subject: How to Start a Home Based Business [print this page] How to Start a Home Based Business How to Start a Home Based Business
Once you decide what you're most interested in doing, it's time to do an assessment of the core principles of business. It's not enough to be passionate about the products. Although this is an important factor but you'll need a business plan outlining steps to keep you actionable and accountable.
Product Needs
Is there a need for the product you're selling? Is the product something people are already using and familiar with? Is the product recurring where you can earn repeat sales? Or will you have to look for new customers because it's a non-consumable product?
If your business isn't scalable you'll be constantly looking for new leads to sell to which makes your business less sustainable. Is the product timeless regardless of economic conditions?
In tough economic times, we've seen retail go out of business. Because consumers were cutting back on products they can live without such as clothing, jewelry, high-end gadgets and toys. Instead, consumers spent money on things they were already spending money on i.e. food and personal care products.
Your Business Skills
Once you've identified the business you want to be in, it's time to do an honest assessment of your business skills.
What are you good at i.e. marketing, writing, and what sort of educational skills that you already have that you can bring to your new business? What areas you need to improve on? And are you prepared to learn new skills so you can compete in the marketplace?
With cheap technology and an abundance of resources online, books, free ebooks and reports, you can easily learn new skills for free or costing very little. Last but not least, are you prepared for the challenges ahead as an entrepreneur?
Contrary to what some uplines might tell their new sponsors but direct sales is not always easy. New consultants often overlook the long-term picture because they're excited, they love the products, and assume it will be an easy sell. It may be at the beginning if you're selling to your friends and warm contacts'.
But if you don't have a marketing plan on how to generate new leads once you've exhausted your friends and family, you'll be disappointed and wondering what happened to your business. Your business won't survive the challenges without a marketing and business plan.
You should love what you're doing because it's too hard to find the motivation to keep at it on a daily basis. But you'll also need to be honest in the business itself and consider product need in the marketplace as well as whether you're prepared to give your best to building a new business.
Remember that products don't sell themselves; marketing does. And to compete in this competitive marketplace, you will need to incorporate all forms of marketing especially online marketing and social media, to give your business the best chance for growth.
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