Steps for Growing Your Cash Flow in a Home Based Business

YES! You can build cash flow for your home business and avoid the mistakes I made when first starting out as a home-based business builder.

Nobody wants to follow in my early footsteps and max out your credit cards to start and build a home-based business. If you don't know me well enough yet to trust me - just ask Suze Ormond about the value of staying out of debt!

Every business needs cash to pay the bills (cell phone, broadband Internet service), stock products (if you have them), set up and run your office (printer ink, paper, thank-you cards) and last but not least--market your business (business cards, computer for email and bookkeeping and Internet access).

How will you raise the cash and keep it flowing into your bank account so that you can raise the money people talk about when they say: "You have to spend money to make money"?

Don't do what I did. I maxed out my credit cards and then had twin headaches--how to pay the credit card bills with interest AND get cash flowing into my business to build an effective marketing system.

Do this instead. Build your initial marketing system using free and inexpensive tools available to get the word out about you and your business.

Leverage your time and investment by offering valuable information to your prospective clients/customers and business partners so that they will want to sign up for your marketing list and look forward to the information you send them in the future (along with your marketing messages).

Some steps for you to consider:

1. Identify your first target market. If you think you have more than one target market, pick one to start. Decide which market might be easiest to reach and get specific.

For example: You might choose to market to people just like you. Who are you? A dad with pre-school children who wants to stay home and send mom to work? An almost retired person who want to build a stream of fun money-or protect your security? Someone with products for baby boomers who don't want to age too quickly? Someone with a passion for home decorating? (What style? County or Provencal?)

2. Decide which product or service you are going to market to your target market first. Do you provide medium-sized widgets for medium-sized businesses-or coaching for short people in a tall person's world? If you have more than one product or product line, which one?

For example: If you are the dad in the example above with a home business, are you going to market a product to other dads at home with young children? Or, are you going to market your business, looking for new people to join your team? If you are the home decorating guru, are you going to market information (how-tos) about decorating, home décor products or accessories?

3. Think about all the ways people might find you and make a map or picture that shows how they are related. Make a picture or chart that shows all the possible advertising methods you can think of and how they will take a prospect into your sales process.

For example: You might give talks at service clubs and hand out your business card with an article you've written as a handout. (Short, simple, summarizes your talk.) Each piece has a web address on it that connects people to a web page where you sell a white paper or a "How-To" pamphlet. There's an online order form.

4. Make a list of some of words and phrases you imagine people might use to look on the Internet to search for someone like you and your business and product. Go to Google and try it out.

For example: If you go to Google and look for "dads working from home" or "Provencal style accessories", do you get the results you expect? Are they the kind of results you want your target market to find when they are looking for you?

4. Choose your first domain name that contains some key words. Take your list of words and phrase, go to GoDaddy.com and search for a domain name that will fit your business and your brand. You may have to try more than one, since some great names you will come up with may already be taken. Make your first (and all) domain name easy to remember and spell.

For example: If you are a dad at home starting a business and you will be marketing exercise equipment for skiers, choose some appropriate name like "www.SkiersExerciseEquipment.com" and not something like "www.DadAtHomeWorking.com". If you are the home decorating guru marketing lamps and chandeliers for interior decorators, choose something like "www.ProvencalAccessories.com" and not something like "www.SellingLampsIsFunAndProfitable.com".

If you can't decide, why not try using your own name e.g. "www.YourNameHere.com"?

5. Start gathering and organizing contact information for your marketing list. You need to develop ways people will "opt in" to your marketing list. This might be a sign-up sheet at a meeting or seminar where you present. It could also be a web page where people are going to sign up for your list. (More about building a list in my next article.)

When was the last time you signed up for someone's mailing list to receive a newsletter or to get some information you wanted sent to you? How did you get onto that list and why did you sign up?

For example: What could you offer dads at home that will convince them to sign up for your list? What's going to make them say, "Yes, that's like me. I want some of that kind of information. I'll give you my name and email address in return for what you are offering." What will be of value to your target market?

6. Get started putting you and your story out there to connect with all your potential new friends, partners and customers. Make a list of all the topics and information you think would interest the people you want to attract to you as prospective clients or customers. What could you write about to produce short pieces of information to interest them? How can you offer them something of value that will catch their eye and stimulate their curiosity?

There are lots of ways to turn the valuable and uniquely individual information and perspectives you have into nuggets of information to share with your prospects.

You can share "offline" e.g. handouts or articles you send in the mail and hand out in person.

You can share online e.g. by posting at content-sharing sites like this one and Squidoo (and many others).Start by telling your story-who you are and why you are in the business you are starting. Continue to share consistently as you learn. Tell your story of beginning and growing your business just like you would to a friend in an email. Add practical tips and strategies.

For example: If you are a dad at home, "Hi, folks. I'm David Dad and I have 3 children under the age of six at home. I've decided to send my wife to work and stay home myself to care for kids and run my own business. "ARE YOU CRAZY?"-- I hear you yelling back at me."No, I'm not. I used to wonder how it would be possible and then I found these products. Now I'm able to do both without losing all my hair!" You are telling your story. No research necessary except the experience of being yourself. No previous writing experience or training necessary because what's needed is for you to be (you guessed it!) yourself.

Now, if you are thinking "WOW. I can do this" you are right. And, if you are thinking these simple steps are each another series of steps and "I need some step by step help with this" you are also right. There is more to building and marketing system that generates an endless stream of prospective customers or clients. The good news is--it isn't rocket science and it isn't expensive and there are people who want to help you find your way to a successful home business.

If you are in a hurry and you want that cash flow NOW, either slow down and wait for future articles from me -- or take a look and make the same no cost start I did with the Renegade System at Renegade University - and see if you can catch up and fly past me!

I have used Ann Seig's advice in the Renegade Network Marketer as my guide. I use the step by step tutorials at Renegade University to show me how to use social marketing and blogs to build my business.

See you out there, making cash flow into your new business bank account!