Starting Up A Home Business
Starting up a business from home can be daunting. You may have been researching start up business ideas or home business opportunities and still searching for the right one for you.
Better still, you’ve already got the idea of what your new business will be or do, but how do you turn that into a satisfying money-making venture?
Here are a few things that iHubbub think you should consider before taking that great step into the satisfying world of home business ownership!
Do what You Love
To have the passion to drive your start-up business ideas forward it really needs to be something that you enjoy doing. Your passion and skill for your subject will transfer into the day-to-day running of your company, and that in turn will give your customers a great experience.
After all, why on earth would you want to be your own boss doing something that bores the hell outta you?
Research Your Market
Having a fantastic product is one thing, but is there a market for it? Before you start designing your first advertising campaign communications material (eg. your website) it is really important that you thoroughly research and understand your customer base. Who are you going to be selling to? What’s the best way to reach them? What are their buying habits?
When setting out your research for start up business opportunities, approach ask yourself what sources of information are out there – the official Government stats office can often help as can private companies and academic institutions that commission a lot of research for their own purposes and often share it.
Also, call in favours. Who do you know, or who do you know that might know someone who has worked in and around the business area that you are considering and might gladly take a call to help you.
Another way of doing this is focus groups. If, for example, you have designed what you think is an amazing new piece of baby equipment, who better to tell you whether it’s useful, practical and actually needed than mums themselves? Local playgroups, children’s centres and nurseries could help you to arrange a focus group with a group of mums to show them what you have designed.
Listen carefully to your focus group feedback, and keep refining your product until you are satisfied that it could fill the gap in the market you’ve identified.
Your Unique Selling Point
You also need to think about your USP ... what makes you special out there amongst your competitors? How are you going to attract customers to use your services instead of theirs? All of this is important to your new business money-making venture - after all, you're doing this to be your own boss.
Sometimes you can build a strong position from having a cluster of desirable benefits that set you apart, not necessarily a one off unique selling point – good prices and terms (as good as others, not necessarily the cheapest), great customer service (fast delivery, helpful attitude, easy to get to on the phone) and an easy to use web service.
These three things together, and there are other ways of ‘clustering’, will make you very competitive in a stiff marketplace or where you have no one unique point or intellectual property to offer.
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