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Home-based Business Ideas

Updated on November 25, 2016

Small Business Tips - Finding a Market Niche

Some people can turn there hobbies into a small business, it's a good idea to find out what your really good at and turn it into a small business. All new home businesses must make two decisions: selection of the particular market to which to make offers and the selection of products or service that the new company will offer. These are the most important decisions in making a company. The main key is to 'specialize in one product or service,' this way your business is known for one main specific product. You should develop a strategy that differs from your competitors. Be innovative in certain ways:

  • Concentrate - in a specialized market niche, you may avoid competition with large companies. Stomp your competitor and specialize in one product or service with other products and services under that main umbrella.
  • Innovate - in promotion, distribution, pricing, customer service, etc. You can innovate in anything pertaining to products and services.
  • Be different - in offers for products and/or services. Offer your customers benefits that are different than other solutions to their problems; this is crucial.

Home Business Ideas

Having a home business is a work in progress, "Don't quit your day job" as of yet. This way you have enough time to save some money from your job to add to your new home business. Also the money from you job can help you pay for your: home office equipment, supplies, marketing stationary, etc. As new business owner you should spend whatever time necessary to visit potential customers. Talking to other business owners, and becoming knowledgeable as much as possible in the market which you are interested. Services that by their nature are directed at smaller niche markers is a better strategy for new businesses, than trying to get too big too fast. Start by being very good at what you do and the growth will come with time. The Internet will play an enormous roll in your new home business.

Make room in your home or garage for a desk, chair, computer, printer, phone, etc., to set up your home office. Entrepreneurs having home businesses should be sure to become familiar with the Internet to decide if it is the type of marketing they should use. Emphasize on the benefits of your product or service to your customer, rather than emphasizing on low prices, as your competitor will thrive forward. Companies, large or small, that continually emphasize low prices as a competitive strategy are almost always lousy companies that sooner or later either reverse the strategy, or find themselves in very serious trouble.

By emphasizing benefits rather than price, you are more likely to have a profitable successful business. Your main purpose for running your own company is to sell, sell, sell! Use Marketing intermediaries, such as distributors, representatives, retailers, dealers, jobbers, wholesalers, agents, etc., whichever of these are appropriate for your business. The Internet can be one way to reach customers and get orders for whatever products or service you are trying to sell.

Marketing Ideas for Home Businesses

Direct mail is still one way to represent a huge amount of your potential customers. Print company business cards, they can include: your company name, address, (this is optional), phone number or message phone number, your product or service and what you will provide for the customer, your name and title, your website, your email (this is optional), and add a picture or logo. Your flyers and brochures can contain the same information as your business cards but in thorough details. It would be a good idea to carry your business cards everywhere you go; and hand them out to a few people every day to build your name recognition.

To get customers to buy, you can mention and have: open house, free food/snacks, raffles/contest tickets, first 5 people deals, if this is what it takes to get the customers and keep them coming back. Successful business owners are courteous, polite, considerate, and understanding to the customers' needs. Be consistent with all things good no matter how the customer acts. Because the customer is always right, in most cases.

Promote on social media everyday.

How to Have a Home Business
How to Have a Home Business

What Should Be in a Business Plan

There is a huge amount of text material out there, with available information showing you how to write a business plan. The more you read about it the better you will understand the process. A business plan is very important to have, actually it is crucial. I advise anyone who is even thinking of having a home business to create a business plan. How can you know where you are going if you do not have a map to your destination? A business and a business plan go hand and hand. Edit and modify it when necessary, but 'do not' run a company without one.

Sections of a Business Plan:

  • Title page
  • Table of contents
  • Introduction
  • General description of business
  • Goals and strategy
  • Brief background
  • Product/service description
  • Market description
  • Competition
  • Marketing and selling
  • Financial plan

To know what each outline subject contains, it's a good idea to get books and other text information to get a thorough understanding of each. This is your beginning, your moment, and your future. Stay informed, knowledgeable, and trained for what you need to get your feet off the ground. It's easy once you apply all the tools that's required for your new home business experience. You don't need a college course on how to run a business, unless you prefer to. Many companies are successful due to the business manager being self-taught and self-employed. Remember to save the profits of each year for small business tax right-off deductions. Also save receipts and documents for each year's expenses of products/supplies that you've purchased. You have everything to gain once the tools are applied and put into action, when it comes to your home-based business.

What Should Be in a Business Plan
What Should Be in a Business Plan

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© 2011 Ann810


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    • Ann810 profile image

      Ann810 6 years ago from Sunny Cali

      Hi HennieN, Thanks for your comment.

    • HennieN profile image

      HennieN 6 years ago from South Africa

      Thanks. Very informative hub.

    • Ann810 profile image

      Ann810 6 years ago from Sunny Cali

      Hi Gitrdun,

      Hi Louise,

      Thank you for commenting.

    • profile image

      Louise 6 years ago

      Very interesting and helpful for the novice - thank you for sharing.

    • gitrdun4444 profile image

      gitrdun4444 6 years ago from North Carolina

      Nice hub, and very informative. Thank you!