How to Start a Home Based Business

Starting a home internet business has become very popular in recent years because people know that there is potential to build a very lucrative business. With millions of people surfing the web everyday, the number of potential customers is endless. A home based business can fit into any kind of lifestyle and allows a person to set their own hours, be their own boss and work from the comfort of their home. Needless to say, some people are scared to start their own business because they often do not know where to begin. Here are some great business ideas to help you get started.

Start with a Business Idea

Home based businesses fall into three main categories: selling products, offering a service or offering a program. When making a decision on what kind of home business you want to start, research your business ideas thoroughly so you understand the nature of each business. Once you have a few potential business ventures, compare your ideas by weighing out all the pros and cons to determine which business best suits you. Choose what you feel most passionate about and that suits you best. Think about whether or not you can run this kind of business long-term.

Stick to a Budget

Determine a monthly budget and start up costs for your business and stick to it! It is easy to get carried away, which could bring your business to a halt if you have exhausted all your resources. Likewise, ensure you budget your time and decide how many hours a week you are planning to commit to your new home business. When building an internet business, expect to put in more hours initially to build clientele or momentum. Be consistent with your efforts and you may reap the benefits in the long run.

Effective Marketing Tips

When starting a home based business focus on your marketing strategies because these will have a huge impact on the success of your business. Use a variety of marketing tools and once you know what works best for you focus on your best strategies. Consider advertising tools like: web design, blogging, article marketing, press releases, or even offline advertisement. Your marketing strategies will be much more effective if you focus on building trust with your customers as well as meeting their needs. Ask your customers to give you regular feedback in order to improve your home business and make it as successful as possible. Treat your customers well and they will be your customers for life.

Stay Focused

Starting a home based business whether from home or not will have its challenges. Nevertheless, be prepared to work hard, to be self motivated and eager to take on new challenges. Set reasonable goals and expectations for yourself and your business. Revisit your short-term and long-term goals to help you stay determined and focused.

Network

Tell family and friends about your new home based business because your warm market can give you lots of referrals and these individuals can be your biggest supporters. Definitely, take advantage of forums that have like-minded professionals in your field. In these forums, you have a support network of individuals in your profession who can help answer your questions or help you overcome obstacles. In the first year, your learning curve is growing exponentially and these forums can help your business excel a little faster. You may develop friendships and who knows even business partners. Forums and discussion groups are a great resource and can help you expand your business and take it to a new level.

In summary, decide on a business venture that you are passionate about and stay focused. Stick to your budget, market to your clients needs and develop good relationships with people you meet along the way because you never know what opportunities lay ahead. With these tips, you should be confident enough to take that leap of faith and start a successful home based business.

24-7 – That’s Why You Need a Strategic Plan For Business Growth!

24-7.

Are you caught up working 24-7 IN your growing business?

Can’t find the time to get it all done? Not enough hours in the day? No one can do the work right, except you?

Well, then maybe the time is right for you. You’re finally ready to implement a strategic plan for Business Growth.

Let’s review 24 reasons why your business needs a strategic plan for Business Growth.

24 Reasons Why You Need A Strategic Business Growth System

You have no future-oriented vision for your business. In other words, you don’t know where you would like your business to be in 1 year, in 5 years, or even in 10 years from now.

On the other hand, you have some vague notions of where you would like your business to be in the future. But you don’t have any concrete plans established to make your dreams a reality.

Another reason you need to develop a strategic plan for business growth is that you are not sure what it is specifically that YOU want to achieve for yourself personally from your business. A strategic plan for business growth specifically incorporates plans to help you achieve those personal goals you want from working in your business for the next 5 to 10 years.

A strategic plan for business growth includes the balancing of your personal and business values. One should not outweigh the other. A strategic plan asks you to consider your personal values as you develop a plan to grow your business.

One primary reason for developing a strategic plan for business growth is your Cash Flow. Is it unpredictable? Why is that so? A strategic plan for business growth must address your business’ Cash Flow circumstances.

In addition, a strategic plan to grow your business will help you develop your business’ unique methods of generating Cash Flow.

Does your business have a specific “system” developed to generate Cash Flow? How about to manufacture more of it? Your strategic plan should encompass the design of such a Cash Flow “system”.

Any business can suffer from the unfortunate circumstance of having trouble paying bills on time. How can you solve this problem? The answer typically lies in having an organized approach to your business growth that keeps focus on your financial outlook. Your Cash Flow, your sales, your accounts receivables, and your own collections may be underlying reasons for your own financial woes. Your strategic plan should answer these questions and should arrive at workable solutions that you can implement to correct the problem of money, of Cash Flow.

If your business has failed to produce sustainable profits, likely you do not have a strategic plan in place. Your plan must set out actions to produce profits. But must also be focused on sustaining profits once they start to come.

One major reason for designing a strategic plan for your business is because your customer or client base is unstable, not growing, or even dwindling. You need a plan to identify your current customers and clients. And a plan to target your most valuable ones.

What if your customers or clients aren’t sure what it is you do? What steps are you taking to ensure that your customers and clients do know exactly what it is that you do? These steps must be “programmed” into your customer and client contact “system”.

If your customers or clients do not refer business to you, and neither do friends or colleagues, something is wrong. What? You’ve got to strategically analyze your business and come up with reasons for your lack of referrals. Then your plan must include remedies to the referral problem.

Many times, your competition gets the upper hand over your products or services just because you failed to consider them. Your plan to grow takes into account your own competition, their products, and services compared to your own. What steps can be taken to improve your products and services, or to design new ones that are even more competitive in your market? Your plan will have the answers.

What do you love about your business? Your products? Your services? Are you really passionate about your business? Any plan to grow a business must answer this important and fundamental question.

What about your marketing? Have you addressed this issue in your plan to grow? Are you spending too much money on marketing with no specific method, plan, or target? When you implement your strategic plan, you will come up with a specific plan for your marketing and, most important, a specific target to market.

Additionally, it may surprise you but you are in desperate need of a strategic plan to grow your business if your only form of acquiring new customers or clients is word-of-mouth. What is your method of acquiring new customers? What are your specific plans?

Who are your “prized possessions?” I call these your “Ideal Customers and Clients.” Your plan to grow your business must include ways to identify your Ideal Customers and Clients, and ways to acquire even more of them.

Can you state exactly what benefits your products or services provide to your customers or clients? You must be able to as part of your plan to grow your business. Once you arrive at your answers, write them down. These benefits must be constantly, and consistently promoted to your customers and clients as part of your overall plan to grow your business.

Why do you need a strategic plan to grow your business? Because you don’t have enough time in the day to do all you have to do. When you fail to plan, you plan to fail. Writing it down, and then following your plan is a great strategy for time management and goal achievement

“But I can’t develop a plan.” I’m just too busy putting out of the fires.” That’s a primary reason why a plan that strategically addresses your issues, obstacles, and problems, your IPOs, is urgent. You’ve got to identify what are your IPOs. You do this as part of your strategic plan. Then your plan has got to come up with solutions that you can implement to overcome your IPOs.

A central reason for having a strategic plan in place is so you have a method and steps to follow to achieve your goals. And they’ll be written down. Once they’re written down, then their achievement are merely a matter of executing the steps you have written down. If you want to achieve your goals, then have a strategic plan to do it.

But what if you say you don’t have a plan. That you just do what you have to do each day you come into the office. Having a “system” and a formal process to follow day in and day out leads to consistent action and eventual triumph over the hurdles and obstacles you face in your business. A formal plan will keep you on track taking the actions that you need to achieve your goals.

A necessary part of your business, if you want it to grow, and make money in the process, is to design and implement a “system of operations”. Your strategic plan for your business must establish the key “business operating systems” that will run your business and its component parts, whether you are on the job or not.

If you’ve been keeping track, we’re now at the final reason why you need a strategic plan in place to grow your business. If you’re not sure of definite ways you should grow your business and increase your profits based on your personal goals and business objectives, then you really don’t have a plan. You haven’t thought out how your business is supposed to be the vehicle that gets you to the ultimate destination…, your goal achievement.

But once you take the time to design a strategic plan, you’ll then have a method… a “system” that you can follow daily. You’ll have a plan that sets out definite ways and methods that you can implement… ways that will increase your profits… and that will drive you daily towards the ultimate achievement of your goals and aspirations. Not only for your business…, but for YOU.

There’s 24 reasons why you need to design and implement a strategic business growth system for your business.

“But, how can my business benefit if I design a strategic plan for business growth and increased profits?”

To answer that question, let’s review just 7 benefits of designing and implementing a strategic plan for business growth.

7 BENEFITS OF A STRATEGIC PLAN FOR BUSINESS GROWTH & INCREASED PROFITS

Once you develop a strategic plan to grow your business and increase your profits, you will have:

=> A business that is strategically growing and evolving into the dream enterprise YOU always wanted.

=> More fun and satisfaction by doing the kind of “work” you most enjoy, with the people you most like to work with, and for the kind and quality of customers and clients you dreamed of one day serving.

=> A financially solid business with increasing income for you and your staff.

=> Profit building, with lower overhead costs and reduced expenses.

=> Easier, quicker resolution of customer and client complaints, and staff issues.

=> More time off to spend with family and friends.

=> Less stress.

So, what are you waiting for?

There’s only 24 hours in the day . And only 7 days a week.

24/7.

But that’s enough time to get busy working ON your business.

So, get going. Today. This hour!

You want to make more profits? Achieve all of your goals? Have more time off? Feel fulfilled? Be happier and more passionate about your business?

Then here’s the secret.

You must design, and implement a strategic plan for your business growth.

This article is an excerpt from the MasterMind Business Growth System, as authored by Miguel Mendez, Jr., Esq.

Copyright 2008. Miguel Mendez, Jr. All rights reserved.

Is Your Business Built on Sand

An ancient writing advises that the strength of a structure depends largely upon the strength of its underlying foundation.

This sage admonition was uttered over 2000 years ago.

The author of this ancient writing was none other than Jesus Christ.

He went on to state in a famous speech to the people, that it is the foolish man who builds his house on sand, as the structure is in store for a great collapse when the inevitable bad times strike.

These words were spoken to incite people to critically analyze, plan, and carefully build, or restructure the underlying foundation of their lives if they were seeking true happiness. Before it is too late.

This principle of analyzing, planning, building up, or restructuring your underlying foundation is a sound, and powerful one to apply in your personal life.

And even in your business.

If a business does not make it past the first few years, it is generally due to a failure to devise a plan to build a solid underlying foundation for growth and profit-making.

Or if Business Owners, Entrepreneurs, Managers, and Professionals do somehow make it past that critical CASH FLOW crunch period, then many unfortunately still fail.

Why? Because they have not either learned about, or applied the time-tested and proven strategies to grow… so that their businesses become a foundational solid, consistently profit-making enterprise.

Instead, so many Business Owners, Entrepreneurs, Managers, and Professionals end up just working, and working, and working some more in their businesses… 24/7.

But, without any strategic and systematic plan in place to guide their business growth and increase their profits along the way.

In my 22+ years of experience consulting with countless businesses, I found that, incredulously, a vast majority of them initially had no strategic plan to grow and increase profits!

Yes, a few had some vague notions, undeveloped ideas, and good intentions.

But NO real plan.

In fact, when I performed my initial assessment of the majority of businesses that I worked with, I discovered that they had failed to formulate a plan… one that was specifically and strategically designed, and that set out concrete action steps to grow and make more money in the process.

They were built on sand.

But why?

Why didn’t they develop a strategic plan for their businesses?

Because they thought it was going to be hard.

Or, worse yet. They thought it wouldn’t matter. That it wasn’t important.

Instead, they just haphazardly followed what I call…the “hit-and-miss” approach.

THE “HIT-AND-MISS” APPROACH

A majority of businesses subscribe to the “hit-and-miss” approach to Business Growth and profit-building… that is, no PLAN and no SYSTEM.

A large majority of businesses follow an uncharted course to business growth that could probably best be described as the “hit-and-miss” approach. That’s where they just keep trying different things to see if, or hope that maybe they will produce sooner or later some results (whether they even know what results they are striving for, or not).

No PLAN and No SYSTEM.

Only a small minority of businesses became convinced of the need for a strategic plan to grow and increase profits along the way.

These were the ones that soon became the most successful that I worked with. The ones that applied the ancient principle of analyzing, planning, building up, or restructuring their business foundation in a systematic way.

Once this small, but motivated group was convinced of the need for a strategic plan for busines growth, we then worked together on the design and implementation of such a systematic business growth plan. We instituted a specifically crafted, formal system to take them from where they were at the moment, to where they wanted to be in the future… that is, their growing, and profit producing dream enterprise.

What exactly is a dream enterprise?

A dream enterprise is the kind of business that YOU have always wanted to own. It’s not just your “job”. It’s fun and satisfying. You love to get up in the morning and go do it. It’s a business where you are doing the kind of “work” you most enjoy, with the people you want to work with, for the kind and quality of customers and clients you wish to serve, and making the kind of money you deserve…your DREAM!

Have YOU designed and implemented a plan to build your dream enterprise?

If having your own dream enterprise is not enough incentive for you to now get started designing and implementing your own strategic plan for business growth, then consider this fact.

Working with so many Business Owners over the years, I discovered a common denominator.

That small group of motivated Business Owners, Managers, and Professionals who did develop, and then actually follow a strategic plan for business growth, consistently earned at least 3 times as much, if not MORE, than did those who failed to have, develop, or implement such a plan.

Having a strategic plan for business growth can increase your bottom-line profits!

Which just goes to prove the old adage…

“When you fail to plan, you plan to fail.”

But what we are talking about here though is not just any random, or disorganized plan to somehow, hopefully grow your business. As if it were a wish.

No. Instead, we are referring to a time-tested, proven way… a method of strategically designing a plan to get you from where you are right now in your business, to where you want to go. A procedure.

A customized and uniquely tailored “business growth system”.

One that can be strategically designed and implemented to generate the business growth you want, and the profits you need.

Now can you see why you need a plan…a strategic business growth system to apply in your business?

Or do you still need some more convincing?

IMPACT OF STRATEGIC BUSINESS GROWTH PLAN ON 300 BUSINESSES:

I read recently about a study concerning the impact that strategic planning had on nearly 300 businesses. It revealed these interesting findings:

=> Sales increased in over 80% of those businesses that had implemented a strategic plan for business growth.

=> Bottom-line profits increased in the year that the strategic plan was implemented in over 30% of the businesses that had such a plan.

=> Both sales and bottom-line profits were higher in those companies that had actually implemented their strategic plans for business growth compared to those that had a plan, but had not taken the actions to implement it.

So, ask yourself this thought-provoking question again as you consider whether YOU need to design a strategic plan for your own business growth and increased profits.

“Is my business built on sand?”

This article is an excerpt from The MasterMind Business Growth System as authored by Miguel Mendez, Jr., Esq.

Copyright 2008. Miguel Mendez, Jr. All rights reserved.