7 Tips for Starting a Service-Based Business Out of Your Home

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As a mom, working from home is a dream come true. Not only can you fulfill your career dreams and make a living as your own boss, but you also get to be with your kids, watching them grow and learn. If you start a business out of your home, though, there will be a few specific considerations to make.

One of your biggest challenges will be the steep competition. “There is a very low barrier to entry for service businesses,” said Crystal Kendrick, president of a professional services firm. “As a result, competitors pop up with every opportunity. [These] often include part-time entrepreneurs, employed persons seeking additional income, unemployed persons who work as contractors until permanent employment is confirmed, and volunteers seeking experience or engagement.”

Therefore, you’ll have to put your best foot forward. Starting a home-based business puts you at an even greater disadvantage because you’re not located in the commercial area where you can be seen. If you want to be successful and make a name for yourself, here are some tips.

  1. Get Financially Organized

As much as 82 percent of businesses that are forced to close do so because of cash flow problems. It doesn’t matter how good your customer service is or how unique your services are if you don’t know how to manage your money.
Revisit your business plan, particularly your financial section. Invest in affordable accounting software like FreshBooks or Zoho to keep track of your spending and stay on budget. Separate your personal finances and business finances. Taking these steps will save you hassles down the road.

  1. Make Booking Appointments Easy

When you’re just starting out, you probably have a basic website where customers can find a phone number and an email. Make it easier for them by registering your business with Google so that it comes up when they search for businesses like yours in a specific area.

Go one step further and allow for online booking of appointments. Don’t waste money by building an online appointment booker into your website. Just use a site which allows you to book all your appointments online for free. When it’s easy to book appointments, you can decrease “cart” abandonment rates.

  1. Set Up a Dedicated Office Space

It’s easy to get distracted at home, especially if you have kids and housework that need attention. It’s also hard to say no to Netflix, especially when the latest season of your favorite show finally becomes available! But if you’re running a business from home, you need dedicated office hours and a dedicated workspace.
A lot of home-based businesses operate out of their garages. You might also convert a spare bedroom into your office. This will help you stay focused and separate your home life from business.

  1. Motivate Yourself to Work

After you’ve set up shop and been working for a while, you might discover that it’s hard to stay motivated, especially if business is slow at the outset. Setting up a dedicated office space will help with this, but you’ll also want to set goals to keep you motivated. Reward yourself when you meet your goals and set new ones to keep constant motion in the office.

  1. Understand Tax Implications

Taxes can be complicated for a small business owner who can’t afford a full-time accountant to handle their books, but don’t let that scare you. You can hire an accountant on an as-needed basis. During your initial consultation, ask as many questions as you can and discuss your options for staying organized with your finances on a budget.

The accountant will probably recommend using an affordable accounting software to stay organized and track business spending. They can also do your taxes for you at the end of the year. It might seem like an unnecessary expense at first, but they’ll help you file everything properly to avoid extra fees and painful audits. They’ll also help you maximize your deductions and returns so that you pay fewer taxes in the long run.

  1. Advertise to Your Target Market

Advertising can be expensive, so don’t waste a single cent. Define your target audience and adjust your marketing strategy accordingly. Begin by defining user personas to help you understand the types of buyers you’ll be working with. Then, develop advertisements and marketing that solves a problem for these buyers.

Make sure your advertising is done on the right channels. If you’re marketing to a younger audience, for example, Facebook, Instagram, and Twitter will be ideal places for your content. If you’re marketing to an older generation, focus on email marketing and print advertisements.

  1. Don’t Lose Clients

For service businesses, positive customer experiences are more important than ever. You need their repeat business as well as their referrals. Go the extra mile to make customers happy, even if it means losing a little revenue or working longer hours.

Service businesses are not easy to maintain, especially when you’re working from your own home. But if you establish goals and keep these tactics in mind, you can successfully appeal to this group.

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