Margaret Njeri, a finance coach and advisor, says the first step to earning money from home is to identify your skills, passions and available resources. Using your personal experience to serve a niche market in which you can establish yourself as an expert or consultant will pay off.
Conduct surveysThink about the problems and gaps in your field that you can solve from home. “Observe frequent complaints, check community groups or ask people what they wish existed. Conduct informal surveys and leverage social media DMs or polls,” she says.
Shift your mindset!To enhance the look of your business, you need to shift your mindset from that of a consumer to that of a creator. It also involves creating a dedicated workspace to help you set boundaries and boost productivity, even if you run your business from home.
Get the basic equipment you needAccording to Margaret, there are some basic tools you need to start a product-based business, such as a phone with a good camera, internet access, packaging supplies and mobile money payment solutions.
Legalise your business“You can also create clear branding with a registered name, logo, and business page to showcase your products,” she recommends.
What’s more, familiarise yourself with local bylaws and permits, if applicable. Once that’s been taken care of, open a business till or account. Remember to be honest about your income reporting for future growth.
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Give it a trial run without spending too much money or time: create a simple, free flyer and post it on social media. You could offer a few of your products or services to friends in exchange for feedback. You could also join online groups and market directly with a launch offer.
Use simple social platformsUser-friendly platforms for beginners include Jumia, Upwork, Fiverr, Facebook Marketplace, WhatsApp Business and Instagram.
The advantages of starting a business from home include low costs, digital accessibility, and high demand. You will also be able to deliver value consistently without needing a physical shop.
Handling business financesMargaret recommends keeping a separate business account to enable you to track every income and expense using simple tools like notebooks and Excel spreadsheets. Reinvest profits wisely and save a percentage of your earnings for long-term success.
“Review your cash flow weekly to stay grounded,” she says.