When you start a home based business it’s the start of a wonderful entrepreneurial journey. You can develop your own personal business by selling products or services that genuinely interest you. But regardless if you work on it part-time or full time a home business is not a licence to print money. Here are the 3 top mistakes to avoid when you start a home based business.
1. Not Embracing The Internet
More and more people are turning to the internet first when they want to buy a product or service. When you start a home based business you have to be online if you want to reach the widest number of potential customers in the most cost effective way. Setting up a home business on the internet is not as complicated as you may think. There are many easy to use programs and systems available that will help you to quickly get your business online.
2. Not Having A Solid Business Model
You have to know what you are going to sell, who you are going to sell it to and how you will sell it to them. A solid business model will have a clearly identified target audience who are looking to purchase the products or services that you are selling. Ideally, you need a good mix of income streams that provide residual income, direct sales and income from high ticket items.
Keep in mind that every entrepreneur has faced challenges with their business at some stage or another. When you have a solid business plan, these setbacks will not deter you from reaching your objectives.
3. Not Building A List
One of the most important tasks for any home based business owner is building and maintaining a list of prospective and actual customers. Your list will be made up of email addresses of people who have willingly given you their approval to send them emails about your products and services.
It’s not very likely that someone will give you their email address without getting something of value in return. Therefore, to help build your list, offer a free handy report, eBook or newsletter that you can send them when they sign up. Once they are on your list don’t just send them sales messages all the time. Send emails with useful information that will help your subscribers. As they come to trust your opinions and value what you send them, they will be more inclined to buy from you.