The challenges to starting a home based business are many. First, one most select an appropriate business model. No easy task when so many options exist. Next comes the challenge of juggling household activities and functions with business related tasks. In addition to these rather obvious challenges, this article will reveal 5 deadly mistakes that a home based business owner simply cannot afford to make.
Marketing is an integral component of any business. Unfortunately, many home based business owners are ignorant about the costs of various marketing options. They tend to experiment with several marketing options with limited success. The dangerous aspect to this experimentation revolves around the fact that when the “dust settles”, the business owner may have spent a substantial sum of money. More than they expected, at the very least. The first big mistake home based business owners make is not setting a marketing budget. As the results of one’s marketing are determined, the budget can change. An initial budget is an absolute must!
With the need to establish cash flow being critical, owners tend to think short term. The second big mistake is failing to provide enough value to create a long term customer. Owners should strive to OVER deliver value to the customer. Competition is so fierce in the marketplace that unless a company is willing to go the “extra mile” for every customer, they face the possibility of losing customers to the competition.
The 3rd deadly mistake home based business owners make is failing to network and become part of the community. Taking the time to get to know members of the immediate business community can reap HUGE dividends in “word of mouth” advertising. A business owner who becomes a trusted resource to the community can expect to see a flood of referred customers!The “rule of thumb” is to give back more than you take. So, it is a necessary part of a successful business to join networking clubs and civic associations.
Trust and credibility are integral parts of any successful business. Home based business owners frequently overlook ways to build their company’s image. One of the most effective ways to achieve credibility is to incorporate testimonials from happy customers in marketing materials. Because home based businesses are not traditional “brick and mortar” businesses, it is even more important to create trust.
Finally, the 5th deadly mistake home based business owners make, is failing to learn how to market their product or service FIRST, before attempting to sell it. Renegade University offers FREE “attraction” marketing training via a members only website. Mike Klingler takes members Through step-by-step video tutorials, which teach how to leverage the power of the Internet to literally bring buyers to you and your business. His specialty is social marketing, which focuses on marketing to the hundreds of Web 2.0 social networking sites. Check it out!