How To Start Your Own Small Business From Home
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How To Start Your Own Small Business From Home
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Steps To Starting Your Own Successful Business
Time is a precious commodity, especially when you’re a small business owner and always seem to have a million to make.
“Many small business owners don’t make time during their workday to just drive, run, and run errands,” says Laura Vanderkam, time management expert and author of I Know How She Does It: How Successful Women Make the Most of It. Their Time.” says Business Insider.
While the core product of getting things done for your business obviously takes up most of your day, it’s also important to make time for other valuable things like networking, building skills, interacting with employees and relaxing, says Vanderkam.
Step By Step Guide To Starting Your Own Small Business
While this routine isn’t right for everyone, Vanderkam’s sample schedule is a good starting point when starting a small business:
Research in Belgium suggests that exercising early in the morning — before you eat breakfast — will not only help you reach your fitness goals, but may provide more energy than those few extra minutes.
It’s time to shower, eat a healthy breakfast, take care of family responsibilities and get people where they need to go.
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First in the workday, your main production time, you need to focus on daily priorities to maintain your business.
Any business relies on people and you need a balanced lunch to keep your energy levels up anyway, so you might as well try to make the most of that time.
Use your lunch break with people you know or want to get to know better, whether they are employees or people outside your business.
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Take some time to grow your business or yourself. This can mean learning a new skill, improving what you already know, or finding new jobs or projects you can take on.
You may already have social media help, but every entrepreneur needs to think about how the rest of the world sees you.
Mentoring and giving back to the community are two great ways to build your outside career capital.
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Getting some natural sunlight and some exercise are great ways to increase alertness and boost your energy levels during your afternoon break.
Things that require dedicated time to deal with crops during the day – now is the time to wipe anything that needs maintenance.
Identify your top three priorities for the next day and if you need to recreate anything. Or, if you plan to work later in the evening, know your strategy ahead of time to do it effectively.
About Small Business Owners
Whether you want to spend time with family, hang out with friends, volunteer, or just relax by yourself, your personal time shouldn’t consist of work.
Some small business owners, and working people in general, find it difficult to completely log off after work. Set aside an hour for clean up work, creative thinking, or reading for work.
Close the laptop, put the phone down and take a little more personal time before bed. Sleep needs vary from person to person, but seven hours is a good place to start. For your convenience, I also link many products as affiliate links, which means I can earn money if you buy a product I recommend.
List Of Small Business Ideas For Newbie Entrepreneurs
A few years ago Aaron and I made a very bad business decision and lost $55,000 (yes, you read that right). We are so stupid. I was cleaning up some old posts and thought you might enjoy reading about my stupidity.
If you want to start a business, I highly recommend reading this post which highlights factors that contribute to business failure.
PS If you’re ready to start your first business, check out my new book: How to Start Your First Side Hustle.
Best Small Business Ideas
Aaron and I had a garage clean day yesterday. It should go to the lake day. I bring this up because of why we had to clean out our garage.
About four years ago Aaron and I were contacted by a friend who was looking for business investors in an eBay company that sold shoes.
Our friend has extensive experience in the industry and has been an eBay reseller for years. I’m not a business expert, but I know how to read financial statements and the numbers look good. They did not come out with huge profits and our friend informed us that it is at least a 2-3 year investment.
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We were excited to try something new and decided to invest $15,000 even though we were in the middle of our debt reduction journey (mistake 1). We took money from our emergency fund (mistake 2) and went for it.
This post was written in part because of this stupid decision – 4 Questions to Ask Yourself Before Using Your Emergency Fund
It wasn’t what we planned, but we decided to run with it and see what happens.
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Our friend continued to manage the company with the expectation that he could buy it later. In the meantime, we set up a profit-sharing system to balance the fact that it had to be his company.
In our minds, it’s still his company, we’ve been involved in the rare times he’s asked for advice, but for the most part, let him handle everything (mistake 3).
Fast forward a year and the numbers look pretty good. We are constantly making small profits and sales are increasing month after month.
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Our friend felt it was time to take the business to the next level.
We reviewed the historical numbers, examined the pro formas, and decided to put in an additional $25,000 (error 4). We also allowed him to max out the company credit card at $15,000 (Error 5).
With the line of credit, our liability is now about $55,000. A friend of ours also invested $25,000 shortly thereafter.
Small Business Network Diagram
Taking the business to the next level meant our friend couldn’t move it out of his house, which meant we needed storage space. We signed a lease and suddenly our monthly expenses went up during the cash infusion (mistake 6).
This means that cash is diverted from the purchase of products. On the other hand rent, utilities, insurance, employees and other overheads have increased.
The industry is very cyclical and timing your sales cycle is critical. We never get our sales, order far enough in advance to list and sell the product on time.
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Meanwhile, our friend had an emergency operation and some personal problems diverted his attention. This means less supervision at the warehouse, more employees and higher overhead.
Aaron and I have to step in and fill in the gaps, but we’re both dealing with our own work issues. More importantly, we lack the knowledge to help as needed (Fault 7).
Six months ago, we closed the business and ended up with somewhere in the neighborhood of 800 boots in our garage.
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Last week one of our plastic Tupperware containers broke. It was at the bottom of a big stack of cans, so all the cans fell. They knocked over 50-gallon water barrels (they had to be full), they knocked over bicycles, they knocked over another stack of shoes.
It’s probably a good thing the dumpster collapsed because the garage needed to be cleaned.
There’s nothing worse than spending an entire Saturday stacking shoes only to realize your $55,000 investment is now down to 800 shoes. Unfortunately, at $68 a shoe I don’t need to break even.
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At this point, I’m willing to sell each set for $10-20 to get them out of our garage. Let me know if you are interested in buying a few pairs.
**Editors note: I’m slowly selling shoes through Thredup, I’m not making much money, but at least I’m getting rid of them. It’s a great way to make some extra money if you have used clothing.
I spent the day thinking about the mistakes I made in running our business. It was a long day, so I had plenty of time to review all the mistakes we made. I have read a lot about the main causes of business failure
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