Tuesday, August 17, 2010

10 Practical Tips before you set up a home-based business

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Ummi got this article from The Star

Discover your niche, what you can add to the market and how you can set yourself apart from the competition.
Current UD business

The following is a list of 10 practical tips for running a successful home-based business :

1)  Find Your Niche - Every home-based business is based on a central idea. Discover your niche, what you can add to the market and how you can set yourself apart from the competition.

2)  Find Your Target Audience - Do your research to discover who will be buying your product or service.  Get the demographics down so you know who to advertise the business to and the type of products they are interested in.

3)  Be Creative - Whether you are deciding on the type of business you want, designing your website or choosing a business logo. it is important to be creative so that you appear unique and fresh to potential clients.

4)  Design a Killer Website - A businesswebsite needs to appear both professional and fun.  it needs to be creative, yet user-friendly and functional.

5)  Set Financial Goals - A successful home-based business requires a certain level of dedication.  it may mean working 10-hour days to get the business plan that includes financial goals to strive for.

6)  Provide Stellar Customer Service - One thing that sets businesses apart is their commitment to customer service.  Following up is crucial to expanding your business.

7)  Track Your Sales - The history of your business will help you determine the future success of your home-based business.  Find out where your leads are coming from to maximise your advertising efforts and get more sales.

8)  Use Internet Marketing Strategies to Increase Sales - Use the internet wisely to spread the word about your home-based business.  Establish yourself as as expert within your niche area by providing useful articles and answering customer questions.

9)  Separate Work from Home Life - Family is important, and it is likely one of the reason you want ti start a home-based business.  Family and work do not mix well.  However, set clear goals for work and your family life.  For example, do not take calls from friends and family at certain times of the day.  Create sacred hours that are set aside each day exclusively for getting work done.

10)  Put in the Time and Energy - A successful home-based business does not just happen.  You need to make it happen.  Your business is what you make of it and is a direct result of the time and energy you put into it.

These tips are a basic list of things to consider when starting a home-based business.  Learning as you go is part of the proces, but if you do enough research, you can learn from the mistakes of others and maximise your profits from the start.

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