Home businesses tend to fail before they start. It isn’t for the lack of want or need. But a lot of people fail to PLAN, run into many obstacles and then give up.
Plan out as best you can, research as best you can, then revise your plan. Add in anything you can think of, no matter how small it seems. Ask your friends and family to brainstorm with you. Write all this down.
There are four basic stages of building a home business. The first of these is the infrastructure. This includes capabilities and competencies necessary to execute a business model. Location to work from, internet connection, telephone, office supplies, and means to get around are all examples of infrastructure.
Next is the partner network or the alliances with other businesses that complement aspects of your business and can add value to your business setup. Working together makes for a better business model that is beneficial for you both, and your collective customers. Find someone with skills you need, and needs skills you have. Always be ethical in your dealings with other businesses – don’t spoil your reputation!
You need a value proposition and a distribution channel. These are the products and services that your business will offer, and how you plan to deliver those products to the customer. The product is the “thing” the customer is paying for, whether it is an actual product or a service. The distribution channel is the means in which you intend to convey those products and services to your customer. Whether online in digital format, hand delivery or postal service. Sometimes your services are completely digital and don’t need any kind of shipping.
And finally, you need customers. You must know to whom you are selling, what is your target audience. Getting and keeping those customers is a factor of your advertising and sales programs you put in place for your products and the service, or Customer Service, they receive with dealing with your company. How you deal with your customers will also play into your company’s reputation.
You must continuously re-read and modify your business blueprint based on whatever knowledge you have at present. Make a habit of reviewing it every day and determine if there is anything else you can add, anything else that needs changing. It is a living document. Something you must keep reviewing and updating in order to make a difference for your business.