When planning your business operations ask yourself these five simple questions. They will help you get focused and give you a solid foundation.
First, who is your business for? As a home business, you are better off specializing. You will not compete well if you try to sell everything. This is a good place to play to your strengths. A business that sells specialty products with rare, imported components will be much easier to market than a general store.
Second, what is your business? Sometimes it can be hard to tell. Does a restaurant sell food or does it sell the atmosphere of the establishment? The really successful ones know that they are selling atmosphere, and they also have some really good food on the menu.
Third, how should you position your business? That is to say, how should your business sit in relation to your customers? Answering this question can involve re-evaluating your answers to questions one and two.
Fourth, where is your business? This is less important for a home business that you will be operating primarily over the internet. However, you should still take some time to determine how this will affect your business model. There are a lot of good articles and tips available to help you manage the specific problems of running an internet-based business.
Fifth, what is your price? Research shows that, surprisingly enough, many people do not make purchases based on price. This means that answering the first four questions is much more important. Your attitude and image will make a much bigger impact on your profits than price. Find the right customers for your product and everything will fall into place.
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