You started a home business, what are you doing to ensure it succeeds? Nearly 70 percent of U.S. entrepreneurs begin their business at home. This is one of the most economical ways to get your company off the ground. The issue is that 50% of them fail within their first five years.
That’s a large amount of businesses starting and failing in a short period of time. You want to make sure you’re on the right side of the 50% and succeed in your business for a decade or more. But getting to this point takes knowhow. And you also need the right tools.
Continue reading to see how you can start building a successful entrepreneurial career.
Always Keep Open Communication
This is essential whether you’re communicating with customers, employees or business partners. A lack of communication could be the downfall of your business. There are different tools you can use to make communication easier.
For instance, you can install the best high speed internet you can afford on your budget. Plus, you need a smartphone you can rely on. The data plan should be the latest in speed. Ensure you have the proper apps to stay connected, such as Skype, Gmail or other platforms you use to connect.
Keep Track of Your Online Reputation
You want to ensure your brand has good media surrounding it. This can be hard if your customers are upset and post negative comments on review sites and social media. This type of stuff can spread like wildfire, putting your business at risk of a backlash.
Very bad things can happen in these cases. So stay on top of it all by keeping an eye on what’s being said. Be responsive when there are negative comments, so you can quickly put out fires before they start.
You can even go as far as to offer coupons and gifts, like a free set of tickets to a concert or sports game from Ticketmaster.
Maintain Your Finances
You need to know what money is coming in and out of your business. You can use tools like Quickbooks to help keep track of it all. You can also use the business tools offered through Paypal and Freshbooks, if you’re using these payment and invoicing platforms.
You’re responsible for reporting all of the income you make. You also need to manage the expenses and understand which ones are deductible. After all, you need to save money wherever you can! If needed, you should consider using a professional accountant the first few years just to get the hang of it.
Create a Responsive Website
You need an online storefront people can visit to interact with your brand. This is essential whether you’re selling goods or services. You can use free tools like Wix or you can have a designer create one for you. Whichever way you go, make sure the website is responsive. This means it can be used by anyone using any device – mobile or desktop computers.