Remote work has started to gain traction in recent years, with many people dreaming about becoming what social media call “digital nomads.” This term, which revolves around the idea of working wherever you like while enjoying the pleasures of life, has a high potential to reinvent the way people do their jobs.
However, home-based work is expected to rival its office-based counterpart until 2025, realistically speaking, as there are still certain places without a reliable internet connection. Even so, this does not mean that the idea will not work for business owners, especially now that one can easily set up shop with very minimal hardware and monetary investment involved.
If you’re interested in this idea, here are four things you must have in order to successfully run a business from home:
A Business Plan
Like office-based businesses, companies operating from home should be organized based on a well-thought-out business plan. During the brainstorming process, you should consider every aspect of the operations, starting with your strengths, skills, and passions.
If you are a creative individual who loves to make crafts, you could begin an online craft store. If your strength revolves around digital marketing and SEO, you can start offering services to do just that. The bottom line is to focus on what you can and would love to do for years to come.
Once you know what kind of business you wish to pursue, you now need to outline the tasks you must accomplish and complete the other things you need to launch a potentially successful home-based business. Reading this article is a good start.
Skills (and the Confidence to Use Them)
As mentioned earlier, one major step in building a home-based business from the ground up is your developing your skill set. Make a list of all the things you’re good at and create a business plan from there.
You should include all your skills – and not just your talents – to make sure you cover all the bases when starting your business. This includes your organizational skills and ability to pay keen attention to detail.
After doing so, you should start conducting a reality and personality check to determine whether running a business is right for you. Remember that while anyone can start a company, not everyone will succeed, and that success comes from a combination of talent, skills, passion, confidence, and hard work.
A Home Office
Running a business from home doesn’t necessarily mean you should do your all over the house, rather than create a designated space for it. The area you need to run your company should be based on the type of business you delve into. For starters, you can start by repurposing your basement or a vacant bedroom to serve as your office space where you can put your computer and sellable goods in.
A Reliable Internet Connection
Choosing an internet provider requires more than just getting reviews and recommendations – it also entails knowing what your business needs, and the available options you have.
There are four main types of internet connection that vary depending on speed, efficiency, and reliability. These are:
- DSL or Digital Subscriber Line is a “middle-ground” type of internet in the sense that it is a significant upgrade from dial-up. However, it can still be improved in terms of speed and reliability since it relies on telephone lines to work.
- Cable internet makes use of TV lines (coaxial cables) and can reach up to 100 Mbps. It does not do well if neighboring businesses and houses are accessing the internet at the same time.
- Satellite, as the name implies, removes the need for cables to transmit information online, so you can access the internet no matter where you are. But, like all other good things, it has a downside: It cannot match the speed and reliability of grounded or cable-based internet.
- Fiber utilizes fiber-optic lines to transmit data through strands of plastic or microscopic glass. However, it has limited connection reach and has yet to become accessible in rural areas in different countries. It is unaffected by electromagnetic interference, making it very reliable in a fixed location, and is considered the future of the internet.
Aside from choosing between DSL, fiber, cable, or satellite, you must also decide whether you need unlimited internet or if the business can thrive with certain internet packages that provide your speed requirement and bandwidth and data allocation. If you have offshore employees or you are the only one using the internet, a browsing speed of between 15 and 25 Mbps should be enough.
Seize Success in the Digital Age
The rise of the digital era has led to the end of geographic boundaries in work and business. If you want to become part of this trend as a digital business-minded nomad, it is imperative that you fully understand what you’re getting into, starting with identifying what you need to have in order to succeed. Success won’t just land on your lap – you need to seize it.
Al-moottil P Antony is a C-Suite Executive Support Professional for Zain, a leading mobile and data services operator with a commercial footprint in 8 Middle Eastern and African countries.