Compared to twenty years ago, there are so many more choices than ever when deciding on a business model. The reason is there are just so many different types of businesses online and offline.
It was only a short time ago that an online business was unheard of. But with the global adoption of the internet, more and more people are realizing they can build the business of their dreams.
The great thing is you can decide upfront whether to start full-time or whether to invest part-time hours. However the option to work at home, mobile only or online has become so popular there is a less and less brick and mortar or commercial businesses being established. In fact micro or solo owner businesses now account for 80% of all businesses.
Regardless of the business type each one requires the right business model, including those establishing a home business. Just because you run a home based business doesn’t mean it can pull in 6 or 7 figures. What is important is choosing the right home business model that aligns with the plans for your new business.
Deciding on the right home business models will help in promotion and make your home business succeed. But you should consider the following important areas before starting a business at home.
Regardless of how well planned your business model is, there are a few considerations for running a business from home.
If you plan on setting up a product based business model you must know any restrictions for shipping products to customers locally and internationally. For example, I used to sell perfume online and there are certain countries where these products could not be shipped.
You need to check on zoning restrictions as there will be certain products that cannot be shipped overseas or within your own country. Each country may also have its own restrictions on items sent via “airmail”. So it is important to check with your local government and postal services for details on what you can and cannot send from your home.
If you have never worked at home, then be aware of distractions. Neighbours, friends, family and children can all interfere with your workday. You need to set up a routine, a defined space and make it clear to those around you about what times you are “working” and when you are just “at home” to avoid constant interruption. This includes the phone, visits to your home, email and texting.