You might have long been dreaming of starting your own business, but perhaps you hesitated because you weren’t quite sure if you could actually make it work. But if you are like one of the millions of people who are now working from home, that fantasy of venturing out on your own might seem closer to reality than ever before. Working from home, after all, requires a unique set of skills and a particular temperament that traditional on-campus work doesn’t require.
So once you’ve proven to yourself that, yes, indeed, you can thrive in the home office environment, it can seem like only a small leap from there to starting your own business. And, in many ways, that’s true. Nevertheless, there are still some factors to consider and some preparations to be made before diving fully into the world of self-employment.
Start Slowly and Be Strategic
One of the greatest risks you face when you’re considering making the move from working from home to owning your own business is the mistake of assuming that the two things are essentially the same.
In reality, though, owning your own home-based business takes significant planning and preparation, often much more so than working from home for an employer. For example, you’ll need to begin by drawing up a business plan, including a financial strategy that can help you avoid or minimize debt, safeguard your investments, and protect your family’s financial wellbeing.
The good news, though, is that the planning and preparation process doesn’t have to be as intimidating as it may sound. You don’t even have to break the bank to get your company off the ground. There are, in fact, lots of in-demand businesses, from freelance writing to consulting to tech development, that you can launch with nothing but a smartphone.
No matter how ambitious or how modest your new business may be, though, you’re far more likely to make a successful go of it if you have a clear vision and a detailed plan.
Prepare to Wear Many Hats
If you’re working remotely for an employer, chances are you have a clearly defined but limited set of job responsibilities. Anything outside of your job description is probably going to be someone else’s concern.
When you’re starting your own business, though, you must be prepared to be all things to all people in your company. And while that does not necessarily mean you’ll be responsible for all the work that gets done in your business, you can expect to be doing a lot of it, especially at first.
Even once you’ve staffed your company and delegated job tasks accordingly, as a business owner, you should expect to have to fulfill a lot of diverse job functions, even some you may not exactly be comfortable with. For instance, you might be a rockstar with web design, but accounting gives you hives.
To keep your business safe and to promote growth, you’ll need to identify weaknesses such as these in your skillset and be proactive in remediating them, including taking online or on-gound courses to equip you with the knowledge you need to launch and build your business well.
And that’s not all: Because in addition to expanding your entrepreneurial skills, you will also want to make sure that your abilities relating to your business’s unique product or service are always growing. If, for instance, you’re offering interior design services for residential properties, you might develop and grow your skills by seeking training in home staging for the real estate industry or interior design for commercial clients.
This constant evolution of your skillset will only increase the value your business can offer to your clients and, in turn, expand your target market and grow your customer base.
Do a Personal Inventory and Be Honest
Even after you’ve made a plan and boned up on your essential skills, that still does not necessarily mean you’re ready to leap into starting your own business. You also need to take your time and do an honest inventory of what you want and need from the work you do.
First and foremost, you have to determine if you are ready to deal with the uncertainty that necessarily comes with starting a business. Unlike being a regular employee, with a stable salary and benefits, there are relatively few safety nets for the small business owner.
You will also need to ask yourself if you’re motivated enough for the hustle. Launching a startup means making a schedule and sticking to it. After all, if you don’t make it happen for your business, no one else will.
Once you’ve asked, contemplated, and honestly answered questions like these, then you can move forward with confidence that your decision, whatever it may be, is right for you.
The Takeaway
Leaping from working from home to starting your own business can feel like a dream come true. But it’s not easy. There are important considerations to take into account before undertaking such a transition. But when you leap with eyes wide open, you may well be diving into the life and career you’ve always wanted!
