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7 Things That Can Give Your Home-Based Business an Edge

Guest Blog || Jim McKinkley ||

Running a home business can allow you to set your own terms for your life and your work. Still, even home-based entrepreneurs need the right skills, determination and information in order to succeed in business. If you’re thinking of founding a business out of your own home, having these home-based business essentials can also help fuel your success.

A Home Workspace

Having some dedicated workspace is a must for home-based business owners. Working from your kitchen table is okay in the interim, but if you are serious about helping your business succeed, you need to set up in a space where you can really focus. That can be a spare room or it can be a garage, both of which can easily be upgraded into a functional home workspace. So pick a location that will work for your home and a setup that will work for your small business.

High Quality Internet

No matter what sort of home-based business you have your heart set on, you’ll need internet access to help it thrive. Having a quality internet signal in your home is especially crucial if you plan on meeting with clients via video conferencing apps. So make sure your new workspace is equipped with the right connections to help your new business grow and flourish.

Business Plans

Honestly, you may not need a traditional business plan to get your home-based venture up and running. Sometimes business plans can be a bit stifling for small businesses, and they don’t always provide the flexibility needed for new startups. Still, it does help to have some sort of plan worked out for your home-based business. So instead of a business plan, write out a few key concepts for your startup. Then use those concepts to guide your path to success.

Freelancers

You may need help from time to time, but that doesn’t have to mean hiring full-time employees, which can lead to unnecessary expenses. So instead of burdening your business with extra costs when you need temporary help, consider hiring freelancers instead. Freelancers work on a project-by-project basis, or they can provide more routine help. For example, if you need administrative assistance with G Suite products, you can hire a Google apps admin. Job boards are the perfect place to connect with freelancers who have the expertise you need.

Remote Workers

Whether you hire freelancers or regular staff, chances are that they will be working remotely. After all, you’re not going to want to have extra people setting up shop inside of your home if you are planning on running your business out of it. If you have never worked with a remote team before, you need to understand that communication and collaboration are key for success. Thankfully, you can use programs such as Slack to establish team-centric and project-focused channels, and even host a newsfeed filled with essential updates for your remote team.

Home Workouts

One of the drawbacks to working from home is that you may be more at risk for falling into a sedentary lifestyle. This can lead to unwelcome weight gain and resulting chronic health problems. To avoid these health risks, you can always take breaks for quick home workouts. Even a few minutes of yoga or HIIT can be enough to keep you in shape. If you want to burn calories while you’re taking care of business, you can also look into desk fitness equipment.

Work-Life Balance

Fitting workouts into your daily work routine can be such a body- and brain-boosting habit, especially when you are working from home. Exercise can be a good way to keep your mood and energy levels up. If you really want to avoid feeling burned out by your home-based business, you need to make sure that work-life balance is a priority. Without a physical separation between home and work, it’s up to you to establish this balance for yourself.

You may need drive and determination to succeed in small business, but having the right information can also give you an edge. So keep these in mind as you build your home-based business. Because having them can help your startup blossom into a successful business.
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As a former banker, Jim McKinley uses his background and skills to provide advice and valuable resources to anyone who needs help with their financial literacy. In his spare time, Jim spends time with his family and his dogs and he maintains his website Money with Jim. Photo Credit: Rawpixel

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