By Elena Stewart
The COVID-19 pandemic hurt working women in particular, as many lost their jobs when stay-at-home orders went into effect. For others, the increase in household responsibilities led them to make tough career choices. Recent research shows around 2 million women considered downshifting their career or leaving the workforce, with the most significant percentage being those with children under 10. The silver lining is that many discovered their ability to generate income with an online business, giving a new career to those who lost their job and providing flexibility to working moms. Today, Agile BSA shares a few tips on starting your own successful home business.
Choose Your Job/Specialty
Thanks to digital technology, you have several online business options available to you. To narrow down your choices, think about what you are good at and how you can use that to help others. For example, if you are a crafty person, you can set up an online store to sell your products. Starting a blog is an excellent choice if you have a talent for writing, as is freelancing as a copywriter or proofreader. A bookkeeping or accounting service is always in demand, especially with small businesses. Other ideas include:
• Virtual assistant
• Web designer
• Graphic artist
• Photographer
• Travel agent
• Life coach
Write a Business Plan
Your next step is to create a business plan that lists all the details of your new startup and how you plan on making it a success. This plan comes in handy if you need to get investors involved to fund your new company.
Consider forming your business as a limited liability company to reap tax advantages and get more flexibility and less paperwork. It also limits your personal liability should you face a lawsuit in the future. Check your state's LLC formation rules before moving ahead, as regulations vary nationwide.
Create a Brand
Creating a brand for your new business gives you a competitive edge in the marketplace. It makes you memorable to consumers and brings attention to the products or services you offer. Decide what style you want to convey to the public, whether whimsical, friendly, luxurious, or formal.
A logo is an essential part of building your brand awareness, as it creates a solid first impression with customers and clues them into what separates your company from your competitors. Therefore, it is worth the extra money to hire a professional designer to create one for you.
However, if your startup budget is tight, you can create one yourself with a bit of help. Online logo makers can assist you in designing your own attractive and creative logo. Afterwards, make sure you add your new logo to your invoices. Incidentally, as vital as it is that you maintain precise and accurate records, you can also save money in that area as well by using a free invoice maker program.
Market Your Business on Social Media
The easiest and least expensive way to tell the public about your new company is to market it on social media platforms. There is no cost to create a Facebook, Instagram, or YouTube page for your business. Making a social media strategy document helps you set goals, schedule your content and keep all your posts organized.
Now is a great time to start your own online business. Following these tips can help you make it a success.
Agile BSA is dedicated to improving the profession of Business Analysis as it transitions into an Agile world. Over the coming weeks, months, and years – we plan on contributing as much knowledge as we can to the profession of business and system analysis. Feel free to reach out if you have any questions!