A lot of professionals have lost their jobs during the economic crisis. Some of them found another job, while others decided to take control of their professional life and start a home-based business. Some specialists did not wait to have to make the choice forced by outside circumstances, but started and grew their home-based businesses after they decided that they wanted a change – a more balanced work/life schedule and the opportunity to earn more money, according to their skills and dedication to work.
If you are a skilled professional in any white collar job – architect, lawyer, accountant, tax consultant – you too can consider becoming an independent business owner, setting up a home-based office and building a strong customer base.
Here are a few considerations you must keep in mind if you want to be certain of success:
1. Start Saving Money before You Leave Your Job
Given the confidentiality and non-competition agreements which you probably signed with your employer, you may not be allowed to start your home-based business while you are still employed. For this reason you need to save some money to build your business and support your family before your business takes off and starts bringing you revenues.
Remember that it usually takes up to half a year before you will earn enough money from your business to completely replace your regular salary.
2. Start Building Your Network
As you prepare to go freelance providing services as an independent professional, you need to tighten your relationship with people in your niche – people who can endorse you, and recommend you to their family, friends and business connections. Do not be afraid to approach your colleagues and your boss once your mind is made up and your plans near completion. If you managed to build a good reputation in the company you worked for, you can capitalize on it.
3. Understand What It Takes to Market Yourself
As a business owner, you have to actively seek your clients. You should start learning about online marketing, social media promotion and SEO strategies to make your business known. You will have to learn how to manage your website and run email marketing campaigns and even how to blog.
All these activities are essential for a home-based business, so you should start getting familiar with them before you open your business.
4. Find an Efficient Accounting and Billing System
As a business owner you are solely responsible for keeping accounting records, issuing invoices to your clients and making sure that they are paid on time. The best way to keep track of every invoice and make sure you file your taxes accurately is to use an online accountancy and billing system specially created for small businesses. FreshBooks is such a system – easy to use, with a simple, intuitive interface and a very affordable monthly fee.
5. Learn about Time Management
Working from home is a double-edged sword: you are your own boss, working from the comfort of your home, with all your favorite things around you. This also means a lot of distractions around you: the TV, the video game console, the temptation to take a small break now and then and relax on the sofa or run a few chores.
A lot of newbie entrepreneurs fall victim to these distractions around the house and fail to complete all the tasks they scheduled. Over time, all these tasks which are pushed forward will cause you to miss deadlines, or to spend extra time during the weekend or the evening trying to finish them.
As you can see, it is not easy to move from working in a company to working for yourself. It takes a lot of discipline and dedication, and the ability to build a personal brand and run a home-based business.