Whether you are just starting your home-based business, or have been in business for several years, having a solid foundation is an essential element for success.
Here are five of the most important elements you need to make sure there are no "cracks" in the foundation of your business that can make it crumble.
1.
Business Plan.
Lots of solo-entrepreneurs don't think they need a business plan, especially if they have no intention of seeking funding.
However, writing a business plan, no matter how tedious it may seem, is very important.
It makes you think through all aspects of your business such as: the purpose of your business; description of your business; assessment of your target market; description of your services and business facilities; assessment of management abilities; timetable and projections of your business growth and, financial analysis.
2.
Advisory Team.
Just because you work from home, doesn't mean you should go it alone.
Having experts lined up before you need them will save you time and a headache in time of crisis.
At the minimum you should build a relationship with a bookkeeper and/or accountant, an attorney, an insurance agent, and computer tech so you can feel comfortable with them and get to know them prior to needing them.
3.
Marketing Plan.
What is a business without clients? Having a marketing plan will help you stay focused and enable you to be clear about who your target market is, where they are and how you will go after them.
It will also force you to ask questions like: "Will I use social media as a marketing tool? If so, which ones? Will I blog or offer an ezine? How often? What kind of content? Will I join forums and listservs? Which ones? What journals, books and periodicals will I read? What will I do to become recognized as an expert in my field?" 4.
Delegate and Automate.
If you feel like you have to do everything yourself, you will never be able to grow your business.
Not only are you not an expert about everything, you don't have the time to do everything, and let's face it, there are things you don't like to do.
If you delegate those things to a Virtual Administrative Support Specialist or in-house assistant, you'll be freed up to focus on building your business.
You should also consider automating you business processes as much as possible.
There are so many products out there to automate your newsletter or e-zine, selling your products or e-books.
Make use of those programs to make your business run as seamless and efficient as possible so you can focus on fostering current relationships and developing new ones.
5.
Support System.
Finally, surround yourself with a support system of people who will encourage, challenge and inspire you to success.
Hiring a business or life coach could be one of the best things you do for yourself and your business.
Find someone in your industry that you trust and respect to be your mentor.
Weed out the naysayers and lean on those who are genuinely rooting for your success.
Here are five of the most important elements you need to make sure there are no "cracks" in the foundation of your business that can make it crumble.
1.
Business Plan.
Lots of solo-entrepreneurs don't think they need a business plan, especially if they have no intention of seeking funding.
However, writing a business plan, no matter how tedious it may seem, is very important.
It makes you think through all aspects of your business such as: the purpose of your business; description of your business; assessment of your target market; description of your services and business facilities; assessment of management abilities; timetable and projections of your business growth and, financial analysis.
2.
Advisory Team.
Just because you work from home, doesn't mean you should go it alone.
Having experts lined up before you need them will save you time and a headache in time of crisis.
At the minimum you should build a relationship with a bookkeeper and/or accountant, an attorney, an insurance agent, and computer tech so you can feel comfortable with them and get to know them prior to needing them.
3.
Marketing Plan.
What is a business without clients? Having a marketing plan will help you stay focused and enable you to be clear about who your target market is, where they are and how you will go after them.
It will also force you to ask questions like: "Will I use social media as a marketing tool? If so, which ones? Will I blog or offer an ezine? How often? What kind of content? Will I join forums and listservs? Which ones? What journals, books and periodicals will I read? What will I do to become recognized as an expert in my field?" 4.
Delegate and Automate.
If you feel like you have to do everything yourself, you will never be able to grow your business.
Not only are you not an expert about everything, you don't have the time to do everything, and let's face it, there are things you don't like to do.
If you delegate those things to a Virtual Administrative Support Specialist or in-house assistant, you'll be freed up to focus on building your business.
You should also consider automating you business processes as much as possible.
There are so many products out there to automate your newsletter or e-zine, selling your products or e-books.
Make use of those programs to make your business run as seamless and efficient as possible so you can focus on fostering current relationships and developing new ones.
5.
Support System.
Finally, surround yourself with a support system of people who will encourage, challenge and inspire you to success.
Hiring a business or life coach could be one of the best things you do for yourself and your business.
Find someone in your industry that you trust and respect to be your mentor.
Weed out the naysayers and lean on those who are genuinely rooting for your success.
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