Top 7 home business tips that you will help you to ensure that your business is the success it deserves to be.
Do What You Love
Chances are that you are wanting to start your own how based business because you don’t find what you are doing in your job inspiring. So why would you want to start a business doing something that you don’t love. You ideally want be doing something that you love, something you are constantly thinking about and when you get up in the morning can’t wait to do it. You then have to find the right way to package what you love to match what people are looking for and are happy to pay for. You need to find where are the fish that want what you have to offer and to then fish where those fish are. Because there is no point fishing where there a no fish or not enough fish to be able to sustain the level of income you are looking to achieve.
Think of your vision as being the compass setting for your business. The clearer you can be with your vision on what you want your business to be and achieve the easier you will find it to navigate your business and to make decisions. It is highly unlikely that you will have a 100% crystal clear vision of you business when you first start. However over time if you keep working at and refining will be come increasingly clearer and may find that the size of you vision also expands. The size that your business grows to will be a direct reflection of the size of your vision. So it is wise to be constantly chipping away refining your vision and increasing the size of your vision if you want to grow your business. Then constantly be completing the actions which will eventually result in your business taking shape and becoming a reality for you.
Your Ideal Customer
Write down a profile of the various idea customers that you would love to attract to your business, describing in as much detail as possible the characteristics of each customer. Some people refer to this as creating an avatar. This will help you in determining the most likely product or service that your customer will be in need of. However you won’t be 100% certain until you offer you product or service to the market, but this is a great place to start before you start getting direct market feed back and refining your offering. Creating your avatar will also help you to identify and develop your initial marketing strategy, the type of online presence, offline presence, social media etc that you will start with and refine.
It is wise for your business to also adopt the characteristics of your ideal customers too. If your ideal customers appreciate modern design then reflect that on your website, emails, invoices etc. If your ideal clients expect fast efficient delivery of your product or service then you should use suppliers that provide you with fast efficient delivery and also pay your suppliers quickly. Replicating as much as practical the characteristics of your idea clients within your business and it’s practices will go a long way to helping you to attract and retaining your customers.
Before You Quit Your Your Job
Quitting your job to start a home based business does work for some people but does not work for everyone. Not everyone can cope and deliver this high risk and high stress strategy. The lower risk and lower stress strategy is to start your business while you are still employed in your job and over time build it to a level which can support you. Robert Kiyosaki the author of many best selling business books including Rich Dad Poor Dad recommends waiting until you are earning at least twice the amount in your business that you are earning in your job before you quit your job. That way you will have a safety buffer if you have a rough period in your business after you have left your job.
If you have left your job and you then find you need finance for any reason, you can find it extremely difficult if not impossible to get a loan from a bank if you don’t have an income to support a loan. However if you have built up a profitable business prior to leaving your job and go to a bank for a loan you will get a much more favourable response from the bank.
Manage Your Time
If you are changing from being an employee to running your own business one of the things you may have to learn is how to manage your time. When you are in the work environment you will have to some extent structure imposed upon you with deadlines to meet and certain times you are expected to do certain things. After having this imposed upon you, understandably there will be a tenancy to want to not have a structured approach to how you spend your day. But to be consistently productive it is wise to at least schedule time to complete those certain critical key tasks each day. Because if you don’t fill you time with high priority tasks, your time will end up being filled with low priority tasks, this otherwise known as Parkinson’s law.
Simple things like taking the time to go through unsubscribing to all those emails that you never read and fill your inbox. Setting up rules to automatically put some of your non-urgent emails into folders. For you to check occasionally when you have time will free up an amazing amount of your valuable time. This will mean that your Inbox won’t fill up as quickly and you will only email in your inbox that requires your urgent attention and go a long way to helping reduce your stress levels by not have hundreds of unopened emails cluttering your inbox. It is best to only check your emails at certain times during the day so you can focus on what you are doing and not get distracted by emails. Click here read more on why focusing on one thing at a time has proven to be much more productive. A great way for you to monitor just how much of your time when using your computer is spent being productive is to install RescueTime and you will receive a weekly report showing just how much time you spent being distracted watching videos sent to you on Facebook.
Keeping It Simple
When starting your business or even if you have been in business for some time it is wise to make sure your business operations and processes are as simple as possible but only as complex as necessary. This will help you save time, keep your costs to a minimum and make it easier to train staff or someone to look after your business while you go on holiday. Big business sometimes makes the mistake of installing complex systems to improve profitability and productivity but don’t realise that some systems require employing people dedicated just to run the system they have just installed.
As your business grows, those easily completed tasks start becoming expediently more complex or take longer to complete. Because you have increased your range of products, increased the volume of products shipped or increased your number of customer increases. Which way it is import to think carefully before adding anything to your business as it will inevitably take ongoing time and/or money to maintain. It is wise to constantly review your business and identify not only your best and worst selling products or services but also identify your best and worst customers. Then reduce or eliminate your worst products, services and customers and to increase your efforts in selling and developing your best performing products, services and customer. This is known as the Pareto principle or the 80/20 rule where 80% of you income will come from your top 20% of your products, service and customers and you will spend 80% of your time and money on 20% of your worst performing products, services and customers. If you have the basic understanding of mathematics you will understand what a profound difference to the performance of your business regularly reviewing 80/20 rule applying the changes will make to your profitability, income and enjoyment in serving your customers.
Always Use Professionals
Depending on what you choose to do will determine what sort of professional services you will need to engage. Most likely at some point you will need to engage a lawyer and/or an accountant to create the right legal and tax structure for your business. When you do need to engage a professional make sure that they do specialise or at least have some experience in what you do. For example, the law covers a large range of areas and no one person can be expected to have an in depth knowledge of all areas of law. That is why it is important to make sure the professional you engage has a sound knowledge in your particular area. It may be costly to engage the right professional now but it will be far less costly than the cost of having to fix a mess later on because you tried to do something on the cheap and did not get a quality professional.
As you grow your business, be prepared for the need to also change your professionals if you find that your professionals haven’t grown to the level you find you are now operating on. You may likely have developed a personal relationship with your professionals but if you don’t move on it can lead to a stagnation in the growth of your business. Which may not be something you desire if you want to continue to grow your business.
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