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Starting a Home Based Business: Your Next Steps
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Residual
income
Distributor has right to recruit new distributors. Distributor receives reward in accordance with the marketing Plan, which envisages receipt of fees based on performance of his Distributors' group.
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Start Home Based Business
You fill out the electronic form (registration as Distributor and as e-shopping User) and purchase "Starter kit Vision" (Indispensable professional tool for a proper practice and management of "Vision" activity in all its aspects, administrative, legal, informative. Starter Kit includes several sessions concerning company history, its organization and structure, products, events, charity activities, rules and procedures). You'll know how to use products, whom you can offer them, how to sponsor new
distributors.
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Starting a Home Based Business: Now that you have reflected on the characteristics of successful entrepreneurship and assessed your skills, experience, and life goals, it's time to plan your next steps. Ask yourself: Given the disadvantages of working out of my home, do I still want to? Now that I know more about what's involved in starting a business, is it still for me? Do I need further training or experience? Should I begin part-time in order to test the waters, check out market potential, or refine my product or service? Do I need more time to research possible products or services? Have I decided on a particular business? The next info will help you define your business, the market, and the price to charge for your product or
service.
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society.
Answering The Big Question: What? Who? Where? How? and How Much?
What's the perfect home business for you? You've listed your skills. You've outlined your interests. You've described your family's preferred lifestyle. You've come up with a business idea. Next, consider such questions as: Are there customers for my product or service? How do I know? How will I find them? Who are my competitors? What will I charge? How will I promote my product or service? Finding the answers to these questions is the challenging and sometimes tedious homework that will help you determine your chances for success, and whether you should look for another more marketable idea.
What Is My Product?
"I bathe and groom poodles and small dogs." "I design, construct, and sell roll-top desks." "I provide accounting services to small business clients." "I make dried flower arrangements." "I teach intermediate and advanced piano to children." "I design and implement direct mail advertising campaigns for small businesses and nonprofit organizations."
The first step in creating a business is to decide what your product is. What are you selling? Practice writing a short, specific statement describing your product or service. Getting a clear idea of a business concept is one of the most difficult tasks in creating a business. Your statement may change several times as you experiment with the market and test your skills. Instead of "I make toys," you may want to narrow your product line to "I make wooden dolls." Instead of "I write software programs for small business needs," you may decide to tap into a big market and "provide training for employees of small businesses in the use of accounting packages." See how it feels to describe your product or service to family, friends, potential customers, and fellow business people. Is your description clear and brief? Can you say it with confidence and enthusiasm?
Who Will Buy It?
To develop and test your business idea, answer the question "Who will buy my product or service?" Make a list of potential customers: individuals, groups, segments of the population, or other businesses that need your product or service. If you are making fabric-covered lap boards for people confined to bed, how will you quickly and inexpensively find a market? Through hospitals or home nursing care organizations? Through craft stores by displaying them as gift items? In mail order catalogues? Is there a market avenue that will reach children? Ask friends and colleagues for help in brainstorming all the possible markets (customers) and uses for your product or service.
Who Is the Competition?
Your business planning must also include an up-to-date analysis of your competition. Why? Because you need to plan your market position--how you will fit into the marketplace. Will your product or service be cheaper or more expensive than that of the major competitions? Will it be more durable? Will you be open during hours that your competitors are closed? What benefits can you build into your product or service that your competitors don't offer? Will you do rush jobs?
In planning your business, look for a unique niche that will give you freedom from strong competition or that will make your product or service more valuable than others in the market. If you plan to open a day-care center and find that none in your area is open before school, early opening might make your service more competitive. If you discover that local caterers have overlooked the office party market, you might highlight that in your brochure. The more you can learn about your competition, the better you'll be able to decide how to position yourself in the market.
Newspaper ads and trade magazines are other good sources of market information. Check also with the Chamber of Commerce, your county office of economic development, the Census Bureau, and business and professional organizations to gather market and pricing data.
Where Are the Buyers? How Can I Find Them?
As you become more familiar with the competition, you will also be discovering where and how to find buyers. Whatever the type of home business you want to open, you will need to do market research to determine if there are buyers for your idea, where they are, and how to find them. (And in the process, you will also be gathering information on pricing.)
Visit your local library to compile local and county statistics on the size and makeup of your market. (While you are at the library, check out some books on marketing research so you will know what you are getting into.)
When your marketing research is completed you will have 1) identified your potential customers; 2) found out all you can about their habits, needs, preferences, and buying cycles; and 3) decided how to reach them to generate sales.
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