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Starting Your Own Home Based Business

by Bruno Deshayes on 25 Mar 2016 permalink
Adversity can be the best motivator but going off at a tangent is a real danger too. In order not to be out of kilter you will have to juggle 3 roles: the marketer, the engineer and the accountant. Most people who venture out on their own have either the first or second bias. Rarely would a beancounter start out into business except to setup a public accounting practice of course.

The questions you have to ask yourself are: Where would my customers come from? What unique product or service can I offer that would make me stand out from the crowd? How long can I last before my first sale? Do I need a second job to keep my cash flow until the business takes off?

Being your own boss requires the ability to critique yourself, question the obvious and investigate alternative routes. Let us review the 3 segments you have to balance:

The world is replete with great dreamers who are starving to death because nobody else caught on to the value of their dream. Unless you find customers - people who are eager to trade cash for what you offer - commercially, you do not exist. Women tend to have an advantage here because they are usually well connected through children at school, etc...Who will spread a good word for you? Will your Facebook friends turn out to be real friends or silly bystanders? Will you erect a sign by the main highway to drive a path to your door?

What is unique about my product or service? If you do not have a bullet proof answer to that question you are just a me-too, competing solely on price. Do what hasn't been done before. Do something people will remember and talk about. In the fast paced western world it's all about convenience and time-savers. People don't have servants (maybe they should) but they are happy to pay for someone to mow their lawn, walk their dog, do minor repairs in the house, wash their laundry, etc... is your business proposition bound to your geographical location or can you generate business from elsewhere?

Finally you are in business to make a profit. Your profit is the difference between what people pay you and what you have to spend to meet their expectations. Unless you keep a keen eye on the figures you have no way of knowing whether you are moving ahead or falling behind. Can you charge more for what you do? Can you spend less on what you have to buy? A sense of accounting will keep the dreamer's feet securely on the ground!

To find an online coach to set your business goals click here To find an online cashflow forecast and bookkeeping service click here


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