How to Keep Your Businesses Afloat Working From Home

More of us than ever before are becoming acquainted with the pleasures of working from home. But those of us who were already working from home on a freelance basis might have found that business is beginning to dry up.

With spending in freefall because of slashed income, there’s less money floating around for graphic designers, copywriters, and other creative professionals to benefit from. Other freelance tradespeople, like plumbers, camera operators, and carpenters, might have found themselves just as affected.

Printing company Instantprint conducted a survey of those working from home and found that 40% of self-employed people are working much less than what they would normally be. With many unable to work, and many more faced with declining custom thanks to a broader economic downturn, it’s going to be a testing time. So it would be recommended that you don’t say this is “the new normal” or email them about “these worrying times”, as Instantprint also found that these are the phrases you should definitely be avoiding around self-employed people.

So exactly what measures can the self-employed take to steer them through the choppy waters ahead?

Differentiation When You Are Working From Home

To make your products and services stand out in what may become a fraught marketplace, you’ll need to differentiate. Similarly, if the market is demanding something different from what you’re offering, then you’ll want to adjust in order to cater if you want to be financially rewarded. With everyone in lockdown, demand has shifted dramatically. Where possible, we’re looking to replicate existing lifestyle choices to fit the new constraints. Moreover, we’re looking to make entirely new ones.

Working From Home Going Online

The easiest way for working from home persons is to start their company online. If your business lacks an online component, then it might be time to make that your focus. If you’re a restaurant, then you can still sell your food for delivery. If you’re a dairy farmer that mostly caters to restaurants, it might be a good opportunity to look at selling directly to consumers. Of course, not everyone will have the ability to make this transition, but you can still make use of your skills by imparting them to others.

Training

With everyone spending their time at home, there’s been a marked uptick in those looking to expand their skillsets via online tutorials. You might be able to do this to pick up new skills that will be profitable in the months ahead. On the other hand, you might have skills yourself that can be offered. If you’re a musician, a tradesperson, or an artist, why not look into offering one-to-one instruction online? What might begin as a side hustle working from home might go on to become an essential source of revenue.

Slashing Waste

Identifying and eliminating profligate spending should be an ongoing priority for any business. But during times of economic hardship, it’s crucial. Ideally, you’ll want to take these steps before the recession begins to bite. That way, you’ll be able to consider what’s important, and avoid cutting investment recklessly. So take advantage of the time you have now, and plan for what’s ahead.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan