H-F-L-Team: Answer The Big Three Questions Before Starting Home BusinessCopyright © Douglas Miller Hundred-Fold-Life
http://www.ClixGo.comYou have decided that your Hundred-Fold-Life is going to be built around operating a home-based business. Great! Now consider this, nearly everyone that starts their own home business is convinced they have what it takes to succeed. They are convinced they have the best product or service and can offer it at a competitive price and will be able to grow their business quickly into a profitable venture. That kind of confidence is surly needed, however, there are three basic questions that every prospective business owner should ask before diving in headfirst.
1. Why you, and not everyone else?
2. Who will be your first customers?
3. What is the outlook for repeat business?A new business must research the need for their business as well as checking out competition. If there is even one other business with the same offering, what will make existing customers decide to buy from you? Undercutting prices may gain a few customers, but loyal customers will rarely leave an existing supplier without good reason and in most cases saving a couple bucks will not do it. Besides, if you gain customers with a lower price, chances are if the competition also drops their price, you will lose them again. New business seldom can win a price war.
Studying the competitions strengths as well as weaknesses is needed before you can hope to gain any market share. Is there enough business in the area to support two outlets? Unless you accurately research the market before opening the business, you may not find this out until it is too late. Sounds simple but many people make this mistake.
Asking yourself who will be your first customers? This may seem like a dumb question, but many businesses have opened their doors and had several visitors, but were unable to convert them into paying clients. Don’t think foot traffic, or website visitors are customers, until they are the ones that leave cash behind when they leave. Close friends and relatives who may buy something from you out of friendship also are not your first customers, they may just feel obligated and want to show you support. Finding out that first paying stranger is going to help you develop advertising and marketing materials to promote the business.
To grow your business consistently, you will also have to look at the prospect of repeat business. Home mortgages are a product that offers wide appeal but have limited prospects for repeat business. While some of these types of business may pay large commissions, if it does not generate a sustainable income, it cannot promise future security. A good way to help in that kind business is ask for referrals.
Consumable products are great for repeat customers, people will need to replenish on a regular basis. They may not provide the best commission structure but if your treat the customers right, these products offer the best opportunity for repeat sales to the same customer and offer you a residual income possibilities. Finding the right products or services to sell is a top priority to creating a home-based business than can provide a sustaining income while helping establish your brand for the benefit of your business. Demonstrating how you are different from the competition, understanding your customers, servicing their needs on a regular basis provides a good path towards success.
A building block for a successful Hundred-Fold-Life is fulfilling the needs for others, whether in business or your personal life and that line should be very blurry.
About the Author:Douglas Miller is a retired Fire Service Captain now making a living working at home. His company Hundred-Fold-Life is not just a name but also a belief.-----------------------------------------------------------------
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