Home Based Business
Bartlett is “Home-Based Business” Friendly
Roughly half of all US businesses are home-based. Some of which will likely grow to become Fortune 500 Companies. Most will remain small yet provide a comfortable living for the owner. In many cases home-based businesses can serve as a springboard for economic activity.
Bartlett 's economy owes much of its success to home-based businesses that literally started in a person's den, garage or barn. Local home grown businesses include success stories such as Brimhall Snacks, Kele, American Paper Optics, Audiograpics Masterworks, American Clothing, Varsity Spirit, Top Rx and Radians. These companies and others started as an idea and soon grew to become multimillion dollar companies employing local residents and making substantial capital investments in the community.
Given the flexibility of today's economy, home-based businesses are becoming more popular and, better yet, more practical. The information age continues to open up new venues and opportunities for entrepreneurs. Whether a businessperson's market is B2C or B2B, home-based businesses make sense for the start-up and those looking to maintain low overhead.
Obviously, like all businesses, there are challenges for the home-based entrepreneur, adequate capitalization and possessing a good business plan being two major factors. No business ventured is guaranteed, but having a community that welcomes home-based businesses is a major first step.
The Bartlett Area Chamber and the City of Bartlett knows the value of home-based businesses and the impact that they can have on the community. We encourage entrepreneurs to consider Bartlett as their home base! The Bartlett municipal government pledges to make certain that its laws and codes are friendly to home-based businesses and the Bartlett C hamber is committed to provide the information and services needed to get a company up and running and to assure its sustainability.
Whether it is your desire is to grow into a multimillion dollar business or simply be content with a comfortable and profitable career, Bartlett is the ideal location.
- Pick the right type of business
- Many home-based businesses are in construction and trades, business, personal and professional services
- A successful home-based business will have no need for high exposure and high overheads - there will usually be little or no direct selling, and instead of being volume-based, a successful home-based business will usually have a smaller number of higher-value customers
- Successful home-based businesses will capitalise on the low overheads and look for opportunities for high growth
- Think big, think business systems
- Many home-based business operators start out by 'falling into business' by accident
- To succeed, aim to grow the business beyond yourself and build in the systems to do that from the beginning
- Don't overwork - 24% of home-based business operators work over 50 hrs per week. This is not a 'lifestyle choice!'
- Hire and develop staff - aim to reproduce yourself so that you can retire!
- Balance home and work
- Most people in home-based business love the independence, flexibility and potential lifestyle benefits
- But most home-based business operators find it hard getting out of work mode, rather than hard getting into work mode
- Working 50hrs or more working per week is not a lifestyle
- Set clear limits - and stick to them!
- Overcome the negative stereotypes of being based at home
- Use technology - such as multiple phone numbers, combined phone and fax, email forwarding and a big web presence
- But be honest about being a home-based business, and be proud!
- Do fantastic marketing
- Network like you really mean it
- Know your customers inside out
- Pre-empt their needs, and then exceed them
- Don't compete on price - make a healthy margin on excellent service
- Overcome loneliness and isolation
- Two of the most important underlying barriers to growth of home-based business
- Mix with other business operators as much as you can afford, network, watch and learn
- Don't lose perspective. Spend half a day each week looking at your business - remember to work on it as well as in it
- Join your local chamber of commerce
