements that help you grow sustainably. Without investment, there will be no growth.
  • Control your finances and your sales: Currently, we have at our disposal all kinds of tools to efficiently manage our business. Take advantage of them! Keeping track of your finances and sales is fundamental to knowing how your business is doing and from there designing strategies to grow and sell more. What is not measured cannot be controlled or improved.
  • Set yourself goals, objectives and challenges: Every day challenge yourself and overcome your limits. Set yourself financial goals, sales goals and always set yourself goals that inspire you to give your best. No matter how much you’ve accomplished, there’s always a stepping stone to climb. When you get to the top of one mountain, it means it’s time to start climbing another.
  • Training: Entrepreneurship is an adventure of constant learning. Every day there is something new to learn. Attend conferences, seminars, read books, etc. It is always a good opportunity to learn something new. But it is also important that you put into practice what you are learning.
  • Focus: To focus is to learn to say NO. It is something that costs a lot to entrepreneurs because our enthusiasm leads us to accept jobs that are not part of our value proposition or that we cannot do. It is important that from the beginning you define your ideal customer profile and make it clear what you are going to do and what you are not going to do. And don’t be afraid to say NO, because I assure you that you will have all kinds of proposals and you will have to reject many of them.
  • Surround yourself with passionate people who inspire you to be better and better: It is very difficult to expect positive results if we are surrounded by negative people. Once you decide to undertake, you must surround yourself with people who are passionate and inspiring. Take advantage of the business events you attend and build relationships that they can bring to you on a personal and professional level. Also, create relationships with other entrepreneurs who are just starting, you can certainly learn a lot from them and even create interesting partnerships.
  • Enjoy: Entrepreneurship is about doing what you love and loving what you do. Don’t start a business to be the one who works the least and earns the most. Start a business to be the most committed and the hardest working. You must be the inspiration for the people who work with you. Enjoy what you do and do it every day with more passion and determination than anyone else.

Starting a home-based business is a challenge and you must take it as such. If you enjoyed these tips, we highly recommend you read through some of the most popular make money from home blogs and see what the latest topics of discussions are.

We hope that these tips will help you to start and develop your business successfully.