5 Key Steps to Launching a Home Business

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November 16, 2011

Having your own home business can offer independence and great satisfaction. And working from home is one of the most convenient ways to make a living. If you add to this a home business within an area of your passions, then you have the makings of true joy.

Working from home may sound like a dream to some, but it’s a dream that is more realizable than many people think. The kinds of businesses that can be run from home are diverse – from professional services such as bookkeeping and financial planning, to services such as freelance writing, home day care services, tailoring, and even direct sales. What’s great is that with a bit of creativity, you can transform one of your hobbies or career passions into your own business.

To find your ideal at-home career, start by reflecting on your strengths and skills. Do your research and determine the products or services you will market. Once you have your plan in place, here are five steps you can follow to help launch your home business:

Step #1: Identify Your Niche Market

Markets are groups of people who share common interests in a particular activity or subject.  Niches are subsets of those markets relating to a specific topic.

To identify your niche market, start by asking yourself, “What people would best benefit from my products or services?” You can’t please all people, so don’t even try to. It’s best to focus initially on a specific market. Once you can “see” or envision your target market, your marketing strategies and the most appropriate style for your business will become all the more apparent.

Get to know your market’s desires, pains and problems so you can offer them a solution that will give them what they want and need. Then you can present your solution to their needs in a way that appeals to them.

Step #2: Promote Your Brand

Now that you’ve identified your niche market, you can begin marketing yourself online and offline to attract your ideal customers. You can do this by sharing insights you’ve gained around the problems your niche experiences and the solutions you’ve discovered to their problems.

One of the best ways to share your insights is to create a personal blog or website and offer valuable content to your niche. Encouraging those visiting your blog to sign up for your newsletter or a free gift is a great way to attract potential customers.

Ideas for marketing locally include giving free presentations in your community around topics your niche would find interesting. Or distributing information like flyers or postcards that list those problems your niche frequently encounters and then your solutions to those problem. Be sure to direct them back to your website or blog for further information.

Step #3: Be Consistent and Committed

It takes time to build a successful home business.  Be consistent and committed to doing what it takes to succeed. Don’t expect it to happen overnight, but don’t give up. Keep taking the necessary steps and it will happen.

To help you stay consistent and committed, create a business plan that includes a daily task list and schedule. Outline your 1-, 3-, and 5-year goals for your business. Also outline what tasks you need to complete on a daily basis and prioritize that list. Identify the amount of time you can commit on a daily and weekly basis and then schedule your tasks accordingly.

Step #4: Invest in Yourself

Invest in yourself by committing to getting better every day. Devote at least 30 minutes in the morning and 30 minutes in the evening to getting better. This may include reading books on building a home based business, or books that give you greater insight into your niche market, whatever will help your knowledge grow and help you become a better person and a better expert in your field.

Step #5: Manage Your Business

Take steps to manage your home business by creating a realistic schedule. Ensuring that you get your work done may mean waking up early, before the kids awake, or staying up a little late after their bedtime. You may also find that you can complete small tasks while the kids eat lunch, play or take a nap.

By establishing a routine, you begin to treat your work from home more like a business and less like a hobby.  Be sure to include time in your schedule for you to play.  Whether it’s taking out time with the kids, your husband, or your girlfriends, schedule it in and stick to it.

By following these five steps, you can better position yourself to successfully launch your home business.

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