Working from home - do you have what it takes? According to a recent Harris poll, 72% of American households are thinking about starting a small business, home based. This statistic left me wondering if they have what it takes? So I quickly ran through one or two questions in my mind and decided to set them down. Hopefully you will find some positives. Which business is right for you? Do you have a real idea of what you want your business to be or are you just seeking a business as an escape from employment? A vital question which needs the positive response. Capitalising on your natural talents! You are going to use your talents and experience so where ever possible stay with what you know. You will know more than you think! Right off, how about these business ideas? Work from home on contract with you previous employer(s). Go on to cultivate new clients using your skills. Acquire additional skills. Cultivate more clients usng these new skills. Bingo you've got your business! Use your home PC as a profit generator. You can do this part time, acquire new skills and reach your target market. Hard copy or electronically. Create a business around a; Craft, say woodworking, there is great market for traditional rocking horses and they sell at premium prices. Hobby, flower arranging, I have two friends who are in constant demand for weddings, parties etc. Vocation, I have friend who is very un-happily employed. He is a superb model maker, e.g. scale models of steam locomotives, and he has all of the necessary equipment. He could offer a range of manufacturing services. Despite his employment situation he will not go it alone - nor should he if it's not right for him. Nevertheless you get my point? Profession. If you have a profession what is it? Can you offer products or services? Yes if you think about it and you want to. Decide clearly and without emotion what it is you want to do and do it, focus on it and provided there is a market use innovative methods to bring your goods/services to the market. If there isn't a market do not become a missionary. It won't work - no matter how much you would like it to and no matter how hard you try. That part is only the start! You will have issues; Setting Up Your Home Based Small Business, have you got room? I have come across an addition to the SOHO (small office, home office). How about SOGO - small office, garden office. Apparently there is strong demand for garden offices. I love it, another innovative market opening up; it's all around us. The knack is to see it. What's in a NAME? Don't try to flatter yourself by using your name. Your business name should wherever possible describe what your business does because you need your client targets to know with the minimum of effort. You only use your name if you have a particular reputation well known in your market. It's best to be as descriptive as you can. Creating a budget you can live with. You won't start earning immediately so you will need reserves and a Business Plan to project the cash demand on your business. This is a big issue and a vital topic. Carving your NICHE. You will also need a sales and marketing plan to ensure a steady stream of customers/clients. When you are busy operationally you will be in danger of not marketing and selling. This is the real dilemma for all small business owners, so really work out where your regular stream of business will come from and make it a priority. No clients/customers, no business. Running Your Business. Administration/accounts can deflect you from developing the business. If you can get reliable help - spouse? Do it. You work on developing your business. Note the expression work on. It is a key objective to stop being employed by yourself working 'in' the business to working 'on' developing the business. Try to have this in mind at all times. Creating prosperous relationships. Your contacts are vital. Nurture them, grow them and never ever ignore them or take them for granted. Share your knowledge with others. You are unique; you and only you know what you know. When you think about carefully it you will realise that you know more than you thought you knew. Recognise it, cultivate it and share it with others. This is your USP (unique selling point). Give it serious thought you will find it! Marketing when you are not working. Never stop thinking, doing marketing. As you become more experienced in your small home based business your entrepreneurial instincts will become very sharp. You will start to recognise opportunities that you would previously not have seen. When you do act on them. Action is the key. Promoting Your Business. It's a continuous process. Find a process that works with the minimum of effort and cost and keep it going, going, going! WOW them with quality service. No matter what, over deliver. You will be amazed and delighted when you and your business get recognised and you start getting repeat business and referrals. Try to know where your new clients come from. Build trust. Integrity is all. Never be tempted to compromise, stick to your principles and you will stand out from the crowd. Be quiet about it. Some of the most brilliantly successful business people are very un-assuming. But they really know what works. Publish your way to sales. I was recently with a new friend in his business. The business is 35 years old and is going through a lean time even though it provides very innovative manufacturing solutions. I asked, "do you publish your achievements and contact businesses which are potential customers for the product you have developed by solving the problem?" You don't need me to tell you the answer. My friend has since indicated that he will act on my FREE consultancy. I hope he does because it can only help. He was too much working 'in' the business and not 'on' it. If you are seriously seeking a way to start your own home based business I hope these points will help you. If you have an established business I hope there is something here which has triggered your imagination so that you can and will apply it to your business. As we proceed we all need reference points, reference points to give perspective to our thinking. We need to be able to refer to relevant, sound, proven business building information to help us succeed. We need help and a plan to avoid 'blind alleys' which helps us get our fledgling business to fly or our existing business to soar. You can't build a reputation on what you are going to do! You can build a business, a successful business if you want it. It takes hard work, persistence and stamina; but it's well worth it. It all adds up to the exciting prospect of going forward to a more rewarding life where you are in control as you establish your exciting new life - working from home. |
