Running your own business at home can be very satisfying.You have full control over how it will be run. However, there is a common fallacy, that you can work whenever you want. Unfortunately this is not altogether true. Of course much depends on the type of business you plan to run and to what extent it can be automated or staffed. You will not be under anyone's control because you are your own boss but it is quite obvious, particularly in a business dealing in physical products, that you will need to provide a service during normal business hours in your country.
A business plan is essential to any business operation.This plan is the framework of what goods and services you will provide and to what market. It should include a detailed description of your business, and how you feel qualified to run it. Clearly it would be a huge plus if you can point to previous experience in this industry or anything that makes you feel qualified to start on your own. These are some of the things your bank will be looking for if you hope to raise funding through a loan. You may need to get assistance from an accountant to help you with cash flow projections too. Your plan should include the money that you have, or will need, to carry out any household conversions for your office/storage space, as well as the equipment to run an office. What inventory will you have to keep? Include the estimated costs of services that you will need to use? Your plan should also include your marketing strategies.
Identify and research your market.Who are they and what are they looking for? Does your product answer specific needs? Is it to be business to business or to the general public. For example, do you plan to sell to the construction industry, or will you aim for the do it yourself market? To what extent can your business meet their demands? Will you be able to deliver goods yourself and on time or use a delivery service? Be sure you can demonstrate adequate insurance cover, including for goods lost or damaged. What would you offer customers dissatisfied with your product?
As you start building your business, you will find that operating single-handedly can be really difficult. Often you will find that there are so many things to be done and not enough hours during the day to do them. For instance, the accounting aspect of your business can be time-consuming because so many details are involved and this needs updating on a daily basis. Can you call on family help for some of the mundane but necessary tasks that could eat up your time! If not, then include the cost of the help you must have, in order for you to concentrate on the more critical parts of your business. To what extent can you automate?
Because you are a small company, personal interaction with your customers is important to establish a good reputation. Customers place high value on the special attention that they get from their merchant. This very much includes a human response to calls, as an answer machine, during business hours can feel too impersonal. The personal touch rates highly when it comes to customer satisfaction.
Look for opportunities to get involved in your community. Volunteering your time as a business, to a non-profit organization, can do wonders for your reputation. Think about how you will promote and advertise your business. Network, where you can, by attending relevant trade fairs and local exhibitions. Always use a combination of online and traditional methods for your advertising.
It is dangerous to exceed your operating budget. Your expenses must be kept under strict control. If this problem arises, you must identify the area where you over run, and take steps to correct it before it creates a serious problem for your business.
These are some of the points you must consider when planning your business. Having a plan in place really is essential. It allows you to monitor activities, and make corrections, before anything poses a risk to your business. As in life you will need to retain certain flexibility but, remember, that is not an excuse to delay painful decisions. The earlier you find, and correct a problem, the easier it will be to deal with.
