Starting up your home business takes a lot
of planning and midnight oil burning perhaps more than it would take to run the
business. For one, you take to home business because of budgetary constraints or
you are undecided or unsure about its prospects. The underlying reason, however,
is yours is a profession that doesn’t call for a separate office much like attorneys
or CPAs.
But decision making process in itself is
the beginning of planning your business. There are things of importance to
consider after having decided about the line of business.
Points
to Consider
Let us see some critical points you need to
consider.
1. Where exactly will
you have the office in your home? If you are expecting to meet clients
regularly, you can’t possibly makeover your bedroom into office. You will be
better off dedicating a room preferably with a separate entrance. Depending on
your business for example, beauty or healthcare, office may need to have
privacy and toilet attached.
2. Defining your business
is perhaps more crucial than all. Define points like who the customer and
competitors are, what are your strengths & weaknesses, what the growth
plans are etc. Be pragmatic in your analysis.
3. Define your goals
for both short term and long term. Explain clearly how you are going to provide
different values to your clients than competitors. This answers why customers
should prefer you over competitors.
4. Study the context
of your business and pick up lessons from other peoples mistakes to avoid
yourself doing costly mistakes. In addition learn about plusses and minuses of
your competitors too. This prevents longer learning curve.
5. Know the customers
more with respect to their unmet needs, growls about their earlier providers
(your competitors,) their perceptions of quality, pricing and their problems
etc. Find out ways to solve their after sales problems.
6. Financials score
next in the line. Draw down investment, monthly recurring overheads, cash-flow
chart, sales projection, book-keeping, break-even chart, which are crucial for
filing returns and keeping checks on the progress.
7. No doubt you have
started the business with conviction about market potential. But define all
aspects clearly so that nothing is left to ambiguity. Identify target markets
for immediate, later and future conversions; develop tools and strategies for
capturing the market. Check whether test marketing applies to you.
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