Home Business Fundamentals for New Entrepreneurs

Home Business Fundamentals for New Entrepreneurs

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by Jenna Sherman

Being a WFH entrepreneur means that you work and live on your own terms. But it also means that you face unique challenges day in and day out. You have more flexibility and freedom, but you must fight distractions and create a schedule, framework, and office that facilitate productivity.


Starting a home business is similar to starting any other type of business in many ways. While you don’t have to worry about finding office or retail space, you still have to dedicate time and energy to making preparations. Utomic has shared some critical tips for new WFH entrepreneurs:


Get Ready


If being an entrepreneur is your calling in life and you’re ready to launch a business, start by fortifying yourself with knowledge and skills. Going back to school for a business degree would equip you with the information you need to excel. Consider degrees like business management, marketing, management and leadership, accounting, and more.


Confirm Your Idea


If you have a wonderful idea that you believe would be prosperous, take time to research the idea to confirm it is needed in the market you are looking to enter. Hold a brainstorming session of ways you can improve your idea, potentially expand on it, and ensure you stay passionate about the product or service you will offer. Before launching, determine any skills you may need now or in the future and how you can continue growing your knowledge base over time.


Once you know your plan is a viable idea, it’s time to form a business plan detailing the nuts and bolts of the business. A good business plan will include the following:


  • An executive summary with your business vision or mission.
  • A description of the business offering and operations.
  • Explanation of your target customers and how they could benefit from your business.
  • A marketing plan.
  • A financial summary detailing funds needed to launch, sustain, and grow.


Choose a Structure


To shield yourself from personal liability from business obligations and reap tax benefits, consider forming an LLC. An LLC is a business entity that you would be a member, manage, and operate as the business identity in the eyes of the law and IRS.


Save yourself high attorney fees by forming the entity yourself, or use a formation service to save time for a low fee. Visit your state’s Secretary of State website to educate yourself on LLC requirements.


Create a Visual Identity


To make your business memorable to your target audience, invest time and money into marketing. Start by designing a logo that represents the identity of your company, which you can either do yourself or by hiring a freelance graphic designer to create one.


Then choose fonts and colors that tie in your logo into a website and other marketing materials. Whatever you create, make sure you love it as it will represent your business (and you) to the public.


Build a Home Office


You’ll be spending a lot of time working from home, and you would be well served to create a space that is both comfortable and inspiring. Whether you’re working with a corner of a room or a full office space, you can make it your own.


Incorporate paint, shelving, ergonomic furniture and equipment, and organizational systems. Spend time and resources making a space that keeps you comfortable day in and day out.


Maintain a Schedule


One of the challenges of working from home is that it’s hard to maintain a separation between personal and work life. Set a work schedule and develop a plan you can stick to.


One way to ensure you adhere to your schedule is by developing your schedule during your most productive work hours. The more work you accomplish successfully and efficiently, the more you will want to return to it day after day.


If you have a wonderful business idea and are wanting to launch your own company, don’t wait. Dive head first into research, plans, education, and forming your home office and schedule. With a solid foundation, you’ll set your business up to flourish.


Would you like to read more helpful content or browse our wide selection of electronics accessories? Visit utomic.com today!