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ARTICLE OF THE WEEK:
Copyright 2003
(c) Theresa V. Wilson, All Rights Reserved.
The level and quality of family input and
support are often ignored when starting a business. Even with
money and inventive ideas, family backing and emotional support
are primary ingredients to success. This article provides
questions which must be considered before embarking on any
business venture. Don�t let your initial responses or persuade you
to change your mind before you begin. They are meant to encourage
you to be creative, think beyond the box, eliminate �tunnel
vision,� and to master the possibilities of being an independent
self-starter ready to be a successful entrepreneur.
Do You Have Family Support For Your Home Based Business Idea?
Starting a business is challenging and difficult. Even with money
and inventive ideas, family backing and emotional support are
primary ingredients to success. Home based in itself means that
more than one person will be affected by changes in environment
and living conditions. Many home based businesses falter because
owners fail to take into account the adjustments that naturally
occur when working out of the home. Before embarking on any �at
home� business take the time to explore the idea with all
involved. Make a list of advantages and disadvantages together.
Especially when children are involved, be sure to include them in
this important phase of planning. Discuss �do�s� and �don�ts� when
the parent is on �work time�. Clarify �quality time,� so that you
diffuse resentment of changes in lifestyle patterns. Make sure
everyone �buys in� to the concept of a work at home business. Most
importantly, develop marketing strategies and projections so that
each family member has assignments and business related �jobs�
that encourage a sense of shared business ownership. Remember
succeeding in business is difficult enough without the certainty
of family support.
How Will You Know If You�re Ready? Home based businesses are more
than a run-of-the- mill idea. One important consideration is
selecting something not only of interest to you, but is also
something you are capable of doing. It should be a business for
which you have a high level of expertise as a result of
professional and/or career interests and abilities or because of a
hobby you�ve practiced over the years. Never elect to start a
business based totally on new untested ideas or based on a
dependency on the ideas of another. If you have not fully
developed your idea, take the time to investigate and explore it
from various viewpoints. Take the time to research your topic and
write a vision for your business plan. It might also be worthwhile
attend seminar or workshop training sessions on developing and
writing a business plan. Keep the family involved in these early
stage development plans. Remember, two heads are better than one.
You also encourage continued family ownership in business
development.
How Much Money Will You Need? The amount of money needed for
starting your home based business depends on the product or
services you are selling. Bridal consulting businesses, for
example require low overhead costs. A computer and printer,
telephone, file cabinet, paper, pens, etc. are some of the basic
start up materials needed. However, arts and crafts, floral
arrangements, or gift baskets will demand purchase of items needed
to prepare the products for sale. With proper planning and
business projections, you will be able to develop financial
projections based on beginning inventories, expenses and estimated
sales. Planning business income strategies and cutting costs for
inventory investments can create a need for additional family
discussions. What luxury items must be sacrificed or detoured
during the business start phase? What family vacations will be
delayed or eliminated and for how long? Up front and open family
conversations at the beginning of business planning can help
eliminate unnecessary disappointments later.
Do You Have A Product or Idea Worth Selling? This is where a
family�s input becomes an immeasurable tool. Your family is your
first line of prospecting and sales. You can start by presenting
your idea as part of a family meeting. Your presentation should be
as thorough and professional as if you are about to make the most
important sale of your career. Encourage them to role play
customer questions and responses. This strategy serves a dual
purpose. You gain from a critical �in-house� critique of your
product or idea before it goes public, and you gain family members
with a broader perspective of the company and their role as
marketing advocates or potential sales representatives.
Do You Have A �Niche� Market? Who are your customers? A niche
market is a small group of people who have a particular interest
in what you are selling. It is important to develop a description
of people you feel will purchase your product or will be receptive
to the services you offer. Your marketing plan is developed based
on the identity of your niche market. Your niche market will be
composed of people buying products and service that will benefit
them. Look closely at your product or service and compose a list
of potential customers. Remember, people seek to buy things that
will help them or make them or their loved ones feel or look
better. Your goal is to have your business viewed as offering
something of benefit to others. Take the time to evaluate your
product or service then decide what type of people will benefit
the most by using it. They will be your niche market.
Can You Afford a Marketing Strategy? You�ve developed your
business plan, secured start up financing, identified your �niche�
market and are ready to sell. Implementing a marketing strategy is
an area where we all have made mistakes. Often we assume the only
way to get an idea, product or service recognized is to invest
large sums of money, the lack of which means no success. Don�t
forget to think out of the box. With just a little exploration in
basic marketing techniques, you can get into the competitive arena
on
a limited budget. Instead of spending an enormous amount of money,
you will reinvest energy resulting in better use of quality time.
You can invest in low cost e-commerce web sites to advertise and
market your product or service. It is best to research and select
web site programs that allow you to prepare, edit, add and delete
content and pictures at your own pace. Take the time to learn how
to manage your own site and save money. Publish articles on the
web, so that you can attract customers to your site. Establish
auto responders on your web pages so that people can interact and
learn more about your products. Family input is key. Let them
participate in this process. Encourage them to share ideas and
include them in the step by step planning and development process.
Will You Be Successful? Your level of success in working at home
is measured based on the amount of input and time you invest in
your business. It will be enhanced by the quality partnerships you
develop with people as close as the kitchen table. If you include
your family in the very beginning of the planning process, they
will be your foundation of support and encouragement. They will be
key assets for promoting and marketing strategies. They will be
your first line of defense and support during those challenging
�lean� times every business experiences. Starting and running a
business is a family affair. If you can determine their comfort
level of involvement, you will help increase your chances for
success. Additional articles and resources can be found by
visiting us at
http://www.meetingtheneeds.org
-----------------------------
Theresa V. Wilson, M.Ed. is a freelance writer and owner of a
home based business dedicated to providing self help products
and resources for grieving families and caregivers facing
health recovery and emotional trauma from death.
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