Small Home-Based Businesses

Did you know that, in india 60% of small businesses fail in the first twelve months? For those of us who would like to start a small business - perhaps even work from home - that is a very disappointing number. Does that mean your business vision will fail? Of course not! There are steps you can take that will greatly enhance your chances of success. With time and in-depth research you can hit the ground running. Let's start at the beginning… Bright idea First, of course, you need to come up with an idea. Generally, business opportunities can be divided into four categories: 1. Provide an existing product / service in an existing market. 2. Introducing an existing product / service to a new market. 3. Giving a new product / service to an existing market 4. Introducing a new product / service to a new market. In this stage of the game the only limit is your imagination. Inspiration can come from anywhere - maybe you have a hobby that you would like to make into a full-time job; you may be on the verge of getting a bad service one day and decide to try to do it better yourself; or you may have a talent that you would like to use. Once you’ve met something you’d like to do, it’s time to look at the market and see what’s on offer. Passing the test So have a good idea and be willing to wrap it up; now is the time to put it in its proper place. For the purpose of exercise, suppose you have a passion for a healthy lifestyle, and you want to distribute lifestyle accessories that promote a healthy lifestyle in a self-made way. Ask around: Is there a market for products that promote healthy living? What types of products are available? Who can you compete with and what do your competitors offer you? Do you have the skills needed to run such a business and, in the long run, what can be the skills for you? Where will your business be located? Once you have answered those questions you should have a clear picture of what your business will look like. You find some products and decide to do more research on the variety of lifestyle products offered by a company called Vitality 4 Life. Your life experience and a particular job you have done as a nutritionist have given you the skills you need, and you think you will be able to work from home, which gives you more family time. There is an existing market, but there is room for expansion. Now is the time to take a closer look. To be or not to be? It's time to dump her and move on. You do not want to be frustrated if you cannot get the right pitch so invest in a good capo. To get started, sit down and adjust if you need to hire staff, which means paying salaries. When you rent a place you will need to be able to pay rent, and your location will have to suit your business and target market (which also means you will need to think carefully about what that target market is.). You will also need to find a potential need for your product / service. Okay ... find that there is a sufficient need for good quality water filters, water filters and other high quality items to photograph in a distribution company as a home-based business opportunity. Now you need to make marketing decisions. Look at me! Look at me! Advertising can be expensive and you will want to make sure your advertising budget is used wisely. That means more market research, in this case individual. Enter a profile with your customer groups so you can target your marketing to the right group (s). Draw a list of questions (short questionnaires - people get impatient when you run for a long time) and walk around a few local gyms (for example in our particular example). Come up with a mix of open-ended questions (What do you think …… ..?) And closed-ended questions (Do you have a gym membership? Yes / No.); Slide scales can also be helpful. In our healthcare business, a good question would be ‘How did you feel about this gym? Radio, tv, newspaper, word of mouth etc.… ’Such a question may then give you an indication of the type of media your target group is responding to. Choose a business name, print business cards, buy stock and get ready to trade! Rate it, control it! My teacher made the point that, in business, if you can't measure it you can't handle it. You need to be able to plan ahead, and to do what you need to know - or be able to accurately predict - the total value of your sales. The calculation is simple: number of customers x average sales x visit frequency per customer per year = total sales. Remember it, update it regularly, rate your business and you will be able to manage it! Keep your eye on the most important thing and, most importantly, always be aware of your cash flow - the cold, solid money you have in the bank. Allow invoice times (14 days, 30 days etc.) when planning your budget. The market place has its own life, and no one can prepare for all emergencies. Put a thought into your mind; make sure there is a market for what you offer; research, research, research; develop your business successfully; stay tuned to your bank account and don't forget about cash flow! It is not perfect but, if you follow these few simple steps, you will be many miles ahead of new small businesses. If you've heard about a great home-based business opportunity, or have your own product or marketing service, get started!