Things I Wish I Knew Before Starting a Home-Based Business

Starting a home-based business is not for everyone, but for the right person with the right grit and mindset, it can be a dream come true.

Here are some things I wish I’d known before I started my online teaching business 👇

1) With no boss to kick your butt if you fall behind, you have to be motivated to put in the work. Some days this is easier than others. It can be very tempting to stay in bed all morning, especially if you were up late taking care of other life responsibilities (or just trying to keep up with the chaotic schedule most people have these days).

2) Speaking of work, it’ll be 50,000 times harder at the beginning to finally get some momentum going. If you’re not in it for the long-term game, don’t play. I learned SO much patience when I started my business, and still am to this day. We frequently want things to happen yesterday, but the universe will usually smack some sense into us - at least it did with me. Try to take the lessons you're given and learn from them.

3) If you’re a parent who’s also trying to leave a full-time job, the balancing act seems impossible. Key word being "seems" here. But it's not! Make a realistic schedule for yourself, give yourself grace when things get tough, and remind yourself that anything worth having is worth working towards. If it were easy, everyone would be doing it, but in order to have things other people don't have, we have to do things other people don't do.

4) Some days, you’ll have no clue what to do. That's normal. This is why it's good to map out a monthly and weekly plan for yourself. If you're just starting off and truly have no clue what to do, then take the time to learn. Study your market, perfect your craft, do your research, take a course, whatever it takes!

5) You should always be your biggest investment. People can take your money, your time, and your assets, but they can never take away your knowledge or the skills you gain by investing in your own self education. Not to mention you will feel more competent when you're armed with the knowledge you need to progress, making you that much more unstoppable.

6) You should always reinvest a certain percentage into your business every month to promote growth. Whatever that number is is up to you. Remember, it's a long-term game, not a short-term win. If you need the cash flow now, find other ways to make up for it so your business can grow in the long-term and give you and your family a higher quality of life.

7) Home-based businesses can save you TONS on taxes. Use those deductions! You can either do the simplified home office deduction, or spend a little more time keeping track of every office expense and deduct a percentage of your rent or mortgage interest, utilities, home repairs (if they relate to your office area), cleaning supplies, office furniture and supplies, software, etc.). I did the simplified version for a few years but later realized how much more value I would get if I spent a little more time being slightly more organized and itemizing all home office expenses to get the most out of my home office deduction.

8) Running a business means being super organized with your finances. Know where your money is coming and going each month and if possible, use a software like Quickbooks to get a better idea of what your better money-making months were, what the most profitable products or services you offer are, your profit & loss, balance sheet, etc. If you have no experience with this, don't be intimidated. It's easier than it sounds if you take the time to do it.

9) If you have good credit, your business can likely have good credit. Apply for a credit card and/or get a line of credit to grow your business. Lines of credit are especially great because you have 0% APR for an extended period of time, whereas with a credit card the interest is tacked on the next month if you don't pay in full.

10) Never be complacent! Always be learning new skills. This goes back to investing in yourself. You truly are your biggest and most valuable investment. So many people have lost everything but then built themselves right back of because of the skills they acquired over time as they learned the process. You are your own safety net.

11) Think of ways to create recurring income. You'll have slower months in your business, which is completely normal. The more recurring income you can have and count on for the next month, the more stable you'll feel.

12) It’s usually easier to upsell your current clients than find new ones. Be good to those who have been with you for a while by using things like rewards programs, package discounts, referral discounts, etc.

13) Don’t be desperate when it comes to money. Just like a relationship, it doesn’t like clinginess. If you put needy and desperate energy out there when it comes to money, that will actually repel it. If you are in a financial bind, look at different ways you can make money so you don't feel so much anxiety about having or not having it. Side gigs or part-time jobs are a great way to give yourself immediate income while you're building something bigger.

14) Once you enjoy the journey, the path becomes so much clearer! Yes, be focused, but enjoy the ride and the clarity will come. Of course you want to know where you're going, but when you're so focused on the destination that you don't enjoy the scenery, is the journey even worth it? This can be difficult to remember if you are struggling to barely stay afloat, but remember point 13 that money doesn't like desperate energy, so do what you can to get out of any funk or anxious feeling you have so that abundance can flow in your direction.

15) Yes, entrepreneur’s insomnia is a thing. Once you see how you can start making money from home, it’s exciting. If you’re a creative, you’ll love thinking of new and fun ways to create more income. So start building a better future for yourself and your family today! 💵