Week One: Reasearch, Decisions, Planning By Leslie Truex Updated April 06, 2016 There’s many steps and tasks to starting a...
Week One: Reasearch, Decisions, Planning
By Leslie
Truex
Updated
April 06, 2016
There’s
many steps and tasks to starting a home business. So many that it
can seem overwhelming. But like eating the proverbial elephant,
starting a home business just requires taking it one bite at a time.
Here is a step-by-step guide to getting your business up and running
in the next 30 days, delivered in 4 one-week installments.
During
this first week, you’ll be research, planning and beginning the
initial steps to launching your business.
During
the second week, you’ll be putting your business foundation in
place. The last two weeks will be about marketing and delivering
great products and services.
Day
1: Decide what business to start.
This
may actually require more time than a day because besides being an
idea that appeals to you, your business should be a financially
viable idea and that requires
research.
Factors to consider are whether or not you can commit to the
business over the long term, financial needs to get started, and
whether or not there is a market ready, willing and able to buy.
Day
2: Create your vision and goals.
Too
many people jump into home business without a clear idea of where
they’re going. They want success, but haven’t defined what that
success looks like. Will your home business always be part-time or
will it grow to full-time allowing you to quit your job? Are you
hoping to make your business portable so you can travel?
Do
you want to pay off debt or get rich? Imagine your business has
achieved success, what does that look like?
Day
3: Run the numbers.
While
you can start a home business for next to nothing, money is involved
and not getting a good grasp of where you are now financially and
what it will take to run and grow your business can lead to failure.
Lack
of money is one of the top reasons businesses fail. Numbers to
consider are your current financial state, what it will take to
launch and build the business, your financial goals, and how much
business (sales, clients, etc) is needed to achieve that goal. This
is also the time to determine pricing to insure you’re
charging enough to
cover your expenses and earn a profit.
Day
4: Identify your target market.
You’ll
achieve greater success at less expense by selling directly to your
target market,
who are the people who want, need and are able to pay for what
you’ve got.
Day
5: Develop your USP.
Odds
are you’re not providing something completely new, which means you
have to find a way to set yourself apart from your competition.
When developing
your unique selling proposition (USP),
focus on the benefits your clients or customers will receive by
using your product or services.
Day
6: Create a business name.
Your business
name should
represent what you offer without being so narrow that you can’t
expand your business later.
Your
business will become a representation of your brand, so some care
should be taken when creating it. Make sure it’s not already taken
or trademarked.
Also, check that you can buy the domain name, and if it’s
available, buy it.
Day
7: Make a business plan.
Using
what you’ve done so far, put everything in a single business
plan.
Even if you don’t plan to ask for start up money, a business plan
acts as a road map guiding you toward your goal.
If
you've completed the first week, move on to week
two of starting your home business,
where you'll put in the foundation and officially start your home
business.
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