Tag: work from home

How to Start a Home-Based Business With No Money or Space

So you want to start a home-based business in 2022 but you don’t have any money or space? Well, I’m here to tell you that it can be done, it’s simple yet hard, but can be done! This short guide on how to start a home-based business will provide you with tips on how to get started even if you don’t have the funds or space to get your project off the ground right away. Keep reading and learn how to start a home-based business in 2022 without spending any money at all! As I say “use what’s in your hands”.

Photo by SHVETS production on Pexels.com

Now, to start does not mean PROFITABLE. Let me say that again, too start a home-based business does NOT mean one bit it will be PROFITABLE off the rip. We are focusing on the “starting” and concept/organizing in hopes it can metamorphosis into a phenomenal business that is profitable in the future.

Why a home-based business?

If you already have your own home/living space etc., starting a home-based business is an excellent way to put what you’ve got (your space and resources) to work for you. Home businesses can be very organized, systematic and simple in their layout when set up correctly. In addition, home-based businesses are often less expensive than traditional brick-and-mortar operations because they don’t require any additional real estate or office equipment costs, over-head is already built in. It’s also important to note that many people prefer working from home; it offers freedom from long commutes and office politics while still allowing them to make money! As of today fuel costs is averaging over $6 bucks a gallon and may get as high as a giraffes butt, to $10 bucks!

Today’s mix of inflation (which will be here for some years), crude oil steadily rising, vehicle maintenance, commutes from hell because people these days seem like they don’t know how to drive, who wouldn’t stay at home and keep more of their earnings.

What tools will you need?

Before you even begin to think about how to start a home-based business, you should figure out what tools and resources you need. You need somewhere quiet, organized and uncluttered in order to get any real work done—and if your home office is crammed with toys, books and laundry baskets that makes for an inefficient working environment. If you don’t have a dedicated space set up yet, use our pointers on how to organize your home office so you can find everything you need when it comes time to work. If all else fails, remember that there are always coffee shops where WiFi is free!

  • Determine type of business. Are you building or constructing things? If so you need dedicated area that is open and safe to work in. Are you digitally based, but need quietness to speak with clients or do ZOOM calls? Make sure you can outfit a space to limit external noise.
  • Transform a closet, attic, basement, garage, patio, extra bedroom, often times people they don’t have the space when in fact they do. The issue is they don’t want to inconvenience their current setup or clean up an area that will grant them space.
  • Do some market research and find out from others in your home-base space what they have in their home-base setup. Youtube is great for this! Many people share their tools even grant links to the resources they use.
  • Communication! Do you need a headset with noise cancellation? Do you need a laser printer? Do you need shipping labels, scale, etc.?
  • See what digital elements you already have in your home that you can optimize i.e. cellphone, laptop, desktop, old iPads, t.v. w/internet connection, professional camera, old cellphone with great camera, GoPro, recording devices, etc.

Remember your home serves as not only a living quarters, but tool! Maximize every inch of it!

Photo by olia danilevich on Pexels.com

Where will you do it?

If you’re thinking about opening up your own home-based business, you probably don’t have much money and little space in your home. That doesn’t mean it can’t be done though. Organized, systematic and simple, these are three words that are extremely important when starting off with a new endeavor at home. Let me show you how easy it is to get started with no money or space at all. First, we will look at different ways to start small. For example, if you want to sell items online, there are services like Etsy that allow you to set up an online store for free. There are also sites like eBay where people buy and sell items on their site for a fee (usually around 10%). Then you have Facebook Marketplace (not a fan but it’ll do) and SAMCART for digital products. Also working offsite from your home does not mean you’re not home-based. You can still work in the field and use free tools out in the field for you to conduct business operations! I strongly suggest maximizing your operation, by finding and using these spaces/tools, be-it cafe’s, library, meet-ups, parks, etc. In fact this is how I started CEO DriveHER in the field using cafes to do my work and meet up with my clients. So many spots and staffers new me I constantly got free food, coffee, made new friends, grew to love my community more, network, and so much more.

What kind of product do you want to sell?

One of the first steps in that process is to figure out what kind of product you want to sell. Do you want to sell physical products, like food, merchandise, or clothing? Or maybe you want something digital, like ebooks, stock photos, consulting services, etc. It doesn’t matter what you’re selling, because by following these tips, anybody can start a small home-based business in 2022 with little money and little space in their home.

  1. Decide what products/services does not require any investing or startup costs like reselling, brokering, affiliates, etc.
  2. Find what is the easiest/simplest that can yield a small reasonable profit over time.
  3. See what products does not require for you to hold inventory if possible or find vendors that offer NET 60 NET 90 accounts which allows for you to obtain the product and sell it at a profit, but pay at a later date for the inventory.

Putting your plan into action

Creating a business plan is an important step in starting any business. The process of formalizing your plans and writing them down can help you see potential problems before they arise, and it’s vital in helping you develop your company strategy. It doesn’t need to be complicated—and if you are just starting out with no money, chances are it won’t be—but as with anything, planning will make everything much simpler down the road. Keep things systematic and simple, and don’t worry about making it perfect. Get something on paper that you can refer back to when needed, then start putting your plan into action!

I cannot stress the importance of using even the simplest template for business planning to help outline the various components of your business. It must be written down constructively and concise. Here are a few comments your business plan/template should have.

  • Business structure type i.e. LLC, Scorp, Ccorp, Partnership, etc. DBA’s
  • Location and Region. Are you serving the local community, international, digital e-commerce (but where).
  • Marketing and social media type.
  • Value Proposition. What’s the value of your product/service?
  • What problem does your product solve?
  • Will your business be scalable and sailable in one to 5 years?
  • Demographic and psychographic of customer. Identify who they are, where they’re at, and what they think, what’s their general mindset.
  • Media kit.
  • Business communication like business email, business address, business phone line, etc.
  • Target audience via free media platforms.
  • Budget and operational excellence.
  • What type of free or low costing project management services can you use for email marketing, planning, structuring etc.

Finding success!

Having no money and no space does not mean you can’t start your own business. Indeed, it makes it even more important to think systematically and act simply if you want to get ahead. I started all my companies on pennies! Now, I don’t suggest that’s always the move nor is that the case for most startups, but if planned right and executed what little money invested can go a long ways and teach how to manage more with less.

Start your home-based business today! Checkout my tools and resources on my website, click here to access them: https://linktr.ee/ceodriveher

GIG RIGGED THE NEW PROFITABLE NORM IF DONE RIGHT

I will keep saying this and shouting it to the top of my lungs, but we’re living in the best of times as independent contractors, self-employed, giggers, side-hustlers, small business owners, etc. It is as if this time was created specifically for us all and though this time of opportunity is abundant it does come at a cost and readjustments.

For well over a year or two I have been speaking of the importance of gig workers establishing LLC’s. of their own and building a “gig business” of their own. I foreseen the need of the gig economy growing immensely. Some times thinking my calculations may be wrong I always ended up back to the the reality that the gig economy is here to stay and will be the new norm! Now, with Covid-19 my predictions reigns even more true!

So what is the cost of all this? The cost is moreso of an internal one causing for a mental shift and acceptance of this type of work life. As a gig strategist and gig coach the biggest thing that get in the way of most giggers is their need for immediate gratifications and lack of creativity on the platforms. They don’t see all the various aspects of the gig economy that can make them even more profitable, the great thing about this is many of them are exiting the gig economy in droves! This great exodus will become another profitable factor for those of us that do see the massive opportunities within this sector of work. We will begin to see a massive infusion of the professional turned gigger!

In many of my other writings I spoke of mainstream traditional employers embracing the template of the gig economy here’s how/why:

  1. Contracting / Outsourcing employees (in high demand).
  2. Less financial risk with contracted employees.
  3. On-boarding process is quicker.
  4. Doesn’t have to provide traditional incentives for employment.
  5. Serves as a trial run for potential hiring on employees full-time.

Why many contractors are taking advantage of the gig economy:

  1. Flexibility! This is a major one,
  2. Less commitment.
  3. Earn more upfront and use the money to pay into outlets of their choice i.e. retirement, assets, healthcare, etc.
  4. Many can work from home or remotely in the field.
  5. Less demand from authorities and oversight.
  6. Work freely.

The gig economy is not to be limited to delivery services of food and goods, nor limited to rideshare. The gig economy is made up of software engineers, truckers, administratives, virtual assistants, bookkeepers, etc. Covid season has proven this. With the majority of employees working remotely from home this proves to be true. So with this being the case why wouldn’t a business or corporation take this opportunity to minimize costs such as overhead, pay employees more, but as independent contractors? Is this possible? I think it is and know it is! Though with traditional employees still wanting employers to offer great health care options, 401k, and retirement types, that incentive is dying out massively; and employees are preferring their money upfront with the choice of purchasing their own options.

There will be a learning curve and many adjustments as this progress, but I believe if one educates themselves on these options and embrace the gig economy right, they can become highly profitable and more in control of their lives and earnings. The gig economy has a sexiness about it that can catapult you into abundance or serve as a great destruction. What is key is discipline, money management, and creating safe holdings of finances for unexpected issues.