You have a great idea for a home business, and you can’t wait to get started. Now, how do you make sure it will turn out successful? In this blog post, I am going to share with you 10 steps you can take to achieve home business success.
1. Involve Your Family in Planning
Remember, you’ll be running your home business out of the family home, so it would be good if you include your family at the very beginning.
Older family members can help you out in preparing a space in your home for your business. These include cleaning, painting, and other physically challenging work. Younger ones may also be able to do minor work, or just be quiet when mom or dad is on phone.
You can also use your family members as your first focus group, for opinions about your products or services. Ask them if, they would buy the products? How would they change or improve the product?
Share the vision, and get your family excited. Their love and support can make your life easier.
2. Dedicate A Space for Your Business
Like I said earlier, you should enlist the help of older family members in preparing a dedicated space in your house for your home business. Get them to help you in cleaning, re-painting, and rearranging office furniture.
A home business needs a location, even in the smallest of homes.
You need to dedicate a space for documents, and depending on your business, for the products you’re making.
You will also need a space to store the products made before sale (inventory) and everything needed for making the products, like ingredients, parts, or components.
A home business can be run from the corner of a room, from the garage, or anywhere in your house that’s suited for the business. What’s important is, you should keep your business materials in one place and not scattered everywhere.
3. Get All The Preliminary Work Done Before Opening The Business
Every business, even a home based business, must do some preliminary work in order to become a real business. These include registering your business with the government, setting up financial accounts, and sourcing suppliers.
Also, don’t forget that your home business may need to have a computer in place, an additional phone line in your home, commercial cooking pans, or just printed business cards.
Make sure you’re done with all the preliminary work before you open your business.
4. Keep Your Expenses Low When Starting
There’s nothing more nasty than not being able to start/continue operation because you already run out of cash.
So, make a list of what you need to start your home business. Then, go over to that list and prioritize your spending. See if you can get by smaller quantities, postpone a purchase, or use something you already have on hand.
By keeping your start-up expenses low, you can make sure you still have enough cash to keep your business going. Also, it will help you to focus more on selling your product to generate more cash. And out from the profits, you can get money needed to further the operation.
5. Know What You Are Promoting
Whether it be a product or service, you have to know everything about them.
If you are making a product, you should know everything that goes into your product, such as ingredients or components. Remember, you will be looked at as the expert, so make sure you have the answers or at least know where to find them.
It is for this reason that we advise aspiring entrepreneurs to pursue their passion when starting a business. It can be something related to your previous job, or anything you really love doing for years.
6. Be In Your Best Behavior At All Times
Treat all your customers with respect, even when they don’t buy anything.
Be kind to your customers, even when having a bad day. Oftentimes, a calm voice and a kind word, can do more to get you a sale than a thousand worth advertising.
Politely answer customers’ questions, offer them assistance, and always be ready to provide refunds when product or service fails.
What spreads faster? A positive customer testimonial? Or a negative one?
7. Set A Fair Price For Your Products or Services
Along with treating your customers with respect, make sure you set a fair price for your products or services.
If you set your prices too high, you can scare off good customers. On the other hand, setting your prices too low, can give a negative signal to customers that your products or services are of poor quality
Also, the cost of acquiring capital, can either add up to your costs thereby influencing your pricing, or reduce your profits. There was a time when I don’t have a choice but to jack up prices for my products as I was paying off a loan from a loan shark.
So, as much as possible, avoid unnecessary loans and keep your transactions on cash-to-cash basis. This would give you more control over your pricing, and your business overall.
8. Know Your Competition
In setting a fair price for your products or services, you should spy on your competition. Look for companies who offer the same stuff you’re offering, and see how much they’re charging for their stuff.
If you can’t go lower or equal to their pricing scheme, then think of ways of how you can add more value to your stuff that would make it different from the competition.
As a home business entrepreneur, watching your competition is something you should do for the life of your business.
9. Adapt To Changes
There’s a saying that goes, “The only constant here on Earth is change”.
Be willing to adjust your business to these changes. This my mean substituting your ingredients with what’s cheaper and what’s available, or taking a part-time job away from home to subsidize your business. Or, looking at a new market.
Learn the art of “paradigm shifting”. When something is no longer working, make a change. Evolve into something new.
Be one of those people who can turn life’s lemons into lemonade.
10. Keep Shining And Keep Smiling!
You may want to associate your products, your services, and your business as a whole, with something happy, and not gloomy.
So, whenever your talk to someone especially with your customers, avoid talking in a negative tune. Do not cry over lazy suppliers, orders that are backing out, high expenses, and other business pains.
Keep shining and keep smiling!
Instead, be a source of energy and inspiration.
Now, that I have shared to you the 10 steps to making your home business a success, what you need now is ACTION.
Bear these tips in mind as you start… and I wish you home business success!
PS: Don’t have a business yet? Click here for my #1 recommendation!