This is a great time to start your own
business, even if you have never thought of yourself as an
entrepreneur. The economy is getting tighter, may companies are
laying people off, and a paycheck doesn't go as far as it used to.
Meanwhile, Internet sales and mail order are booming. We're also
seeing record numbers of new home-based businesses starting and
succeeding. Getting in on this trend now could be the smartest thing
you do in the year ahead. Here are some common sense tips to help
you pick the right business, get off on a good foot, and succeed
over the long haul. Choosing Your Business One of the reasons a
great many businesses fail is the owner jumped off into a field they
didn't know much about.
Your best bet is to choose a business you
have worked in as an employee. Otherwise, plan to spend time
researching the topic in libraries and in conversations with people
who are already in your chosen industry. Keep expenses down to a
bare minimum in the beginning. More than a few new start-ups blow
their cash on a big office, fine furnishings, and new computers. I
started my business years ago from a spare bedroom. A writer friend
realized her apartment was too small to house her business and
rented an unused room in a nearby office. Plan on running your
business part-time for the first year while you keep a regular job.
This may seem like the slow way to get your project going, but a
regular paycheck will ensure you have plenty of time to give your
business its best shot at succeeding. Nothing torpedoes a new
business like expecting it to profit huge amounts of cash within the
first six months.
The easiest and cheapest business to start is a
service you can provide to other businesses. You may need little
more than an email address and a telephone number to get the ball
rolling. If you worked in accounts receivable for several years,
help businesses outsource their bookkeeping chores. A woman in my
town turned her 20 years of office experience into a thriving
home-based business by offering to help small businesses straighten
out their books. She placed ads in the neighborhood newspaper and
arranged to be interviewed for an article. Internet referral
programs and mail order are two industries that are thriving, easy
to get into, and, while they may not make you rich, are a good way
to get started in your own business.
Many networking and reseller
firms have changed their strategy from "bug your friends"
to "network on the Net." These can be great ways to get
experience selling established products in an organization set up to
encourage home-based business. Look for an opportunity that has been
in business for at least three years. Market in Many Ways The key to
your business success will likely be your ability to market your
products and services. Without marketing, nothing sells. It helps if
you set up your business from the beginning with affordable
marketing in mind.
Your business should give you the opportunity to
promote in several ways:
1) Use a web component. The Internet lets
you reach thousands of targeted prospects at the cheapest price in
advertising history. Put up your own web site. Fill it with good
information, answers to the kinds of questions your customers and
prospects ask. Build your own opt-in email list to stay in touch
with customers. Nothing works as well or as cheaply to build your
reputation. Work to get your site listed on the major search
engines. The top 2% of businesses on search engines account for
about 90% of the Net's money-making sites. Advertise your business
in ezines that reach your best prospects. Some newsletters let you
reach tends of thousands of potential customers for $30 to $40.
2) Your business should also
take advantage of face-to-face marketing. When you talk to people in
person, it is harder for them to walk away without buying. One man,
an excellent sales person who closes more than 90% of all sales,
simply strikes up a conversation with people. Near the end of the
conversation he will mention his offer. People almost always buy.
3) For all that has been said about the
Internet, the good old telephone is still the center of our business
world. When you spend time talking with someone on the phone, you
build a personal bond with them that often leads to a sale. Before
you get on the phone with a prospect or customer, quickly jot down
what you hope to accomplish with the call. Don't let more than two
or three minutes of conversation go by without making an effort to
achieve your goal. This organized approach will help you stay away
from long days on the phone without much to show for it. Be
Determined It doesn't matter what business you are in, there will be
days when you feel like you are spinning your wheels. Realize that
for every up trend there will eventually be a down trend. When sales
are slow or customers are difficult, remind yourself that a
turnaround for the best is always just beyond the bend.
Much of
business success has to do with simply showing up for work every
day. When people see you or hear about you month after month, then
year after year, your consistent presence builds customer
confidence. Confidence turns into loyalty. Repeat customers and good
word of mouth will insure you get repeat sales for as long as you
own your business.
