Starting your own home-based business can be a daunting and intimidating task. Though the potential rewards can be great, some home-based businesses require a significant upfront investment, and the risk of failure is high. Despite the misconceptions of some people, starting a business from your home requires an incredible amount of work. Without the right business plan, franchise selection and execution, your home-based business could turn out to be a huge dud.
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That’s why it’s important to look to other successful home-based businesses to see how they were able to find success. Linda Stephenson started her business only a few years ago but has had tremendous success. Her Mereadesso Skincare products now have a very serious retail presence, and sales are growing year after year. Whether you are starting your own original business or you are looking for a franchise that you can operate from your home, you can benefit a lot by understanding how Stephenson found success.
Leverage Existing Knowledge, Expertise and Experience
When you’re starting a home-based business in an area that you are already familiar with, you have a much greater chance of succeeding. This isn’t to say that you can’t branch out into a different market or industry, but prior knowledge and experience is valuable. Stephenson had worked in the cosmetic industry before starting her own business, and this was very useful.
She also based her business on her everyday experience. As a working mom, she wanted a very high-quality skincare product that would work for all skin types because she didn’t have time to try different products or get her skin tested. Drawing on your own experiences to find consumer needs can be very powerful.
Keep Initial Costs Low
Though Stephenson now has physical offices, when she first started she only worked from home. She was able to keep costs down by doing very small product runs and doing lots of market testing on her own. This helped her keep costs down until her business was ready to expand. She waited for a long time before getting a physical office and saved money by selling her products exclusively online.
When you are starting your home-based business, initial costs can increase very quickly. Look for ways to keep costs down without compromising your product or your development. This will help you survive if your business grows slowly at first.
Work Part-time If Necessary
We all want to be able to quit our jobs and start our own business from home, but for many of us, it’s completely unrealistic. If you have debt and substantial bills to pay, you shouldn’t let that keep you from starting your home-based business.
Many entrepreneurs work part-time in order to keep their head above water financially. Once your home-based business is earning enough money, you can stop doing other work part-time and focus exclusively on your business. Though Stephenson’s business is doing very well now, it grew slowly and she worked part-time at the beginning to help her pay her bills. If this is the only way you can afford to start your home-based business, then that’s what you should do.