When considering starting a home based business, there are several preliminary steps you need to take to ensure you start off for the ‘right’ reasons, in the ‘right’ market for yourself, and with the ‘right’ resources. You’ll begin to understand what’s ‘right’ through the following synopsis of what it truly takes to fully develop a successful home business.
You should first be clear as to “Why” you want to start your own home based business (the ‘right’ reason) before you jump right into getting one started. This will be your reasons, your wants, your passions, your dreams. Ask yourself “What is my ‘Why’?”, and keep asking “Why” down to five levels, to get to the real answer. Your initial “Why” will typically be general and superficial and will only satisfy an immediate perceived need. You need to dig deeper and find the long term, life changing reason for starting a home based business. List and define these reasons,and be as specific as you can. It could be that you “want to set your own hours,” “be your own boss,” “have more time with your family,” “write your own paycheck,” maybe you’re “not fulfilled with the current profession you’re in.” These are all superficial, first level “Why’s”. “I want to achieve success in making my own way so I can pass that knowledge and skill down to my children so they, too, can duplicate my success and live the life they want, without all the struggles I had.” This is a more long term and life changing “Why”, perhaps a final fifth level, even.
Whatever your “Why”, being successful at starting a home based business depends on your passion for the type of work you wish to delve into. There is, typically, a lot at stake when starting your own home business, and the amount of time and effort you must put into it could be overwhelming and exhausting. It is imperative that you be passionate about your new business endeavor in order to see it through to success. You must next focus on knowing and acknowledging your strengths. Take some time to recognize your talents and skills, and your passion (the ‘right’ reason). It is essential that you understand which type of business is well suited to you and your interests. Everyone can do something, but not anyone can do everything, and particularly well. So, clearly evaluate your strengths in any market. If the market you seek is one in which you have no or little experience, but simply the desire to work in, then you must be mentally and emotionally prepared to deal with a multitude of start-up issues while just learning the skills to manage in that market.
Once you have established your “Why” and decided on what type of home based business you want to start according to your talents, skills and passion, you will need to develop what is THE most important aspect of your business, and that is the Business Plan. You’ve probably heard the saying ‘If you fail to plan, you plan to fail’. Your business plan is your guide to development and growth. It will list all of the important factors required to start a new business. Among other things, the plan will list your investment costs and options; financial gain you intend to receive from the business; the amount of time you anticipate developing, building and working your business should also be defined in your plan. It will also need to include any licenses and permits required, technical aspects (hardware, software, websites, etc.), and a Marketing Plan.
After your business plan has been developed, the next fundamental requirement to starting a home based business is a plan to profit from it, a business marketing plan. This is your strategy for promoting and selling your product or service.
Your marketing plan should specifically consider and consist of four factors: product, pricing, place and promotion. Once you choose the product or service you plan to sell or provide, you’ll need a solid pricing strategy. Too expensive and people won’t buy it; too cheap and people will think of low quality. Place is all about where you are going to market your products or services… local, global, or online. Promotion consists of advertising your home based business, whether marketing on the internet, or offline in print, in the media, etc.
As you can clearly see, you must be properly prepared in order to be successful as an entrepreneur. Do your research, and do it right. Be sure you are very clear on your “Why” of wanting your own home based business. Fairly evaluate and determine your passion in order to choose the right home business for yourself. Develop a Business Plan and a Marketing Plan. This, with Promotion and Advertising, is what will bring traffic, i.e. customers, to your website. Customers, of course, are the life blood of your business. If you don’t have customers, you don’t have a business.