Seems everyone is becoming a digital nomad, owing to uncertain economic times. Business frontiers now extend to the internet, rendering some careers almost museum-material. With economies championing for innovation, millennials are constantly looking for ways to solve problems creatively while satisfying their need to feel instantly useful. Bills need to be paid; beautiful experiences need to be frozen for the gram and with the internet easily accessible, starting a home-based business is almost obvious. Or is it?
Admittedly, there are pros to running your business from home. The time you would have otherwise spent on commuting will be spent on working; your working hours will be more flexible; you will realize a reduction of overhead costs and the best part? Running your business from home will help you test and reimagine your business ideas for innovative purposes.
For a minute though, go slow on the ‘I will be my own boss’ jibber ‘reporting to no one’ jabber. Quitting your job to be a home-based entrepreneur can be highly isolating and the economy wouldn’t do well with another taxpayer battling depression. Maybe your dream is getting away from office gossip and politics? Well, sorry to disappoint you, but once the thrill of walking short steps from your bed to your home office wears off, you will realize how important it is to have someone to talk to in between working hours. This is not to discourage you from daring to become your own boss– it’s to help you understand that while venturing out to start your own business is exciting and optimistic, you must put into consideration the possible pitfalls you may encounter along the way.
True, the nights you toss and turn in an attempt to find your purpose could be your potential haunting you, but before you jump off the cliff by quitting everything else in life to start your business, here is what you need to know:
Problem: Passion will take you only so far.
Solution: Embrace discipline.
The words ‘follow your passion’ evoke an emotional response because we have an innate desire to feel validated. Passion is oversold to us by speakers and writers who know how the human mind works. For how long can the passion you have for your product be applied to HR, payroll, cold-calling and other revenue-generating activities in your business?
Discipline, on the other hand, is a hard-to-sell virtue given it summarizes the tough truths required for success: long sleepless nights and grueling endurance. Will you able to run your business with diligent love, even after a day passes without you making a sale?
Problem: You will be broke.
Solution: Set money aside.
Even if a day passes without you making a sale, you need to have money on the side to keep you going. If you are thinking of quitting your job to start a home-based business, make sure you have at least 6 months worth of fixed living expenses. Also, don’t get infatuated with the idea of quick cash, bling and exotic trips happening within a short period of time. You will need to break even when you start and that means ploughing profits back to your business, or sometimes using your pocket money to get things done.
Problem: It can get lonely.
Solution: Get out more.
Be a serial events attendee. You can even look for a good gym where you can network as you lift weights, or, you can join a masterclass to get training on different fields that can have a positive impact on your business. Working from home will at first be festive, then, you will turn into a virtual hermit. Creating a balance by being out there will help you learn from others, and probably reimagine and test new ideas for your business.
Solution: Be proud of what you do.
You might be tempted to get embarrassed when telling people that you run a home office business and are not employed, due to the elitist attitudes revolving around employment. Once you quit your job and realize you have no title, you need to embrace your true self while remembering your WHY. There is no shame in daring to be different.
As your business grows, you will need a physical address where clients, suppliers, and investors can meet you. This should prompt you to look for a virtual office that can facilitate your mail/call handling and other receptionist services. You may also wish to hire boardroom and meeting room facilities for meetings– the point is, leave an impression on your potential partners. Potential clients and investors are likely to invest in your business once they take note of the elegant finishing in your meeting room; the natural lighting in your boardroom or the fast Wi-Fi services you get. It’s the little things that matter when it comes to pitching your ideas to people.
For only Ksh.7,000+VAT per month, Workstyle Serviced Offices can help you build your business as you look for investors for future growth. Why not call 0798 936651 for more information?