4 Tips for Starting a Business from Home
Whether you are saving for a rainy day, trying to finance a wedding or pay off some debts, there are few people who couldn’t benefit from a little more money in their pockets. These days, with the rise of the gig economy, many people are finding lucrative and creative ways to augment their income with side-hustles.
But before you run out to join the side-hustle nation, there are a few best practices that you need to know to avoid the pitfalls.
Decide How Much You Are Willing to Invest
Some side-hustles don’t require much money to start. Chances are you have at least some of what you need already. Others, like hair braiding, don’t require you to invest up front but may require capital over time. Whether you will need a few thousand dollars for inventory or a few hundred for advertising, you should put a budget together early and decide how much you are willing to spend and how long you are willing to wait to see the return on that investment.
Decide How Large You Want to Get
There’s no lack of stories about passion projects that turned into full-blown careers. Sometimes you get so good at what you do that you are forced to make a decision about the future of your hustle. Are you willing to hire help? Are you willing to leave your job? If you don’t want to end up selling your handicrafts online for the next decade just to pay the bills, then be sure to begin with the end in mind. If your aim is to develop a large project, then you will need to look into funding and marketing your project.
Follow the Money Closely
Make sure that the business you are doing is worth the amount of time and effort that you must invest. Remember, you’re giving up valuable personal time, make sure it’s worth it. Also, be sure that you are using the best practices when it comes to your money. This is even more important if you are crowdfunding a project; using best practices crowdfunding is crucial. There is a variety of simple accounting software that you can use on your computer and your phone to help you calculate taxes and get a realistic look at your expenses.
Do What You Love
It should go without saying that if you aren’t enjoying yourself, you should probably be doing something else. A side-hustle shouldn’t add more drudgery to your life. It can be labor intensive, but if it’s a labor of love it won’t feel like a drag. Side-hustles are supposed to help enrich your life, not make them more miserable.
I hope that you can take these four simple tips and make your dreams come true. Whether that’s building your own gaming platform or taking a much-needed vacation with your family.
About the author
Emma is a freelance writer based out of Boston, MA. She writes most often on health and education. When not writing, she enjoys reading and watching film noir. She recommends using best practices crowdfunding to help you start up a home business. Say hi on Twitter @EmmaSturgis2