| Home based businesses are rapidly gaining in | | | | By pinpointing potential problems before they occur, |
| popularity. | | | | youcan try to prevent them from occuring at all. |
| Not only do they offer you the opportunity for | | | | Develop a well-thought-out contingency plan to keep |
| freedom andthe flexibility to set your own work terms, | | | | yourbusiness running with a minimum of lost time, |
| but you alsohave control over your financial | | | | effort, orprofits. |
| independence. What dosuccessful home businesses | | | | === 6. Learn From Your Mistakes, and Build On Your |
| have in common? Here are afew tips... | | | | Successes. |
| === 1. Research Your Market. | | | | Just as you will experience success in some of the |
| Don't try to force a new product or service on an | | | | thingsyou do, you will also make some mistakes. In |
| unwillingmarket. Research your intended market first, | | | | both casesyou'll have an opportunity to improve your |
| then create aproduct or service to fit that market. | | | | business. Askyourself what you did right (or wrong), |
| Put another way, you can't force people to want what | | | | why it worked (ordidn't work), and what you could do |
| youhave to offer... but you can offer them what they | | | | differently. |
| want. | | | | Ask yourself questions. What kind of startup capital |
| Your research should also include an in-depth look at | | | | doyou need? What are your estimated monthly |
| yourcompetition. Is there too much competition for the | | | | expenses? Isyour business making the profits you |
| areathat you plan to service? Can you offer | | | | expected? If so,what are you doing right and how can |
| something thatyour competition cannot, while still | | | | you improve uponit? If not, what can you do |
| making a profit? Byanalyzing your competitors, you'll be | | | | differently? What are yourcompetitors doing and how |
| able to learn fromboth their successes and failures. | | | | can you convince customersto switch (or stay) with |
| === 2. Don't Try to Be Everything to Everyone. | | | | you? |
| You will never make everyone happy, no matter how | | | | These types of questions will help you to make |
| hardyou try. So don't; instead, focus your efforts on | | | | smart,educated business decisions -- decisions that will |
| oneparticular segment of the population. | | | | helpyour business to grow and flourish. |
| For example... let's say you run some sort of | | | | === 7. Be Customer-Focused. |
| businessrelated to gardening. Gardeners range in skill | | | | It's much easier to sell to a happy customer, than to |
| fromthe rank amateur, who can barely manage to | | | | tryconvince a new prospect to buy from you. Be |
| keep eventhe most robust houseplant alive; to the | | | | professional,courteous, and always deliver a quality |
| seriousprofessional who is able to nurture and coax | | | | product or service. |
| exoticand fragile flowers to bloom. | | | | Your customers will be thrilled and much more inclined |
| Instead of attempting to offer every type of plant | | | | tocome back. |
| orinformation to all types of gardeners, you could | | | | === 8. Target Your Marketing. |
| insteadnarrow your focus to one specific group: for | | | | This goes back to the research you did before you |
| example,amateurs who are interested in colorful, | | | | startedyour business. Know who to target in your |
| low-maintenanceand easy-to-grow plants. | | | | marketingefforts. You want to attract people who are |
| Focusing on a niche market allows you to more easily | | | | interestedin what you have to offer -- not just curious |
| builda unique and solid reputation for your business. | | | | 'passers-by'. |
| === 3. Keep Your Spending Under Control. | | | | You can see great examples of targeted marketing |
| Keep overhead costs low, and don't spend frivolously. | | | | by lookingin your mailbox. If you've ever ordered from |
| There will always be necessary expenses - for | | | | a mail-ordergardening club, you've probably received |
| example,if you're running a business online, you'll need a | | | | additional catalogsfrom them *and* from other |
| goodcomputer and a reliable Internet connection. But | | | | gardening clubs who purchase thecustomer lists. They |
| wouldyou also need new, top-of-the-line home office | | | | know that you have an interest intheir products, so the |
| furniture? | | | | chances of you ordering somethingare much higher |
| On the other hand, don't balk at spending money | | | | than if they were to send a mailing out toa random |
| whenyou need to. Figure out which expenses are | | | | bunch of addresses. |
| truenecessities, and which are luxuries. As cash | | | | === 9. Take Your Business Seriously. |
| flowimproves you can look into purchasing other | | | | There are lots of images floating around that |
| itemsyou may need. | | | | showrelaxed 'home business owners' reading a book, |
| === 4. Keep Growing. | | | | playingwith their kids, lounging in a comfortable chair, |
| A business can't be successful unless people know | | | | etc. |
| aboutit. That's where marketing comes in. All | | | | There's a tendency to think of a 'home business' as |
| businessesrequire hard work - and even after you've | | | | 'not real work', or not as serious as a 'real' |
| establishedyour business, you will need to continue to | | | | (corporate)job. |
| work hardin order to make it grow. At times, the hard | | | | To start and build a successful business, it needs to |
| work maybe necessary just to sustain your current | | | | betreated like a business - not a hobby. Take it |
| level ofprofitability. | | | | seriouslyand work hard to achieve your goals. |
| === 5. Have a Contingency Plan. | | | | === 10. Do Something You Love! |
| Businesses go through rough times. Sometimes it | | | | This is what it all boils down to. Find something |
| willappear to happen "all of a sudden", but there are | | | | thatyou're passionate about, and will enjoy doing. |
| alwayswarning signs. Learn to recognize the signs of | | | | Businessdoesn't have to a daily grind; it can be a true |
| trouble. | | | | pleasure! |