- Many business owners run micro-enterprises that are based out of the home rather than a separate location
- Keeping your business scope manageable and operating within your limits will improve your chances of success
- Tips for successful strategies in business planning, finances, and marketing
Millions of employees have been adapting to the new reality of working from home during the COVID-19 pandemic, but for entrepreneurs this arrangement is nothing new. According to the U.S. Small Business Administration, home-based enterprises have consistently made up about half of businesses in the nation. The share is even higher in trades such as information, construction, and professional services.
Many businesses started as home-based ventures have grown into highly successful companies. This has been particularly prevalent in the tech industry, with Amazon and Apple starting out in their founders’ garages, but home-based work areas were also responsible for launching companies like Mattel, Harley-Davidson, and Yankee Candle.
However, anyone starting a business at home should start by focusing on strategies that can set them up for long-term sustainability. This Inc.com article shares nine tips for success, including careful financial management, limiting the initial scope of your offerings, differentiating yourself from competitors, and ongoing marketing efforts.
