Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Not all businesses are traditional brick and mortar businesses and some of the most successful businesses are actually run out our personal homes. But are you running your home business correctly? The following contributed post is entitled, Are You Making These Critical Home Business Mistakes?
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These days, a lot more businesses are being run from the comfort of people’s homes. This isn’t just because of COVID-19. Working from home provides people with numerous benefits including great cost savings. However, to gain access to the key benefits you need to ensure that you are making the right decisions from day one. Here are some of the possibilities that you definitely need to keep in mind.
Failing To Manage Your Tech
First, when you run a company from home, you must be aware that you will be completely reliant on tech. If your tech stops working then so too will your business and that’s an issue that you’re probably not prepared for. A lot of home business owners think that they can manage their own tech but this is almost always a mistake. Without managed IT services for small business, you are going to miss out on a lot of issues. You could even sustain a hack and it can take weeks for you to realize that this has actually occurred.
Forgetting To Set Up The Right Work Environment
Next, you need to think about your work environment. When you are running a business from home, then it’s easy to assume that you can run your company from anywhere in the property. While this is technically true, it’s probably not advised. For instance, the temptation will be to not even bother getting out of bed in the morning. If you try to work from your bed, then there’s a good chance that you’re not going to reach your full productivity potential.
Instead, you should make sure that you do have a full business office. It’s important to ensure that there aren’t too many distractions around you. Working with a TV in your room is a massive faux pas. Unless of course, you need to keep up with the news for your job.
You should also make sure that your tech is set up the right way too. It’s important that you don’t get distracted when using your tech. This is why blocking some of your favourite sites temporarily through the day can be a fantastic decision.
Failing To Invest In Marketing
Finally, when you run your business from home, you’re not going to have the same level of visibility as you would with a business office. This is why you need to make sure that you are investing in the services of a great marketing team. It’s also important to ensure that you are spending enough on marketing. On average, you should consider spending about 25% of your budget on marketing. This is true, regardless of whether you are running a small or large company from your home. In the first year, you should expect to spend at least three thousand on a digital marketing campaign.
As you can see, there are numerous mistakes that you definitely do need to avoid when you are running a business from home. If you don’t take these into account then you could put your business at risk as well as your wellbeing.