The Good and Bad about Running a Home-Based Business

By Clifford Woods <>

If you are thinking of starting your very own home-based business, then you should know that there are pros and cons in life and that achieving a balance between these is preferable most of the time.

You should certainly consider both of them when making the decision to quit that 9 to 5 job and become your own boss.

Below are some of the basics advantages and disadvantages of running your own home business:

Pros

Flexible Hours: You choose the hours you want to work. If you would like take Thursday off and work Sunday as an alternative, then you can. If you want to wake up early and do all of your work in the morning, then that is something you can do. This kind of flexibility can be an enormous relief after many years of working a 9 to 5 job.

No Traveling: Traveling to your workplace and back can be quite pricey, unpleasant, and can feel like a total waste of time and money. Imagine all the money and time the majority of people spend traveling to and from the job. If you have a home business, you simply get up and walk right over to your home office, which is extremely convenient.

Self-Reliance: You need to do what you like when you want. Nobody else can mess up your hard work, and you don’t have to rely on anybody but yourself. Most people who do business from home confess to relaxing around in their pajamas while they work.

You Get What You Earn: Anything you earn is yours to have, except for the expenses of the business of course. It can be really discouraging to work at a place where cash is being dealt with and seeing that the company’s profits for a single day are far more than you make in a week.

Cons

Not Stable: With freedom comes obligation. There will be no one to help you should you work inefficiently one day. To put it simply, if you do not make any money for your business, then you certainly will not earn anything. People today prefer guarantees in their lives, so it can be quite difficult to live in the world of performance-based pay. Often you will wish that you had a bi-monthly check again that you can rely on.

Constant Workload: If you run a home-based business, it might be rather appealing to be continuously keeping track of things, even if you have decided that you are not going to work. The only real person who will be able to handle an emergency is you, and problems tend to occur at night or during your day off.

Doing Everything: You cannot assume all money you obtain is profit. It is used for things like advertising, administration, stock, shipping, and so forth. You need to handle exactly what goes on in your company. You work with providers on one end and clients as well, you need to do all the budgeting and spending, and you have to figure out all that government paperwork and taxes as well.

Less Space: Your home can really feel a whole lot smaller when you have to set a room aside as the home office. When you are not doing work, it is simply a room you can do nothing with. This can be especially troublesome if you have two young kids who will eventually want their own rooms.

Being Alone: If you are the only person on your property throughout the day, it reduces the risk of potential distractions; however, it may also feel too lonely. If you are the sort of person who loves being near others, you may become rather lonely.

Whatever the pros and cons may be, running your own business can be quite rewarding; especially if you are willing to work for the available rewards.

Posted in Business, Home Business | Tagged , | Leave a comment

Build Your Brand with These Social Media Platforms

By Clifford Woods <>

Social media is a great way for entrepreneurs, start-up businesses, and even large companies to advertise and build brand name recognition for their services and products through marketing on social network websites.

Social networking is also good for businesses that have created their very own application and wish to market it through major social media networks.

The popular social media platforms that can be helpful for promoting your business include:

Facebook
As of the fourth quarter of 2016, Facebook had 1.86 billion monthly active users around the world.

Facebook was initially a means for university students to keep in contact with their friends, though now it has progressed into an easy way for people, companies, and like-minded individuals to talk to others throughout the world.

With this amount of people making use of Facebook on a daily basis, it is advantageous having some presence for your company on there. Also, it can be one more useful way to advertise and release a new service or product.

Start a Facebook page where individuals can “Like” your company, discuss your services or products, connect with you, and promote your content to their friends.

Twitter
Twitter is a platform that allows users to publish 140 character texts on the Internet about anything. Twitter is becoming increasingly popular every single day and will continue to grow in the future.

By looking for and “tweeting” about subjects that interest you and are related to your business, you will soon create an extensive network of individuals to follow and generate your group of supporters.

Whenever you post a message on Twitter, it is known as a “Tweet.” They can be submitted online using the website, smartphone application, or through text.

As opposed to standard text messages, a “Tweet” you create will be published to the home pages of all those who follow your business. Twitter an impressive tool for spreading your message rapidly about your most recent reports and tips.

Google+
In the beginning, web marketers were not confident as to whether or not Google+ was worth the time and effort to advertise on. It requires a ton of resources to establish a presence on a brand new platform, so this had to be considered by many.

These days, Google+ is the second-largest social media platform when it comes to active users, with more than 350 million plus individuals using it daily.

During this growth period for Google+, they have continued examining, fine-tuning, and releasing new and much better functions.

Developing content people want to share is one of the best ways of expanding your business using social media.

Concentrate on being useful and supportive. Refrain from being excessively promotional about your business or else people will think that you are only on Google+ for advertising purposes.

LinkedIn
In 2014 Linkedin had over 300 million members around the world. It is a very useful social media platform for business experts to post their resume to be used to get work or create connections with other people.

By just setting up a LinkedIn user profile, creating connections, and maintaining your account information, you will catch the interest of many different people interested in what you have to offer.

Flickr
Flickr is a social media platform where you can share online photos. It offers a user-friendly system for posting your pictures with anyone.

Organizations typically use Flickr to share photos of products or special events. These images can be linked to forums, emails, blogs, social media platforms, and websites.

Posted in Advertising, Business, Marketing, Social Media | Tagged , , | Leave a comment

The Most Effective Online Marketing Technique – Blog Commenting

By Clifford Woods <>

Blog commenting is among the more effective ways of expanding the awareness of your brand.

You can comment on blogs in order to interest visitors to your website by leaving helpful comments.

This is the most underestimated methods for promoting your business online free of charge. The only thing that’ll be spent with this technique is time and effort; and, you can have quite a bit of fun with it as well.

Here are several tips to keep in mind when it comes to blog commenting:

Set Goals
Create a set amount of blogs to reply to on a daily basis and be sure to reward yourself whenever you achieve this goal.

Coming up with objectives allows you to better concentrate on this task.

If you concentrated on getting just ten quality comments each day, after one month you will have left a comment on about three hundred different blogs if you stay focused on your strategy.

Take a moment to imagine all of those links that other people may possibly click on in order to visit your website if you keep on making comments over time. Blog commenting alone will help you create thousands of high-quality links in under a year.

Never Break Any Rules
While you make an effort to improve your online reputation, it is extremely important you understand and follow the rules. It is not hard to end up with a bad reputation if you consistently break rules.

Needless to say, this really is absolutely no way to develop a good reputation and appeal to visitors.

If you disagree with the information you read from other blog writers, make sure you comment with respect to show that you are not attacking the writer. Otherwise, do not leave a comment at all.

Most blogs have a policy describing their rules right above the text box, so keep an eye open for them when leaving a blog comment.

Don’t Be Afraid to Promote Your Website
Making use of links to promote your website or blog in comments can certainly appear to be like spam, so do this with extreme caution and think before you decide to post.

Above all else, it is vital that you share helpful content by means of your backlinks in order to support the content you left the comment about.

This will surely provide you with a significant amount of traffic to your website or blog. This is particularly true if you are one of the first people to comment on a well-known site.

You will discover that you’re going to regularly receive visits through websites you have commented on several months down the road.

Here is a special trick for finding newly posted content quicker than anyone else:

  1. Visit Google and search for a topic related to your business.
  2. Click on “Search tools,” then “Anytime,” and last “Past hour.”
  3. Click on the “Sorted by relevance” tab and change it to “Sorted by date.”

By doing this, you will be able to visit blogs that just posted a topic related to your niche.

You can keep refreshing this page until a new post is indexed. Make sure you read the whole post and leave a relevant comment in order to avoid appearing like a spammer.

Enjoy Yourself
Commenting on blogs, all by itself, can be perfected as a way to help you become an expert if you decide to get it done right.

On the other hand, do not let writing comments be just about self-promotion and receiving something in exchange, but make sure you are enjoying yourself as well.

Interact with other bloggers while also making sure that you are constantly adding value to the websites that you visit.

You will end up a lot more reputed for this and your odds of success are going to be much higher.

Posted in Advertising, Business, Marketing | Tagged , | Leave a comment

The Importance of Online Advertising

By Clifford Woods <>

Entrepreneurs and startup business owners usually do not have enough funds to risk on offline marketing and advertising like radio ads or bulletin boards.

For that reason, it is advisable to make the most out of the available and free online promotion methods to advertise your business.

What you will notice with online advertising is that it is much better and effective compared to conventional advertising techniques in almost every single way.

The Advantages of Online Advertising
Online promotion actually has a number of unique advantages. Advertising methods are eventually influenced by expenses and for that reason, web marketing is an affordable substitute for most, if not all, of the conventional methods used before the Internet.

For instance, if you run a Pay-Per-Click marketing campaign, you will just pay whenever a person clicks on your advertisement and actually visits your website.

Due to this, you are just paying for leads that are sent directly to your website rather than the mass amount of messages and advertisements you send out on paper which will probably not attract too many people at all.

It is a way of advertising that can produce the greatest return on investment, or ROI, for your business. Furthermore, you will only pay when it works.

Attracts Traffic Quickly
Web promotion works in a short time which is an exceptional advantage compared to conventional methods. On the very same day that you begin with your campaign it will be possible to start seeing results.

You won’t have a waiting period or a lengthy start-up process. If you are ready, you can start a successful internet marketing campaign using several search engines like Google and Yahoo.  Even though the results are fast, they also need to be managed regularly in order to stay on top.

Focuses on Specific Terms and Locations
If you use web promotion techniques then it is possible to focus on a distinct local market a lot more efficiently than you could with conventional offline approaches.

It is possible to narrow down your audience by using search engines or social networks that you might want to advertise your company on and exclusively want to display your advertisements to people who fall under the specific niche you would like to market in.

By doing this, you will be creating the best results with the least amount of expenses.

Detailed Statistics and Specifics
One more reason to make use of online advertising is due to the fact it offers the advantage of providing you with detailed statistics that will help you to modify and improve your campaigns to the best that they can be.

Whenever you use conventional marketing methods, there is not much that you are capable of doing when it comes to tracking minor changes in marketing campaigns.

On the other hand, by using web marketing techniques you will have a comprehensive list of information.

For example, you will have the ability to see just how people discovered your website and where they are located. Additionally, you can see the pages of your website that are visited most often and sell the most.

Detailed statistics allows for an optimal level of research and control which you can use to create increased returns for your business.

The Different Types of Online Promotion Methods
There are various online platforms that you can use today when it comes to web promotions.

Below is a list of the most popular platforms you can use to promote your products and services online, each one can be understood and used to improve your business:

  • Article Directories
  • Business Directories
  • Classified Ads
  • Forum Marketing
  • Social Networking
  • Search Engine Promotion
  • Pay-Per-Click Marketing
  • Video Marketing
  • Blog Commenting

Posted in Advertising, Business, importance | Tagged | Leave a comment

Word of Mouth

By Clifford Woods <>

Word of mouth.  We have all heard of it.  But what is it exactly?  It almost seems mystical because of its power to influence.

It can either work totally against you or any endeavor, or totally for and with you, or send you or your activity sky-rocketing.

But how? And how does one acquire it or bottle such a thing for guaranteed success?

Or how does one avoid it so as to avoid the inevitable failure that it has spread?

Any dictionary that you look this phrase up in refers to it as communication, whether it is informal communication, oral or spoken communication, gossip, etc.  Considering all that is available today with the social media rage, there is probably more communication going on now in our society and worldwide between people than ever before in our history.

But even before Facebook, Twitter, texting, LinkedIn, or even emails, I can remember when word of mouth was just as powerful without any of these modern electronic tools.

I’ll start with a good example first.  I remember in 1977 seeing these very short, non-descript ads for a new movie coming out.  I barely noticed them, but I do remember seeing them on TV.  They were non-descript because no famous or even known actors were in it that I could tell, so it kind of looked like a nothing movie to me.

The movie then came out.  It was a little thing called “Star Wars.”  I next remember standing in a movie line in the pouring rain with a group of friends and hundreds of other ticket buyers outside a sold-out theater (in those days the theaters were huge and not these large living-room size theaters they have nowadays) waiting to get in to see this movie.

Not even a thunderstorm deterred a single person into leaving or giving up their space in line. The excitement was so high amongst us that even though quite physically wet, all of us, friends and strangers were laughing and having a great time due to just the anticipation itself.

We all showed up due to word of mouth.  And when we saw it (many times I might add), we continued spreading that word of mouth, and so, quite frankly did the entire world.

Now here is an opposite example.  A few years later, I am in Los Angeles.  On a regular basis, in the LA Times, there are these full-page spread ads for another movie.  This one starred a very famous and popular actor at the time.  You would have thought with as much promotion that was being pumped into this movie, it too would have been an absolute blockbuster.

Well, indeed it was a buster, but without the block.  It just went bust and was a complete flop.

The movie was called “Heaven’s Gate” and it starred Warren Beatty.

So what happened between the two of these examples?

The first example sent people into a communication frenzy instantly and in a very positive way.  The second example did the exact same thing, but in a very negative way, and people stayed away in droves from the movie theaters. Not even a famous, popular actor could get any positive communication going for this picture.  And again it was instant.

So what did George Lucas do that Warren Beatty did not do?

George delivered something that the people wanted. And it communicated.  Or you could say he delivered the right communication (in the form of a movie) to his public and that public, in turn, told everyone else.  In fact, that communication is still going on to this day and this is almost 40 years later.

Warren (or the studios) did not make an activity that communicated.  But they tried to force this “communication” into the public with huge ads, over and over.  It did not work. There is no substitute for the real thing.

If you, yourself think back to positive and negative examples of word of mouth, you will see that the above same formula plays itself out every single time.

Both types are just as powerful.  But it depends on what you communicate that determines the outcome.  So, if you want good word of mouth, start with a really good product and or service that people want and you’ll get the word of mouth you can handle.

Posted in Business, Communication, word-of-mouth | Tagged , | Leave a comment

Is it Tough to be an Executive?

By Clifford Woods <>

Have you ever thought of becoming an executive but the idea of it turned you off completely?  Perhaps you had bad experiences with one or saw that some executives you knew had a tough time of it in that position and that you would never want to put yourself through that.

An executive is not as scary as it sounds.

It is simply a senior manager or a person who makes significant decisions.

Who does not make decisions every day of their life?  Moreover, would you not consider those important, as they, I am sure, are made that affect your life, your lifestyle and your immediate surroundings?

Who also, does not manage on a regular basis, a bank account, a car, household, a schedule, and so on?

So maybe you did not know this, but you are already an executive!

Taking that life experience into a working activity, whether it is a job, a social club or the PTA (Parent Teachers Association) is invaluable.  Truth be told, no one is a novice at this skill.

If you do the above things well, then it is only a matter of expanding on that for your area of interest.

If it concerns a job, then you will be senior over the employees in that company.  If you enable them to manage their regions well (just as you do), so that as a whole the group makes forward progress, then again you are an executive.  Moreover, a successful one at that!

One might also see an executive working very long hours while the employee punches out on the time clock exactly when his eight hours are up.  One should not assume that this is necessarily a bad thing, though, as maybe the executive enjoys the work so does not mind.  However, possibly also he is simply not managing his employees well enough, and then their job rolls back up on his plate to redo or to ensure completion to make certain deadlines.

However, if you do it well, you will find rewards in managing anything.  Then you can increase those rewards by just doing more of it.

I say that because I found when I looked up the actual word of “manage” in a dictionary (these are from Macmillan Dictionary), the word “succeed” is in some way, shape or form in every single definition!

See below for what I am speaking of:

  1. to succeed in doing somethingespecially something that needs a lot of effort or skill
  2. to succeed in doing something annoying or wrong
  3. to succeed in doing something that you do not really want to do
  4. to succeed in eating or drinking something
  5. to deal successfully with a problem or difficult situation
  6. to deal successfully with a person or animal whose behavior is difficult
  7. to deal successfully with an emotion or feeling so that it does not cause a problem
  8. to organize and control the work of a companyorganizationor group of people

So I hope in reading this that your viewpoint has changed of being an executive from viewing it as only a scary, terrible and non-rewarding activity to a rewarding activity in which you absolutely can succeed!

Posted in Business, Executive | Tagged , | Leave a comment

The Importance of Good Communication

By Clifford Woods  <> 

Proper communication is one of the most crucial business skills to have, regardless of what your business is. Even so, most people are not familiar with the best way to speak with peers and customers.

Whenever you talk properly with your team, it will help do away with any misconceptions and can motivate a healthy workplace.

Effective communication will also allow you to do work swiftly and skillfully. As soon as you start communicating better with your team, the assignments and tasks that are being done will definitely come to pass without any problems.

Additionally, you will be amazed how accomplishing goals will become a lot less difficult.

Below are ten great tips that will help you become a much better communicator:

Tip #1: Spell Check
Checking your spelling is very important when it comes to good communication. You should definitely make sure to review whatever you type up.

If you are not effective in finding mistakes, ask another person to proofread it for you.

Tip #2: Work with Simple Words
Every person uses their own set of words when speaking, some more advanced than others. So if you are talking to others, make sure to speak using simple words and phrases in order to prevent possible confusion and misunderstandings.

Whenever complicated words are spoken, you can be misinterpreted and waste time needing to explain yourself.  If you have to use complicated words to communicate complicated ideas, do try to define those words or add more explanations so that others can follow what you are saying.

Tip #3: Clearly State Every Word
Communication is definitely an ability that needs to be mastered by everyone, particularly if you would like to lead a team of people.

Articulating (speaking clearly) when you speak makes it a lot easier for others to understand you.

Tip #4: Refrain from Mumbling
Your team must be able to hear you. Whenever you are talking to them, make sure to talk clearly and do not mumble your words.

Tip #5: Pay Attention to Your Tone of Voice
The issue with speaking through text is that it can be hard to figure out what tone the other person is using. In order to avoid misunderstandings, you need to ensure that your tone of voice is obvious.

If you happen to be upset, take a couple of minutes to settle down before you type anything. If possible, meet them face-to-face so that there is nothing misunderstood.

Also, if you use all caps when writing, this is usually associated with shouting; so, do not use all caps in sentences without explaining the reason for them.  You may simply want to say something important.  But, let others know what you are doing so no misunderstanding occurs.

Tip #6: Focus on Gestures
Simple gestures can let you know a lot of what a person has to convey. Pay attention to how others act when they are speaking so that you can respond to them in an appropriate manner.

For example, if the person you are talking to is moving nervously, then you want to respond with kindness and a soft tone of voice; if this is called for.

Tip #7: Email Messages
In business, interaction by means of e-mail continues to be widely used. It allows you to pass messages to your team members without the need to pull them away from their work area. Use email and pay attention to the tips above.

Tip #8: Utilize Body Language
Body language needs to remain professional and optimistic in the workplace. Get better at using body language whenever you are speaking with your team members, in person or on a video call or conference.

You need to keep an upright posture at all times, make eye contact when speaking, firmly shake hands with others, and don’t forget to smile.

Tip #9: Be Entertaining
Humorous comments can help convey messages to your team members in a more enjoyable way. This communication approach has been shown to be a powerful way of reducing stress in the workplace.

Tip #10: Listen Carefully
The majority of us are bad at listening to others. Rather than genuinely listening to what people are saying, we disrupt them, are thinking about what we have to say next, or simply ponder about an unrelated issue.

You will never know what someone has to say if you do not provide them with your attention. After you have listened and heard what others have to say, you will be in a much better position to respond appropriately.

Posted in Business, Communication, people | Tagged , , | Leave a comment

The Value of Recognizing the Importance of People

By Clifford Woods <>

Did you ever receive an acknowledgment for a task or a job well done?

How did this make you feel?

On the other hand, was there ever a time when you completed something, whether at home, at work, or with friends and you knew you did well, but it went completely unnoticed?

Did you walk away a bit bewildered, miffed or even feeling unappreciated?

What a difference this makes!

How come?

Why is it that an acknowledgment is so important to us?

Isn’t it enough to know that you did your best?

The word “acknowledge” is a much more powerful word than I ever would have imagined.

Macmillan Dictionary gives the following definitions.  Look these over and see if you do not agree:

  1. to accept or admit that something existsis true or is real
  2. to know or recognize that someone or something is important
  3. to let someone know that you have received something they sent you
  4. to thank someone for something they have done for you or given to you,

especially in writing or by saying it publicly

  1. to show that you have seen someone or that you recognize themfor  example bsmiling or speaking to them
  2. to show that you are grateful to people who are clapping or cheering for  you by waving your handnodding your headetc.

Acknowledging is not strictly related to matters of money or other ‘important things’.

Apparently you can be as creative as you want to with the “reward” of acknowledging someone, because no matter how you do it, whether verbally, or with a pat on the back, a nice note or commendation, a single flower or a full bouquet, free movie tickets, a gift card, a raise or even a new car, it is the acknowledgment itself that contains the most power and is the actual reward; not the thing attached to it.

Take a look at your own life for examples.

After someone acknowledged you, did you then, say, want to work harder without being asked?  Did you want to do more tasks around the house, even especially those long-neglected “I’ll wait till my next vacation to get to those” tasks?

How about your view of that person that acknowledged you?  Did you find yourself appreciating them more in return?  Did the working relationship, marital relationship or friendship improve?  Or if there had been rocky roads, did it smooth out a little?

Such is the power of recognizing the presence of others and not taking them for granted.

Whole books have written on this subject.  Yet, even if the authors made lots of money from them, do you see the practice of rewarding others for jobs well done in full use all around you?

I do not.  As invaluable as it is, I see much more fault-finding, criticism, petty complaints, etc.  But probably even much more common than those is just not recognizing that good deeds do take place because one is “too busy” to notice.

So if you are wondering how to possibly better a relationship, get off on the right foot with a new acquaintance or contact (in-laws? employer?), or say to strengthen an already ideal one, apply the above and really acknowledge and “reward” everyone you come in contact with.

Probably the best reward of all is how you will feel each day yourself when you do this; and who knows, others may start acknowledging you as well.

Posted in importance | Tagged , | Leave a comment

Why it is Important for Businesses to Listen to Their Clients

By Clifford Woods <> The main reason new businesses fail is usually that they fail to provide clients with what they need and or want.

Overlooking customer problems, remarks, and other considerations are bad for any kind of business; new or established.

Think about this, if you need to call customer support, yet have to wait around for an hour for a simple answer to a quick question, then it is likely that you will no longer use the services of that particular company.

This will annoy you to no ends, so you’ll probably speak negatively about the business to someone else and you certainly will not recommend that company.

If you do not want to lose clients then you should keep these general principles in mind:

Keep Employees Educated
Based on what industry you work in, the regularity of changing conditions vary. Clients have accessibility to a lot of information, which suggests that most concerns they have are usually more personalized to themselves.

Having your employees updated and able to give answers with confidence to worried customers will naturally make clients feel satisfied with your business and keep them coming back.

The guiding rule here is “answer the client’s questions as quickly as possible”.

Make Use of the Essential Communication Resources
Refrain from skipping out on vital communication tools you will need. Social networking is essentially cost-free, given that sign-ups to the most widely used social networks are free of charge.

What you need to spend money on are your social networking administrators along with other social network advertisements you may want to publish.

Besides social media, put some effort into establishing your business blog and keeping it up to date because this is how people will usually view your business in the first instances.

A poor quality business blog causes you to look like a questionable or inexperienced business.  Furthermore, do not disregard the benefits of conventional advertising and marketing tools like television ads, posters, billboards, or radio advertisements.

Also, it is important that you are making use of essential communication tools such as a company phone and faxes to answer your client’s questions and keeping them updated.

Display Your Message Clearly
Your message might be a proactive approach, a reply to an issue, and so on. It is important to display your message very clearly to your clients if you do not wish to end up with a skeptical market.

You need to say clearly what you are suggesting and really mean what comes out of your mouth; not only because doing so is professional, but additionally due to the fact that this builds your trustworthiness.

A company that cannot express its reasons, ideas, or solutions clearly is likely to confound its clients. If a client is confused or does not understand what you are trying to say, then they will simply leave and go somewhere else.

In order to clearly communicate to your clients, ensure that you employ a capable group to deal with your marketing and sales communications. This consists of your social networking crew, public relations, and customer service.

Offer coaching to help these groups know very well what your company’s vision is as well as to provide them with an in-depth understanding of your services and products.

Stick to What You Say
You now have a message to get across to attract customers, and the essential communication tools for your new business are at your disposal.

An effort also needs to go towards being constant when stating your message as well as in following through with any kind of guarantees you provide.

You need to be consistent in the overall tone you use and what you say in order to build a reliable brand name.

Put a huge value in business communications in order to keep clients happy.  Respect your clients and they will be very pleased to make use of your services and products.

The important point here is if you make a promise; keep it!

Posted in Business, customers, listen | Tagged , | Leave a comment

A Quick Guide to Creating Your Own Business Plan

Business PlanBy Clifford Woods <>

A business plan is similar to a guideline or set of directions. It determines the path to developing an effective and rewarding business.

Attempting to set up a company without several guidelines is a formula for misused time and disaster.

Business plans are conventional business files that evaluate a company’s operations, finances, advertising, and more.

Tips for Coming Up with a Good Home-Based Business Plan
You will find that there are two sorts of business plans, informal and formal. If you are on the lookout for funding, lenders will require an official business plan that is between ten to thirty pages in length.

An official business plan follows the standard business plan outline and generally requires a larger financial section.

Informal business plans are typically for internal reasons and do not have to stick to the standard business outline as described below.

There are a couple of choices with regards to actually making the business plan. You can either hire a professional to write it up or do it yourself.

It would be a wise decision to write up a draft yourself, even if you are going to have someone else do it. This will help them get your point across without neglecting to add in anything.

If you need funding or investments, creating the business plan by hiring a professional will ensure that every section is taken care of properly which will raise your chances of getting financing.

Basic Business Plan Outline

  1. Executive Summary: This section is the outline of your entire plan. It will summarize each section in one or two sentences. Although first on the list, it is the last thing you need do.
  2. Market Analysis: This part will demonstrate your knowledge of potential clients, competitors, and your industry overall.
  3. Company Explanation: This area is all about your company’s goals and services. Basically, it is about whom you are and the actions you will take to reach your goals. This section will include basic details about your home-based business such as your standard procedures, manufacturing capabilities, buying strategies, and location.
  4. SWOT Analysis: SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. This is a brief segment describing your business’ weaknesses, competitors, threats, possibilities, and strong
  5. Marketing Strategy: This is an organization’s strategy that combines all of its marketing goals into one comprehensive plan.
  6. Organization Plan: A basic outline of your business structure as well as expected salaries for you and your potential employees.
  7. Finances: This part may be the most nerve-racking to produce. Have patience and look for help should you need it. Products in this area will comprise of an account balance sheet, revenue statement, and report of cash flows. Additionally, you will include any requests you have made or want to make for investments and loans.
  8. Appendix: Listed here you will include things like relevant documents for your business plan. This may include things like some of your market research results, case studies, resumes, paperwork, licenses, and so on.

Preparing Your Plan Later
Absolutely nothing is preventing you from organizing a business plan down the road.

This can actually be beneficial since after you have learned from a few of your errors, you will have a much better sense of your market and the income that you will get as well as the resources needed in order to run a successful home-based business.

The truth is you might find it to be beneficial to write up the basic outline for your plan and complete the particulars as you figure them out while running your business. Meanwhile, try to generate money and learn everything you can about your business.

Posted in Business | Tagged , | Leave a comment