Homepreneurship is like running a small business lab. You experience the experiment, each day with varied results for same test. Real challenge is the balancing act, when you are a homepreneur and juggle between personal and official tasks. We need to ensure one doesn’t overlap the other. Let me share a simple checklist which anyone can follow and be a successful homepreneur.
1. Allocate a specific work timing and follow the timing consistently. Educate your family about your work timings (even your kids). In my own experience, kids understand very quickly, when you regularly follow the routine and they even surprise you by telling” its mama’s work time”.
2. Home business is nothing less than a corporate business. Home based business also needs a well curated vision and mission. Don’t get intimidated by the word business plan. Create a simple word document or handwritten business plan which describes your target customer persona, their location, cost of your products, pricing strategy for your product, your competitor product and price details, your Marketing Plan(online/offline), your plan for expansion in future and Revenue model you are going to adaopt. Remember business plan is not just to get bank loans but its important for you a as business owner to create a vision and objective and work towards that.
He who fails to plan, is planning to fail- Winston Churchill
3. Register your business. Have a Brand Name and Logo which is relevant and easily gets fixed in the mind of customer. Have it with your contact details in emails, Labels, Packages, Whats app status and social Media profiles.
4. Create a Bank Account under your business Name. Have basic business needs handy such as office seals, letter heads, business cards which are minimum required for any kind of business.
5. Have a proper dedicated home office set up even if it is a small place like a table and chair setup and maintain a cupboard / storage space to maintain your official docs.
6. Collect details about your competitor’s product, experience it. Understand the pain points not addressed in that, as a user and rectify those in your products.
7. Plan your distribution /delivery channels. Consider expenses are incurred in that? Include those expenses in your costing. Ex: Courier Charges/ commissions when you sell through market places like Amazon /Flipkart
8. Draft a Financial plan with setting realistic targets and intermediate mile stones and take small steps towards it each day progressively. Maintain accounts Book or Excel sheet to track your finances. Review the sheet and try matching it with your milestones. If you feel you are losing much and not doing well, its time to pause and retrospect. You should be emotionally detached with your business, instead of getting drowned in losses, always it’s better to scrap it after a certain tolerance level. Identify your tolerance level.
9. Ensure you are taking your salary from the business, even though you are the owner.
10. Plan for emergencies and backup solutions to deliver on time.
11. Make it a point to keep up the promise you made to customer. Under promise and over deliver always delights customer.
12. Try to get feedback/ suggestions directly from the customer through your social media pages, direct calls, Thanks messages or emails on the whole process like ordering, delivery and customer care and refine as you go