Note: In part two of our three-part "obtaining financial independence" series, we'll investigate two methods to launch your online business.
Starting a work at home experience takes a great deal of pre-planning; unfortunately, many entrepreneurs do not take that fact into serious consideration before starting an online business. Before you open your doors to clients, make sure you've covered the proverbial "bases" to ensure that your home business is a dynamo and not a dud.
1. Have a Business Plan
If you've never written a home business plan before, it's time to take a course, get a book, or ask someone who has. Your business plan doesn't have to be extremely detailed; however, it should cover items such as the purpose of your online business, your income/expense projections, and a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
Even a simple 2-3 page home business plan will give you a map to start you on your work at home journey.
2. Scoping Out the Competition
Have you really thought about your competitors? Chances are that in your excitement to set off on your own, you've neglected to do some serious analyzing of who is most likely to be competition for your home business.
"But I have an online business," you may protest. If that's the case, you should research with even more diligence! Remember that there are plenty of other companies out there who are more than happy to take customers off your hands.
Start your investigation via the Internet, then move to local competitors (even if you're an online business… there may be global competition right down the street!) Examine what they offer and decide how you can be just a little better. Perhaps you can offer a lower price, maybe you'll be in a position to give clientele "perks". Think it through and know who is out there working in your industry.
In our final article on financial independence online, we'll show you how to market your home business product or service.