Tuesday, August 21, 2007

Tips for New Home Business Owners

You’ve decided to start a home-based business. If you weren’t born with that inventive gene inspiring you to start a new company with exciting new products that everyone needs, then you most likely will choose an established company. Your first venture as an entrepreneur should invigorate and enlighten you. Let those creative juices flow but don’t try to reinvent the wheel.

1. Do some research before jumping in with both feet. Look at the startup costs, commission structure and compensation plan, company support, and longevity of each company. Are there both online and offline selling opportunities? Does the company allow you to advertise online and offline using the company’s name? Can you create your own web site for search engine optimization?

2. Choose a company with quality products that you can believe in and that you and your family will use. Your enthusiasm and knowledge won't show if you don't enjoy using the products yourself.

3. Start with a basic business plan with specific goals. Write down
your business plan, goals, and the "why" for your business. Your “why” should be very specific and motivating.

4. Budget your time and money. Even though you are working at home treat your business like a business. Schedule your time planning, organizing, and communicating with customers and prospects. Your products won’t sell themselves. If they did the company wouldn’t need you! Once your business is up and running set aside a certain percentage each month to build your business. Never spend money on advertising that you can't afford to lose if your response is low.

5. Get a notebook and keep accurate records of your income and
expenses. A home business gives you tax benefits not available to
other business owners. Always keep a written record or backup disc of your business income, expenses, and customer and prospect files; computer problems can destroy your business information.

6. Develop a record keeping system for customers, prospects, and business associates; one that expands as your business grows. Use software like Quick Books or create your own.

7. Involve your family. They will be more supportive of the time you
spend on your business if they know what you are doing or are
actively involved.

8. Tell everyone you know and don't know about your products and
home business and ask for referrals. Hours of planning and organizing won't do you any good if you don't consistently tell people about your business. Communicate with five or more people a day.

9. Give yourself a fair chance to succeed. Everyone you talk to won’t be interested in your products or business, but your determination and perseverance will pay off. A “no” only means you are one step closer to a “yes.” Consistently work your business for a least a year before making a decision to proceed or look for a new product and home business.

If you want to have a successful home business, treat it as a business and not as a hobby. After choosing a company to represent, develop a written plan with a specific “why” to motivate you. Budget your time and money; don’t spend more money than you can afford. Keep detailed written records. Involve your family for support. Let them share your successes and help you through the rough times. Don’t spend all your time planning and organizing. Promote your business every day. Don’t prejudge. Everyone is a potential customer or associate. Don’t give up when you hit a rough spot. Have fun and enjoy yourself. Remember why you chose this business.

Eleisia Whitney manages a successful Watkins Home Business. By following a basic business plan and overcoming everyday obstacles she has helped other home business owners. Visit http://www.livingwelltomorrow.com for information about starting a Watkins Home Business.

1 comment :

Eva Wallace said...

These are great tips - I'm going to print them and keep them at my desk! My husband and I just started with Avon because the startup is low and I like the products. Thanks again for the inspiring words.

~Eva