Home Based Business Strategy
Business Strategy defines how you are going to get to where your business is going.
There are a few elements that will influence your strategies, and they are outlined below.
Yes, you need to make a plan that has a professional, business focus.
But, for a Home Based Business you probably also need to consider more factors that are influenced by your personal circumstances.
Think about why you are building a home business.
The reasons that motivated you to do this in the first place will still be relevant. Those reasons need to become part of your Business Strategy - because if they don't, your business plan will not work.
It will not work if it does not solve the problems that motivated you to work at home in the first place.
If you do not factor in your core reasons for working at home, then how is your home business solving any problems for you?
How is your home based business going to be any better than what you are already doing?
Your vision is a picture of how you see that your business will look when you have established it.
Usually the vision is a broad statement to motivate you and your team.
The mission of a business is about what it delivers to your clients.
Another important factor are the underlying values that guide your behavior.
There is not really one business strategy.
This collection of strategies is from a specialists that influenced my home based business. Sometimes you will find strategies that might oppose each other. And both teachers will present them as the best and only way.
I think that there is no one best strategy. It always depends on your overall vision and your values.
If you are uncertain about what to do next, an outside view can quickly get you on the right track. Home Based Business Coaching develops that clarity.
To learn more on Success according to Sun Tzu and the Art of Strategy check out the site from Osama El-Kadi.
Sometimes it might be useful to implement something for short-term results (to boost sales or reduce expenses).
The target market defines who your clients are.
Market research tests whether there are enough potential clients. The perfect home based business idea is researched without pre-conceived ideas. But usually I have an idea for a solution. Then I narrow down that idea through market research.
Finding A Solution
Once you know what your target market wants, you can start on the solution.
The better your relationship with your target market is, the better you are able to understand their needs and wants and can design or find the perfect solutions.
Most solutions already exist. I used to be disappointed about that, until I realized
There are 5 steps I take to find successful business ideas.
Implementing Systems for Efficiency
"Systems stifle me, I need flexibility!"
That is what many people believe.
It does take time initially. Suddenly you are forced to clarify why you do something in a specific way. Writing it down brings that clarity, especially if someone else has to understand the instructions.
But often better ways are found that save time in the future.
"Marketing is getting people to knock on your door, sales is knocking on people's doors."
If advertising is the first thing that comes to mind when you hear marketing, please re-consider.
We are so bombarded by advertising and selling all day long that most people have developed an effective shield against it. Whenever something sounds like a sale, we ignore it. Unless something offers a solution to a current problem.
When you think about your own buying behavior, you might notice that you buy from people (or brands) you trust and like.
So basically marketing is about building relationships. The hardest part is the initial contact. But that is what most businesses focus on. Nurturing your existing client relationships is often much more profitable.
One of the most effective marketing strategies is the Internet. Read about a Internet Based Home Business.
We have all experienced the hard-sell. I always shy away from it.
What works for me is to help people make the right decision for them. That might lose me some sales, but it builds trusting long-term relationships. I also get to know my clients and their wants more intimately. Get information on a home based sales business.
When you hear business owners who say: "I am not in it for the money."
I want to maximize the profit I make (while honoring my values of course). To do that, I analyze what goes into the business: time, money and energy (how easy and enjoyable something is or how hard and frustrating) and look at what the financial results are.
By eliminating the things that are less profitable and adding things that are more profitable, I make the best use of my resources.
When your business hits hard times the only way out is drastic action. Mark Joyner teaches in the 7 Day Business Turnaround how to get back to a profitable home based business.
Every person can only do so much.
Leverage is probably the most exciting business strategy. But, it only works when all other areas are under control.
To get leverage for your ideas, a team is ideal.
When starting a home based business, it is ideal to think about your business strategy for each of these areas. It is not necessary to work out every detail, just to have a general idea of how everything fits together.
Writing that down as a business plan give more clarity and focus.
Once your home based business is running, it is best to revisit each area and improve the business strategy on an ongoing basis.