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Making money over 50: Spare room start-ups

28 November 2014 ( 20 March 2020 )

Founder of home business website Emma Jones offers her tips on how to turn your business idea into reality and reap the benefits that come with working from home.

Sewing materials
Turning your hobby into a business is a great way to get paid for doing what you love and it never feels like work

In five simple steps, here’s how you can become your own boss and turn that spare room into a profit centre:

Step 1: What's the big idea?

It all starts with the idea. What’s your idea? If you have one, then skip to step 2. If you’re in need of a little inspiration, think about these factors:

* What is your passion/hobby skill? Turning your hobby into a business is a great way to get paid for doing what you love and it never feels like work.

* Spotted a gap in the market? If you've ever looked for a product or service that you just can't find, maybe others have looked too - meaning there's a market out there for something that doesn't yet exist. Fill that gap.

* I can do it better. If you see someone doing something but think you can do it better yourself, then go right ahead.

* If you’re still all out of ideas, then consider a franchise. There are plenty about, offering a proven business model and an opportunity to work with other people who have the same goal as you.

Step 2: Write the plan

Once you’ve come up with your idea, it’s time to write a plan. This doesn’t have to be a big job; in fact, the best business plans are the most brief. You might want to include some key headings that I label IMOFF:

* Idea – what’s the idea?

* Market – who are your customers?

* Operations – how will you manage the business/what extra resource might you need?

* Friends – who can you turn to for advice?

* Financials – can you sell the product/service for more than it costs to make – ie: make a profit?

Your plan will act as a route map for the journey ahead.

Step 3: Get set-up

Ideally, find dedicated space in the house to serve as your home office. That way you can make a clear boundary between what’s work time and what’s not.

Furnish this space in a way that makes you feel comfortable. You’ll need a laptop and a printer to get started – and a good broadband connection. You can get your whole home office set up for a financial outlay in the low hundreds of pounds.

Invest in a good desk and chair and choose space that offers plenty of natural light. One of the upsides of working for yourself from home is that you get to choose the work environment.

Step 4: Sales and marketing

You have an idea, a business plan and a home office that’s raring to go. Now all you need to do is secure your first sale or commission.

Make a list of contacts and contact them individually (via email and phone) to set out the benefits of what you’re offering. Include price details and a point of contact. Follow this up regularly and be prepared to negotiate on the price for your first sale, as this could be the one that leads to many others.

Once you’ve won your first customer, shout about it on your business’ social media pages on Facebook, LinkedIn, Twitter and Instagram (which you should also, essentially, have set up). Write a press release too and send it to your network of contacts, to keep up the marketing momentum. Before you know it, you’ll be well known and talked about in all the right places.

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Step 5: Keeping it going

The last step is to keep it going. I manage this by balancing what I call the golden triangle:

* Admin (cashflow, accounts etc)

* Business development (finding new clients)

* Customer care (being good to current clients)

If you keep these three things in mind and in balance, you’ll continue to enjoy the every day adventure that comes with running your own home business. It’s one of the finest feelings in the world.

* Emma Jones is the founder of home business website and author of 'Spare Room Start Up - how to start a business from home', published by Harriman House.

The opinions expressed are those of the author and are not held by Saga unless specifically stated.

The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.