Tuesday, February 05, 2008
Best Home Based Business - 5 Important First Steps to Home Based Business Planning
When starting a home based business, it is important that you create a feasibility plan for it. This feasibility study will serve as your blueprint to success and a master plan to cover every aspect of your business.
Make you plan as simple as possible. Cover just the major and essential areas of your business. Basically you should have a plan for setting up the business. You should have a detailed study for product acquisition, pricing, marketing and distribution. Another important part of your business planning is advertising and promotions which are essential in order to get a market share. The following points could help you in your planning process:
1. Outline the important things you will need for your home based business. This should include business permits, list of suppliers or businesses related to your product or services, and list of organizations that provide support for home based business enterprises.
2. Make a detailed comparison of current prices of products that are directly competing with your products. This can guide you in your pricing mechanism and plans.
3. If your home based business is service oriented or you want to sell your expertise and skills, you must study the competition's market strategies and promotions. This information can help in formulating an innovative advertising campaign.
4. Make a list of different advertising techniques and methods you can use to promote your home based business. Determine what advertising strategy you will use for online promotions and what will be employed for traditional advertising. It is important that people know that you have an existing business. You can not build a wide base of customers if your business remains obscure and unnoticed.
5. After all the information has been gathered; sit down with your business partners or associates. Formulate a concrete plan based on the information you gathered.
Make you plan as simple as possible. Cover just the major and essential areas of your business. Basically you should have a plan for setting up the business. You should have a detailed study for product acquisition, pricing, marketing and distribution. Another important part of your business planning is advertising and promotions which are essential in order to get a market share. The following points could help you in your planning process:
1. Outline the important things you will need for your home based business. This should include business permits, list of suppliers or businesses related to your product or services, and list of organizations that provide support for home based business enterprises.
2. Make a detailed comparison of current prices of products that are directly competing with your products. This can guide you in your pricing mechanism and plans.
3. If your home based business is service oriented or you want to sell your expertise and skills, you must study the competition's market strategies and promotions. This information can help in formulating an innovative advertising campaign.
4. Make a list of different advertising techniques and methods you can use to promote your home based business. Determine what advertising strategy you will use for online promotions and what will be employed for traditional advertising. It is important that people know that you have an existing business. You can not build a wide base of customers if your business remains obscure and unnoticed.
5. After all the information has been gathered; sit down with your business partners or associates. Formulate a concrete plan based on the information you gathered.
# posted by Medical Information : 2:35 AM
Subscribe to Posts [Atom]
