Business ownership isn’t for everyone, but it is a perfect fit for motivated and creative professionals who don’t want to work for someone else. Not only can business ownership shape a lucrative future for the go-getters who pursue it, but running a company also allows you to live your life the way you want.
Instead of clocking in and out on someone else’s schedule, get back in the driver’s seat in your life. Business strategist Susanna Reay can help.
Here are 4 steps you can take toward building a business from home that gives you the freedom you deserve.
1. Funnel Your Experience into a Niche
Whatever your current professional background or passions, there’s a niche where you can excel. Start by taking stock of your talents and interests, then determine if — and how — you can monetise them.
If you have a background in a specific industry, complete with existing professional connections, the decision may be simple. But if you’re looking for a new and exciting venture outside your comfort zone, countless business ideas could offer inspiration and a novel direction for your business dreams to move toward.
2. Determine “Your Product”
The amazing thing about building a business on your own is that you can sell anything if you can find a customer base to buy it. That means you can sell your expertise, whether in the form of a course, book, or coaching. Or you can pitch a product, real or digital. Susanna’s Signature Offer System Training is your first step in learning how.
There’s also the option of selling a service as an independent contractor. From writing to graphic design to website development to all types of consulting, there’s a way to sell your expertise as a service with very little upfront investment.
Research your desired product or service offering and check out competitors for inspiration. There’s no need to battle it out with potential competitors; exploring the current market can highlight if there’s enough demand to sustain your brand over time.
3. Establish a Business Model
Some professionals pursue business ownership as entrepreneurs — or solopreneurs — because they want to go it alone. Establishing a business model now doesn’t mean you can’t change your mind later, of course. But there are differences between launching a startup complete with overhead costs and staffing expenses versus going it alone with a laptop as your only company equipment.
Decide which path you would prefer to take and organise your business accordingly. Keep in mind that you can always automate processes later, onboard staff as needed, or contract with freelancers to support side projects that help elevate your hustle. Nothing is set in stone, but it’s smart to have a plan before heading down the entrepreneurial path.
4. Become a Financial Guru
Organising your business finances is a crucial part of launching and maintaining a successful startup. No matter your industry, staying on top of your incoming and outgoing funds is vital for staying afloat and maximising your investments. Plus, as a business owner, you’ll also have specific tax obligations based on your organisational structure.
Clearly, it pays to invest in accounting software to stay up to date with your spending (and your earnings). The ideal small business accounting software will highlight trends in your cash flow and help you stay organised through tax season and beyond. Moreover, it should integrate with the tools you use for inventory management, time tracking and cloud computing.
Are you ready to take action?
Leaning into a new business opportunity you can run from home means big changes are ahead. By funnelling your expertise into a specific niche, organising your product and business model, and getting your finances under control, you’ll be well on your way to lucrative business ownership.
But if you’re struggling with narrowing down your options or monetising your next great idea, reach out to Susanna Reay to elevate your business, the introvert way.
Guest article submitted by Julia Mitchell at outspiration
If you would like to submit a guest article for publication, contact Susanna for submission guidelines.