Home and Small Business ̶ Needs and Requirements
These days, almost everyone you know has a home-based or small business venture that they own. However, running a successful small business is not as simple as it seems. There are many things that a home-based or small business requires. It is essential not to overlook these needs. Below is a helpful guide that mentions things you need to know but often overlook before starting a small business.
The Benefits to a Home-Based/ Small Business
There are undoubtedly many benefits of running a business venture from your home. During this pandemic, starting a home business is a great idea. It is time to tap into your area of expertise and make use of your hidden, inner creative side.
People may have thought of home-based businesses as non-serious entrepreneurial work. But working from home has become the norm because of the Covid-19 pandemic. Hence, the idea of working from home has gained more legitimacy and is now considered serious business work. So, what are the benefits of an at-home business, and why is everyone choosing this option?
A home-based business is a great option for those that do not want the drudgery associated with the conventional 9-5 office job. Since you are your own boss, you get to decide how many hours you put in and when. It is up to you to decide how fast or slow-paced the work needs to be. That being said, keeping a schedule and disciplining yourself is fundamental to the smooth operation of your business. You do not want to turn customers off by having a haphazard schedule.
It is a venture that is open to everyone. In fact, at-home businesses are one of the friendliest business models for people who have other commitments like studies or a family. You do not have to be an uber-rich financial expert to open up a small business. What you need is a good idea, dedication, and the correct advice to make your vision come to life.
According to the Small Business Administration, more than 50% of small businesses are home-based. The reasons for this are that home-based businesses offer low overheads and helpful tax incentives. They require much less capital than a normal business venture.
However, do not get trapped by all the shiny benefits of a home-based or small business venture. Do not be hasty or overconfident about your business. Take a while to figure out all the things you need help with and get the correct guidance.
Do’s and Don’ts of Home-Based/ Small Businesses
Do Your Research
The idea of starting a home-based business is intriguing and exciting to many people. But do not let the excitement get in the way of you doing your research. Depending on where you live, there is varying red tape one must cut through. For example, make sure you have the proper permits needed to start your venture.
Think also of the future. Your business may be small right now, but you might need to check your lease agreements, rental agreements, and area zoning laws if it grows and expands. These steps may seem unimportant right now, but they can become major hurdles if not thought through properly.
Make Use of Google Analytics
An article in Forbes titled ’20 Must-Have Tools For Small Businesses’ listed Google Analytics as one of the twenty things small businesses must make use of. Google's statistical analysis tool is a great way to see how well your business is doing. After setting up your website, make use of this analysis tool. It will tell you how much traffic your website generates, in what countries it is being viewed, the percentage difference in traffic drivers, etc.
It can break down key numbers by day, week, or month. It has an incredibly friendly interface so being especially tech-savvy is not a requirement to make use of this tool. Studying the data provided by Google Analytics will inform you about what changes and decisions you need to make about the future of your business.
Most Importantly: Make Use of Consultants
The worst thing to do is thinking that your business is a one-person show. While you are the mastermind behind your business. It is important to confess your shortcomings to oneself. Focus on your business, on your areas of expertise and strength, and hire experts to help you with your areas of weakness.
Many people think that starting a home base business is just getting a company name, buying a bunch of items to sell, or sitting at a computer selling a service. That is far from the case. There are so many more steps to starting your home-based business. There are many outside needs your business will need. You need to take a step back and take a minute to organize what you and your business will need in the coming months ahead.
If it isn't viable to make full-time hires, then the next best thing is to have a core group of go-to consultants, paid by a fee for services or on retainer. People who can go out and gather information for you and come back to you with an objective view. They will offer you unbiased advice based on authentic research. This will allow you to have experts in the field that you need to give you the information you will need to make the best decision for your business.
Sharper Office Admin is a Small Business Consulting agency focused on serving home-based and small business owners to grow with a big business's tools. Sharper Office Admin is a consulting agency tailored specifically to the needs of small and home-based businesses.
Sharper Office Admin provides a wide variety of services. These services are on par with big business consultancy firms. Avail the opportunity to get the kind of tailored service that full-time hired employees provide. To run a successful business, Sharper Office Admin will help you with all the things you do not know but need to.
Services are available in the form of both on-site and virtual assistance. Some of the services our office provides, which your business definitely needs are:
HR Assistance
As a business owner, you will need to keep track of your employees. This is a lot harder than it sounds. Making use of our services in this regard means that you will have someone to help you keep track of your employees and their needs. Mundane but necessary tasks like keeping track of timesheets, payroll, email correspondence, recruitment, and hiring are all taken care of.
Customer Service Representative (CSR)
A successful business needs to have a Customer Service Representative. This cannot be you, for obvious reasons. A customer service representative is someone who is on the frontlines of your business. Answering questions about your business, communicating with customers, providing information, and responding to complaints are all the jobs of a customer service representative. This needs to be someone who is flexible, available and knows the ins and outs of your business.
Email management
One of the worst mistakes home-based businesses make is not setting up proper and professional channels of communication. Remember, you are running a business. You cannot communicate through informal channels like WhatsApp. For various reasons, maintaining proper email correspondence with customers and employees is vital. A small business needs to have records of all communication, and the best way to do that is by setting up structured and organized email correspondence.
Data Entry
There are various kinds of data entry. Some examples are basic, online, conversion, formatting, or transcription. Figuring out the right kind of data entry for your specific business and then maintaining diligent records is a key service we provide.
Bookkeeping Services
This is, in some way, the most important part of your business. Bookkeeping services provide and maintain your company’s overall financial health. Bookkeeping services make use of accountant specialists who will maintain and create an accounting data file specifically for your business. As a business owner, you will have access to this file.
Another integral person in a business is the full-charge bookkeeper. The responsibilities of a full-charge bookkeeper include managing payroll, keeping track of deposits, and maintain monthly financial reports.
If your company’s bookkeeping is thorough and well-managed, making company spending decisions will be much easier. Available resources and budgets can easily be contrasted with a business's spending, which will tell you how well your business is doing.
To conclude, don’t make a mistake and think that you can do it all because you are a home-based or small business owner. You cannot. Be smart, make the right choices for your business to succeed, and contact us to help your business grow.
For more information please visit the following link: https://www.sharpersofficeadmin.com/home-and-small-business-needs
Comments