Running a business from home – How to make it work.

Picture credit: www.everydayhealth.com

Launching a business from home can provide tremendous flexibility and the kind of work-life balance that we all crave however; it has its short comings. While some people advocate for the flexibility that home based businesses give, others argue that it starves their imagination as there may be more cases of isolation then interaction (This may depend on the nature of the business).

Working from home may be a good idea at the inception of the business especially when there are minimal funds available because it minimizes operating expenses like rent, utilities and transportation (at least the cost of getting to the office from home); it allows for expression of creativity etc.  Working from an office is ideal for a business because of the professional environment it creates however for those who cannot afford that luxury, here are a few tips that will help an entrepreneur who is operating from home make the most out of a home based business.

1. Separate the office area from the rest of the house: No matter how little the space maybe, it is important to clearly mark out a work space from the rest of the house. It could be an extra space in the living room, a storage room, the basement or part of the garage, really anywhere that can be converted to an office space that can accommodate a chair, table, cabinet and other work tools. This can help to stimulate a professional working environment to help the business owner concentrate on work and minimize domestic distractions. If the only available work space is in a common area of the house like the dining room or kitchen, then personal objects should be put away to help establish a professional tone for the day. A work space can always be created despite of the size of the house.  It also helps to keep work related items out of the reach of other people in the home. Make it clear to well-meaning visitors that you maintain regular business hours and that the computer and other work tools are off-limits to the kids.
2. Draw up a daily schedule: The saying that ‘one who fails to plan, plans to fail’ cannot be over emphasized. With the time flexibility available, it is very easy to get sucked into other activities. However with a drawn up plan or schedule, a guide is provided. This makes it easier to achieve ones goals.  Time should be allocated to both short-term actions and long-term goals to help run the business in a more balanced manner.  A daily planner should be drawn up with tasks and deadlines.
3. Minimize distractions: When working in an office there is a tendency to be more focused on a job because of the prying eyes of a boss and colleagues but when working from home, as your own boss, getting distracted becomes easier. For example, without a boss breathing down one’s neck, it's easy to take a phone call or two from family and friends. But when distractions like this become very common it disturbs business focus. Experts advocate that entrepreneurs working from home dedicate certain times of the day fully to work quietly and completely ignore every other thing, including phone calls and email alerts. The dedicated quiet times should be communicated to others in the house so that they know that only very urgent requests will be granted.
4. Schedule some meetings outside your home office: Your home office might not be cozy enough for the various categories of clients you may have. For some clients it is better to meet at their own site but for others, talking over lunch in a good restaurant will suffice. Whichever the case, clients should be categorized into different segments and the best and most stimulating meeting environment should be picked for each segment. Some business owners pay for external meeting rooms to meet with certain clients to provide the professional appeal that the client expects.
5. Create time for networking: Infusing social interaction helps a business grow significantly. Studies have shown that most of the important business deals are concluded over a cup of coffee our outside the office walls.  While making a daily schedule, networking should be considered as a very important element to a business operated from home. This way it is easy to hang around key decision makers in prospective companies that may just reveal information that can help the entrepreneur frame a winning proposal. Meeting with people running a similar business is also very helpful as it provides a forum for learning trends in the industry and business tricks.
6. Have a robust internet presence: When starting a business from home there are various tools that can increase a company’s visibility (no matter the size) on the internet so they are able to reach a wider audience and maintain an image that is at par with competitors that have established and professional offices. The use of a website and other social media tools are sure ways of lending credibility to a company’s image, even if it is operated from the corner of a dining room.
7. Consider acquiring a business address: Having a business address on a website and promotional materials, and having a home address will never look quite as professional as a real business location. However there are companies who offer business addresses to home based businesses: some also offer call answering services. This adds credibility and a very professional outlook to the business. So instead of having business letters/parcels delivered to the home address (which may be difficult to locate), they go straight to the business address and are received by the virtual assistant.
8. Make out time for self improvement: The good thing about working from home is the time flexibility. This means that more time can be infused into critical tasks. However the most critical task for a business is to reinvent itself so with time flexibility, more “self improvement” time can be infused into a daily schedule. Short term and long term plans should be made for self improvement. From reading materials daily to attending annual conferences or trainings, effort should be put into self advancement. This in turn provides an good avenue for innovation and creativity which can improve the output of a home based business and in turn increase its edge over competitors with a more established and professional look.