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Thursday, May 24, 2012

How To Start A Home Business In 4 Simple Steps

With the ailing economy, most people desire to start a business. They dream of having a lifestyle where they are in charge. It is possible as many people have done it before using these 4 steps.

Step 1. Assess your talents and skills.
Think of what you are good in and what you enjoy doing. You could be good in public speaking, writing, or in tasks that require creativity and organizational skills. A good way to see this is to look at what you were good at in school. Look at what you have done in your previous work. The courses you have attended the kind of jobs you have had and see what you can monetize.

And honestly this is where most people get it wrong. They ignore the skills and talents; they dismiss them and block any suggestion of starting a business. Everybody has a thing the can be monetized. I really mean anybody including you. You just have to believe in yourself. After all if you do not, who will?

Now, let us assume you are good at pet training or baking cakes or parenting. The next thing you need to do is to assess if your talent, hobbies or passions can be monetized. You see, not all skills can be monetized; not all of them can be given a new twist that makes people want to pay for the services or products. For instance, if you are good at selling fridges, this skill may not help much if you live with Eskimos.

Step 2. Analyze the market
Success in any business requires a knack of knowing what people want and solving their problems. The entrepreneur who gives people a hot drink when it is cold and quickly replaces the stock with cold drinks when it turns hot will certainly make money. Do you realize that most people don't do this: and that's why about 20% of businesses make 80% of the money.

However, there are ways to mitigate the risk of offering what the market doesn't want. For instance Hang out with people and get to know there problems. Do a survey or a Google search to see people's opinions and desires. Check out forums and book stores to see what's trending.

Step 3. Organize your talents and skills into business ideas.
Organizing your skills into a business idea is not as easy as it may sound. You need to look at your business as it would run once it's mature. In others words start from the end working backwards. Look at the finance functions; look at the marketing, management and operations of the company.

Get started and the draw an organization chart on a piece of paper, try describing the functions of the various department and the service delivery standard. Once you do this, realize that when you start out, you will be holding all the functions. You will be the chief operating officer, chief finance officer, chief marketing director and staff manager.

Why this is important is because you don't want to start a business that will make you tied up. You want to start a business that will allow you travel the world have freedom and enjoy life. By the way, when you start an organization, you will be holding all the function, you will know that as the business grows you will relinquish duties of various departments. For instance, you can outsource the finance function as big money starts following in, then you can hire a staff manager and on and on.

By visualizing, your mature business it makes it possible and realistic. It is good to dream; nothing big comes it existence without first being visualized. The computer you are using to read this was once a vision on someone's mind. The cell phone that you own was once just an idea in a person's mind. The person was not more talented or skilled than you. Similarly your business can be a big concern if you visualize it to be so.
It is important to realize that you will need to think about how your business will deliver the services or goods. Will you open a shop or operate from your house? How will you source the raw material? What premises will you require if any? How about taxes?

Step 4. Gather your resources and launch
Resources are the tools that will make your business work. You will need to have people pay you through credit cards or PayPal. You will need to open accounts in these respective merchants' service providers.
You may need a website, and you identify a web designer, pay for a domain name and hosting. A little thinking may be required in choosing a domain name that instantly hints the business core benefit.
Perhaps you may want to be affiliate marketer; you need to open an account with the goods provider. Some charge a small fee others don't this is what you must find out.

When all is in place, it is time to open the doors and start marketing. Marketing is perhaps the most important skill of any business.

Mary Wilhite is a Mobile Marketing Specialist, also known as the Mobile Marketing Queen. Teaching small businesses, entrepreneurs, and internet marketers how to attract better customers with mobile marketing devices. Get more of her mobile marketing tips, tricks, and strategies today. Just click here

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