Operating a Successful Home Based Business

Creative Business Leaders Operating Successful Home Based Businesses

Nearly one in nine American workers was self-employed in 2009 according to the United States Department of Labor Bureau of Labor Statistics (BLS). As many as 15.3 million people ran their own company in 2009, the majority of them working in industries like agriculture, construction and service industries. 

To operate home based businesses as a sole proprietor, creative business leaders must generally have strong project and time management skills. They often also require enough savings to keep their business running should they experience sales lulls. To succeed, creative business leaders are encouraged to combine passion with practicality while operating a home based business.  

Measure the Results of Your Creative Business Efforts

This can help them avoid becoming consumed by their passions, blinding themselves to negative cash flows, slow sales or customer service challenges. And as always, creative business leaders are encouraged to measure the results of their efforts. Keep in mind that businesses left to chance can leave their owners surprised at how quickly the doors are closing, for good. 

In addition to taking the above steps, creative business leaders can increase their chances of operating a successful home based business long term if they: 

• Create a memorable business name and logo
• Build a website and host it with a reputable firm
• File necessary federal, state and local government forms
• Obtain required licenses and permits (also keep licenses and permits updated as required)
• Identify a location at their home where they’ll conduct business (keep in mind that working on a sofa or bed everyday might take a toll on one’s back after awhile)
• Set a schedule when they will start and end work each day (of course, there may be days when the schedule is altered)
• Take at least one full day a week away from work to rest and enjoy themselves
• Hire help as needed
• Spend time marketing their business each week
• Create a database that tracks how long it takes them to complete projects (also record how much money they get paid for projects or assignments if they freelance)
• Offer their customers the chance to purchase their products and services using credit cards, e-checks, etc. 

Operating a Home Based Business a Labor of Love

Operating a home based business may feel like a labor of love until the bill collectors come a calling. It’s then that creative business leaders realize operating a home based business requires action steps and resources like promotion and marketing (or word-of-mouth traffic). Success also calls for customers, in-demand products and services consumers and other creative business leaders (B2B) value.  

Creative business leaders who are dedicated to ensuring their company achieves “success status” also come to realize that, to remain on good terms with government agencies (can’t you see that IRS letterhead), they also need to understand and apply for licenses and permits necessary to operate their business. They’ve done their research though. They’re prepared. 

Check Out Spiral and Long Walk Up online at:  www.chistell.com 

Sources:

http://www.ic.gc.ca/eic/site/sbrp-rppe.nsf/eng/rd02610.html (Industry Canada)

http://www.bls.gov/news.release/pdf/empsit.pdf (United States Department of Labor Bureau of Labor Statistics: The Employment Situation, August 2011)

http://www.bls.gov/opub/mlr/2010/09/art2full.pdf (United States Department of Labor Bureau of Labor Statistics: Self-Employment in the United States)