With the COVID-19 pandemic in Singapore, many have lost their sources of income or have been forced to take pay cuts. People are turning to home-based businesses as a way to adapt with the situation and make ends meet. However, not all home-based businesses succeed. One in three fail within the first three years of establishment, while many more may become a source of frustration for its founders.
If you are ready for the next step, here are a few success tips to aid you in establishing your home-based business.
1. Treat your business professionally
You’d want your business to generate money to be financially independent. As such, you will need to treat it seriously instead of just a hobby or a pastime that you’re passionate about. Despite being home-based, try to make some adjustments in your home to cater to your business. For instance, set aside a home office space with office equipment to help you focus on your work tasks and maintain productivity. Invest in a decent computer, an extra phone line and anything else that is required for your operation. Create a marketing plan to publicise your offerings and make a roadmap for future growth.
2. Charge what you are worth
With how hard you work, refrain from charging your customers lesser than what you’re worth. Otherwise, you may be putting your business at work when you are not paid fairly. If you’re unsure, do research on what other companies are changing for similar products/services. Look into their catalogues, price lists and e-commerce websites. Then, you can begin to develop a pricing or fee structure to help you achieve your business goals.
3. Build a solid customer base
At the heart of every business lies its customer base. Customers know when they are placed high or low on a company’s list of priorities – especially when observing how a company can go out of its way to ensure their satisfaction. At the same time, growing a customer base commonly involves word-of-mouth referrals, especially for home-based businesses. This is a crucial way for you to market yourself and gain new business. One of the many ways to earn great referrals from customers is to deliver quality work, and deliver on time. It is good to also keep them updated on the progress of what that engage in you for, and ultimately be courteous and dependable. Strive to meet your customers’ needs – it will show that your business really does care about them.
Reach out to an SME accounting services firm
Before you turn your home-based business passion into action, there are many rules you must adhere to. For instance, you will need some help in incorporating your company and ensures it adheres to the regulations set by the government.
Ackenting Group provides a wide range of corporate services including accounting and bookkeeping services to ensures your accounts are kept in good shape and make your statutory compliance easy. In addition, we can go over your business plan and organise the right ideas for your home-based business. Our priority is to be a reliable partner to help you develop a venture that is both financially viable and competitive for your business.
Here are a few ways an SME accounting services firm can help you to succeed.
- Keeping costs low
It is not easy to set up a home-based business and simply call it a success. It takes skills, experience, and an excellent network to do so. By outsourcing to a trusted SME accounting services firm, it can truly help you to save on time and effort in the birthing process. You can turn your venture into a reality, and tap on the necessary support you require through outsourced services.
At Ackenting Group, our experienced accountants will work closely with you to understand your business needs and provide consulting advice so you can make the most suitable decision for your growing business. This way, you can keep utilities, insurances and other office expenses low, prioritising on the success of your business.
- Sourcing for high-quality, affordable talent
No business owner is able to do everything on their own. A business thrives when it can handle a multitude of different talent and resources, but these come at a cost. For instance, when you outsource to one of the best audit firms, you can obtain the best talent at a more affordable rate instead of hiring your own audit team. Outsourcing can help you keep your costs low and ensure your business remain compliant with the relevant regulatory reporting requirements.
- Allowing you to compete effectively
Be it home-based or not, a successful business must be aware of its environments and competitors. With professional help you can have a deeper insight into the market analysis as well as understand more about your competition. This helps you see what your competitors are doing right and where your business can improve.
At Ackenting Group, we also provide affordable accounting service prices and render the help your business needs to prosper. Leave your business financial matters to the experts and gain useful knowledge on how to grow your company and compete much more effectively.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
