Having your own business is a dream for many individuals. Here are a few steps to succeed once you start off on your own!

When you plan to start off your own business, its with dreams in your eyes and heart. But once it takes off, you realise that there is a lot more to running your own business than just looking fancy schmancy and earning buckets, no truck loads of money. At times, you may go through a lean phase and wonder what is it that went wrong? Fret not, for here, I have compiled a list of 7 habits (well there are more but these are the main seven) of successful home based business owners.

Keep in mind that I am writing this with a general point of view. Tailor them according to your profession and see how it applies to your business.

Habit 1: Set a dedicated space for your Office

When you start working from home, many a times, you slack off. Your office might just be your laptop and phone and hence you are tempted to sit in front of the TV or on the back porch. Tempting as that might be, refrain from doing so. Set aside some space as your dedicated work space. Even if you’ve started a home based bakery or pottery business, set aside a desk where you keep all your papers, designs (if you design clothes or jewellery), files and your requirements. If you work at a computer, make sure it’s your ‘work’ computer. If you have the luxury of space, set aside an office; but if not, just a corner of your study or where ever it’s quiet and peaceful and you can concentrate.

Habit 2: Dedicate time / Have a good Plan

What makes the extremely successful people, extremely successful? Well, lame question. They have a set plan, a goal, a target. Yes many of us have a set goal too, but many a times the path isn’t too clear. What you need to do is give time. Sit down with a piece of paper and a pen in the quiet place we spoke about in the earlier point. Write down, where you stand, what your resources are, and what’s your goal. Make a mind map as visuals help you to understand things better. By the end of this exercise you should have a better view as to what your path should be to reach your goal. For e.g: You have a home-based baking business, write down the assets you have. These will be your ovens, bread making machines, your mixers etc. Now, if your final goal is to have your own bakery set up after a year, then first write down how much you need to spend to achieve this goal. Once you know the figure you need to have in hard cash with you, work backwards. Visualise how you can earn that kind of money, what should your marketing strategy be, how exactly to go about it. So this is just an example for a bakery business; you need to work it out for your own brand of business!

Decide what kind of time you want to spend on developing your business. Just because you run a home-based business, doesn’t mean that you are freely available to baby sit other’s kids and run errands for them.

Habit 3: Use Professional Tools

I repeat, nothing is as important as this point! It’s very very necessary, just cannot stress enough on this point. Agreed that if you need to buy a program, you’ll have to invest in a little more, but trust my words, it’s going to be worth it. Instead of using some free tool off the internet, it’s far better to buy a small program to help you out. Many a times, free programs will have weird watermarks which ruin the professional looking effect. So if you hand over such a printout to your client, they’ll be immediately put off by it.

If the tool is totally out of your budget, here’s a fantastic idea: catch a student who’s into programming. Or a fresher, they need that boost to get into the field, you need a cheaper version of the program. Explain what features you require, show them a trial version of the program (mostly on the internet you have a 10 day trial version for nearly everything) and tell them what you need. They’ll come up with a tailor made tool for you, plus it won’t be exorbitant too! This will turn out to be very beneficial because you won’t be paying for a fancy brand name, and for the parts you won’t ever use. It’ll be tailor made just for you. Obviously, please make sure you are not doing any kind of piracy. It’s just getting a program designed to suit your needs. Make the interface different and whatever you do NEVER encourage piracy.

Habit 4: Monitor Finances

Whoa! Do I even need to explain this one? This is the basic one. If you’ve never taken accounts or learned about finances, take a small course before you start your business. You need to know how to monitor your finances. In a business, it so happens that there might be a sudden influx of money in one particular month. You need to know how to invest it, how to save for a rainy day when maybe there isn’t too much cash coming in. As a business man or woman, you need to be an expert in your chosen field and in the field of managing money.

Habit 5: File your Taxes; Keep your papers clear

You knew this was coming, didn’t you? After the above habit, this was the blatant next one! But this is also a million dollar one. If you’ve registered your business, or own a license for it, keep it in a proper place. Don’t misplace it, or think that just because you’ve registered it, it’s okay to keep it anywhere. Scan it and keep a copy on your laptop. If you need a health license, or some sort of permissions, keep them handy.

Keep your tax returns filed properly. Calculate and have your own statements created if you don’t want to take help of a professional. Keep your copyright certificates or any such important documents safe and sound.

Remember, run a business according to the law in your state. Keep your papers clear and you’ll never ever have any trouble from anyone!

Habit 6: Update and Adapt yourself with the new developments

Think of any successful business person from your chosen field. Can you imagine what would happen if they refused to follow the newest trends? If they kept themselves rooted in some 1980s styles?

Whatever your chosen field might be, updation and adaptation is really necessary. Subscribe to a few magazines in your field and keep up with the new trends. Learn about any new software programs or apps that might have come up. For all you know, they’ll make things simpler for you. Also, your clients will be impressed with your enthusiasm and obviously you gain from that.

Habit 7: Maintain Communication / Create Networks

Let’s face it, that’s the only way we can grow. Out of sight, out of mind is today’s mantra. So communicate, with everyone! Communicate with your current clients, your potential clients, your past clients, hold an exhibition or sale (if it applies to your kind of business), regularly send text messages or emails telling people about the newest developments etc. Wish them on holidays and occasions and network with them as much a possible. Create your own network which will spread the word when you launch a new thing.

This is not the time to think: Oh if my work is good, it’ll speak enough for my business and me. No! Now a days, you need to be very forthcoming. Marketing your business well is as crucial as having a good product. So go ahead, communicate as much as you want.

And last: this isn’t really a habit, but I wanted to include this – take pride in your business. Just because you have a home based business doen’t mean you’re available to babysit kids and run errands for others. Say a no to them and work on your business development. Good Luck!