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Out of the pandemic in 2020 came a new way to work. For some Americans, that meant working from home for their same company. For others who were laid off, it translated into perhaps finding a new career. And for about 4.3 million Americans, that meant starting an at-home business, according to the U.S. Census Bureau. The number of entrepreneurs grew by about 1 million over 2019, CNBC reported.
Whether out of economic need or a desire to fulfill a longtime dream, these entrepreneurs got to work in 2020 as their own bosses, and the trend hasn’t changed in 2021. Through August, applications were filed for 3.8 million more businesses.
Are you ready to realize your dream of owning a business? It can require a serious reality check. Walk yourself through the initial steps of how to start a small business from home to see what it will take for you to successfully become a small-business owner in your state.
Use Resources From the Small Business Administration
Learning how to start a small business from home can be overwhelming, especially when there is ample information to be researched, so leveraging resources such as the Small Business Administration is a strategic way to make progress more quickly. The SBA was created to aid small-business owners and serves as a resource for aspiring entrepreneurs.
Some of the resources available through the SBA include training in small-business operations, writing business plans and how to obtain small business loans and grants. Mentorship from experienced business owners is also available, so you can get guidance through different phases of launching and developing your business. Many of the resources provided by the SBA are free, and it has an extensive library of information for learning.
Identify Your Target Market
If you provide a product or service, it’s important to identify your target market so you can understand your customers’ wants and needs. So, whether you start a home-based business that refurbishes antiques or an online business that sells eco-friendly home goods, knowing your demographic of consumers will determine how you market your product. Study your competitors and various customer forums online to spot underserved needs your business can meet.
Make a Business Plan
A business plan, or executive summary, is a blueprint of where you want your small business to go. It should include information such as, but not limited to, the following:
- Company description
- Market analysis
- Organization and management
- Financial forecasts
- Marketing strategy, including advertising and social media
Be as thorough as possible so you have a good …….