According to the Center for Women's Business Research,
"There are 10.4 million women running successful businesses
in the U.S. Of those 10.4 million, 85% of them are running
businesses out of their home."
Women starting up a business from home run the gamut from
moms wanting to work while staying at home with their
children, to women jumping the corporate ship, to midlife
entrepreneurs investing in their future.
Behind every woman starting up a business from home, there
is a good idea just waiting to fail. Yes, fail. Why?
Because a good idea is not a great one, and being
passionate about something is not enough to turn a good
idea into a thriving home-based business.
With women-run, home-based businesses being one of the
fastest growing sectors of small business start-ups, it's
important for women to make sure their good idea turns into
a great one.
Top 5 Steps to Insure Your Business Success
1. Before you quit your day job, get to know the business
side of things.
If you were a teacher interested in becoming a principal,
you'd need to know what it would be like to be a school
administrator. Right? Even if you already knew everything
about being a teacher, you may not know about the business
side of running a school.
The same thing is true when it comes to starting up a
home-based business. You need to know what you're getting
into before you start.
2. Realize that your good idea is going to take a hit.
If you were a knight riding off to war, wouldn't you want
to know that your armor was strong? That it could withstand
the rigors of battle? That it could bear up under the
toughest of blows and the sharpest of blades?
Before you go out and spend tens of thousands of dollars on
product development, find out how well your idea will hold
up under scrutiny. Interview your target customers to
confirm your assumptions about your product. The questions
you ask now will give you invaluable information that will
help turn your good idea into a great one.
3. Have a clear vision of where you want to go.
Before you head off down the start-up road, you'll need a
map. You'll need to have a plan to get from here to there
— a plan that supports your great idea and vision of
success.
This is where a clear vision statement and business plan
come in handy. Having a vision for the kinds of products
and services you want to offer and what specific niche
group will buy them is important. Knowing how much it will
cost to start up and run your business for the first couple
of years is helpful, too.
4. Realize that you are going to have to wait for profits.
As with any business start up, initially the money going
out is going to exceed the money coming in. For how long?
Well, certainly for at least your first year. Probably the
next. Sometimes it takes up to five years. It all depends
on one thing: how well you've done steps 1, 2, and 3.
Thriving home-based business owners know they have to do
two things while waiting for profits to roll in: hold the
vision for their business and take steps every day to make
it happen. Because of this, they have a system in place to
handle the level of success they see for their business.
Without these things, chances are you're going to quit long
before you've had a chance to succeed.
5. The Fun Stuff
While you're waiting for the big bucks to roll in, focus
your marketing energy on social media tools. This will
bring you into contact with many amazing people while
creating an Internet presence for your business.
- Get yourself on LinkedIn, Facebook, and Squidoo.
- Have fun building your following on Twitter.
- Build a blog that represents your style and passion in
business and connects with your niche market.
- Develop a powerful website that attracts your niche
market, converts them into prospects, and creates
long-lasting relationships.
- Say yes to any interview opportunity.
Starting up a home-based business is exciting. Armed with a
great, well-tested idea and a map for success, you will be
on your way. First, remember to do your homework. Take the
time to understand where you want to go and determine how
you will get there. Great ideas need vision, and great
leaders are visionaries. Be one, and start your journey
from good idea to thriving home-based business!
----------------------------------------------------
Dr. Susan L. Reid is a business coach and consultant for
entrepreneurial women starting up businesses. She is the
author of Discovering Your Inner Samurai: The
Entrepreneurial Woman's Journey to Business Success. Susan
provides intuitive small business solutions, powerful
attraction marketing tools, inspiration, and direction.
Visit http://www.SuccessfulSmallBizOwners.com and download
your copy of her latest free business success article.
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