When you have a problem that needs to be solved, do you seek just anyone’s advice or do you seek an expert in the field to help solve your particular problem?
Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem.
You call a plumber when the hot water tank leaks, a real estate agent when it’s time to sell your home or a dentist when you have a toothache.
Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities.
In effect, becoming known as an expert is another style of prospecting for new business, just in reverse. Instead of finding new and qualified people to sell to, these people seek you out for your expertise.
Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services.
Your home business is not about your competition and how to beat them. Your business is all about your customers, or clients, period.
After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.
A home business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished–ask for the sale.
This is not to say that being a great salesperson, advertising copy writing whiz or a public relations specialist isn’t a tremendous asset to your business.
However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.
The lifeblood of any business enterprise is cash flow. You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.
The money you receive from clients in exchange for your goods and services you provide (income)
The money you spend on inventory, supplies, wages and other items required to keep your business operating. (expenses)
Planning every aspect of your home business is not only a must, but also builds habits that every home business owner should develop, implement, and maintain.
The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research.
A Business plan also serves a second function, which is having your goals and how you will achieve them, on paper.
You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.
You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell.
Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone.
They also fall prey to naysayers who don’t take them seriously because they don’t work from an office building, office park, storefront, or factory.
Little do these skeptics, who rain on the home business owner’s parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.
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