It is never too late in life to start a home-based business. No matter your interests or skills, there are numerous kinds of businesses that you can start with minimal training. Technology has made it easier than ever before to sell products and services and to reach customers across the globe.
Article originally published July 30, 2021
If you’re new to the world of entrepreneurship, there are a few important things that you’ll need to know.
Learn the skills needed to run a successful business
While you definitely do not need to have a formal business education to launch your own company, taking business classes can certainly help. This is especially the case if you previously worked in a completely unrelated field prior to retirement. Acquiring critical business skills can be done quickly and easily. In fact, you can now enroll in online degree programs — such as accounting, marketing, or business ethics — to enhance and grow your business acumen. From the comfort of your home, you can take select classes or earn a degree.
Another important set of skills to have as a business owner are computer skills. If you don’t consider yourself to be tech-savvy, one or two basic computer classes can make your life much easier. These courses teach you how to use basic programs (such as Microsoft Office and Excel), how to use common websites/platforms (such as Gmail and Google Drive), and more.
Start a business that centers around your passions
One of the biggest perks of starting a business is being able to do something you genuinely love. Before committing to an idea, be sure that you are selecting a focus that centers around your passions in life. Some ideas include making baked goods from favorite family recipes, building furniture, offering pet sitting services, or selling your artwork. Make sure that your business doesn’t feel like work and that it allows you to do what you enjoy most.
Research what paperwork you’ll need to file
A surprising number of individuals skip over important paperwork that needs to be filed to run their businesses legally. Since the penalties of not doing so can be harsh, thoroughly research what paperwork you’ll need to complete before selling anything.
If you are offering services, you may not need to do much. For example, those who run businesses that offer graphic design services, writing services, and the like usually do not need a business license (or any other formal documents). However, if you are planning on selling physical products, you will need a business license, a sales tax permit (since you must charge state and/or county taxes), and an EIN. Many states have small business resources available online, which is helpful in determining what you need for your specific business.
Outsource tasks you don’t enjoy (or don’t know how to do)
Entrepreneurs are certainly not expected to do everything by themselves. Running a business is a time-consuming task, and there is a steep learning curve in the beginning. Make life easier on yourself by outsourcing the uninspiring tasks that you don’t enjoy — as well as the ones you don’t know how to do.
Albright Administration offers services such as email marketing, administrative support, and typing. These services are incredibly valuable for both new and experienced business owners. Other tasks you may want to consider outsourcing include customer support, social media marketing, and website design.
Starting a home-based business is an exciting endeavor. It is a great way to do something you love, and to learn new skills. In addition to the above tips, it is wise to consult with a financial advisor to ensure that you are able to meet all of your business and personal financial goals.
Thank you for reading!
Written by Derek Goodman
Derek is an entrepreneur. He’d always wanted to make his own future, and he knew growing his own business was the only way to do that. He created his site Inbizability, to offer you tips, tricks, and resources so that you realize your business ability and potential now, not later.
Albright Administration delivers top-tier professional administrative services, including email marketing set up, typing and transcription services, and more. Explore a full list of our offerings today.
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