Growing a business from your basement or bedroom is something that tech entrepreneurs like to talk about. However, it is more common than you might think among ordinary folk. People like us try something one day and all of a sudden, it starts generating cash (usually that we didn’t expect).
These little businesses are ideal when you want extra income but don’t want to take on yet another job. They’re also handy when you want extra money for travel or you plan on turning it into a full-time career.
But how do you start generating “a little business” and what can you do to make sure it doesn’t stay small for long? That’s the topic of this post. It looks at some of the methods you can use to generate more money and perhaps replace your existing work altogether.
Build A Simple But Effective Online Presence
If you have something that people really want, a simple online presence is all you need. You don’t need to go to expensive agencies and get them to perform every marketing tactic under the sun.
A simple online presence usually has the following three elements:
- A statement about what you offer
- How people can buy from you
- Your contact details
The last part is surprisingly important. Contact details give prospective customers peace of mind and remind them that you offer a legitimate business. They can contact you at any time for clarification or to learn more about what you do and how you operate.
Separate Your Personal Finances
Also, make sure you separate your personal and business finances when setting up an at-home brand or side hustle. Don’t mix the two for tax purposes.
These days, separating your businesses is more straightforward than you might think. Most software packages, like Quickbooks, will do it for you automatically so you don’t even have to think about it.
You could also use spreadsheets, but why make things complicated?
Set Up A Reliable Payment System
It’s also a good idea to investigate a custom payment solutions API so you can take payments reliably. It should be easy for customers to transfer money from their accounts to yours.
These days, there are all sorts of tools you can use to do this automatically. These work on the backend, connecting to payment providers and transferring money as requested. Usually, you don’t have to think about it.
Automate Tasks
You also want to automate as many home business tasks as you can, freeing you up for the things that matter most. Don’t be one of those people who constantly think they have to do everything in their business. You don’t.
Protect Yourself Legally
Finally, make sure you put legal protections in place so you don’t get in trouble with the law. Always register your business where possible so that it’s a separate entity from you. Also, use basic contracts when working with others so people can’t take advantage of you and leave you out of pocket. If forming a partnership, get it down in writing.