Starting a Home Business: 3 Things To Consider Before You Press The Launch Button
Although there can be a bunch of things you need to do prior to starting a home business, there are essentially 3 main things to consider when getting the word out into the world about your new venture? Doing some planning before you embark on this long journey will pay big dividends down the road...
1.
Draw up your business plan Starting a home business without a basic business plan is like leaving on vacation to a new holiday spot without a map.
During the process of writing a business plan you will identify some basic problems you may encounter before they occur.
This will decrease the amount of stress associated with starting your home business.
You can use such a plan to iron out the difficulties and to consolidate your goals and expectations.
Your business plan need not be a mammoth document, but it should cover the basics needed prior to starting a home business.
1-3 pages can be sufficient.
2.
Cashflow Any business lives or dies by its cashflow.
If the money doesn't come in but the expenses keep adding up, there's no doubt where you're headed.
Generating fast cash flow should be a major priority.
This ties in with proper planning: you need to know exactly how much money you need to make and how quickly you need to make it to keep yourself in business.
This isn't something you want to make up as you go along.
Often when starting a home business, there is a drain on the cashflow, and this should be planned for.
Use a spreadsheet and plan your expenses, and projected income over a period of 6 months to a year.
3.
Launch your home business with a bang Generate some pre-launch interest.
If your business focus will be providing services in your local area, the perfect free attention getter is a press release in your local or regional paper.
Ask your post office about distributing promotional flyers to people's mailboxes.
For an Internet home business, you can use online press releases.
Giving away something valuable for free is also a good way to generate buzz and interest.
For example, if you're starting a graphics design business, give away some designs for free to a small group of customers.
This immediately introduces your target market to your services, and builds your reputation at the same time provided that you deliver a good service.
Getting your home business off to a good start doesn't need to cost a lot of money.
Try to find original ways to generate exposure for your specific business type, and don't be afraid to provide something for free at first.
If the product or service you provide is of a high quality, word will spread and people will arrive with money in hand.
Following these 3 things when starting a home business can result in a lot of stress and frustration being avoided.
Try it.
1.
Draw up your business plan Starting a home business without a basic business plan is like leaving on vacation to a new holiday spot without a map.
During the process of writing a business plan you will identify some basic problems you may encounter before they occur.
This will decrease the amount of stress associated with starting your home business.
You can use such a plan to iron out the difficulties and to consolidate your goals and expectations.
Your business plan need not be a mammoth document, but it should cover the basics needed prior to starting a home business.
1-3 pages can be sufficient.
2.
Cashflow Any business lives or dies by its cashflow.
If the money doesn't come in but the expenses keep adding up, there's no doubt where you're headed.
Generating fast cash flow should be a major priority.
This ties in with proper planning: you need to know exactly how much money you need to make and how quickly you need to make it to keep yourself in business.
This isn't something you want to make up as you go along.
Often when starting a home business, there is a drain on the cashflow, and this should be planned for.
Use a spreadsheet and plan your expenses, and projected income over a period of 6 months to a year.
3.
Launch your home business with a bang Generate some pre-launch interest.
If your business focus will be providing services in your local area, the perfect free attention getter is a press release in your local or regional paper.
Ask your post office about distributing promotional flyers to people's mailboxes.
For an Internet home business, you can use online press releases.
Giving away something valuable for free is also a good way to generate buzz and interest.
For example, if you're starting a graphics design business, give away some designs for free to a small group of customers.
This immediately introduces your target market to your services, and builds your reputation at the same time provided that you deliver a good service.
Getting your home business off to a good start doesn't need to cost a lot of money.
Try to find original ways to generate exposure for your specific business type, and don't be afraid to provide something for free at first.
If the product or service you provide is of a high quality, word will spread and people will arrive with money in hand.
Following these 3 things when starting a home business can result in a lot of stress and frustration being avoided.
Try it.
