The idea of starting your own business from scratch may be intimidating for many. You must remember, however, that knowledge is power! Today’s technological advances have placed many valuable tools for levelling the playing field of the global marketplace. This is the Information Age. Take full advantage of the powerful position you can create for yourself – right from the comfort of your own home!
The old adage that you must “crawl before you walk” is clearly reflected in many success stories which began as home business start-up.
The internet is an ideal medium to utilize in a home-based business. You have options; marketing products or services offline or online are both viable options.
If you choose to operate an offline home business, you might create a product or service to market from your home. Thorough market research will be required to identify the right product and market niche for your particular talents. You will also need to be aware of your target market and the best means of reaching them. A physical address is needed for client contact. Advertising for your home-based business is vital for a successful start-up.
Common offline advertising techniques include referrals, networking, paid advertising, and, of course – good ole’ word-of-mouth! Proper recordkeeping is essential to monitor your business performance.
On the other hand, choosing to operate your home business online is a different ball game. For instance, you might market digital components which belong to you online; or, you may serve as an online affiliate marketer. Affiliate marketing involves the sale of others’ products or services online. Being an affiliate marketer provides you with a unique advantage in your home-based business: expansion is easily accomplished with relatively little expense for you. Your income will be derived primarily from sales and lead generated (new business referrals directed to advertisers’ online websites).
To effectively market online (whether products are your own or others’), you must properly identify your target markets. Researching your particular product niche is also necessary. This will enable you to correctly identify what your target market holds in highest demand. It is also vital to be aware of the services and products already available to your target market, and what subgroups of these services or products they are seeking.
Search engines like Yahoo and Google, or keyword research tools which are available at no cost are valuable for tracking what your target market is seeking online. Google’s tool known as AdWords is a good resource for this information. You should also investigate the proper products and services to create or introduce into your line that may help your business achieve an individual identity.
Novelty is one key to the successful marketing of your home based business. You must distinguish yourself and your product – whether offline or online.
There is value in all rarity. You must make yourself “rare” to the consumer with some unique feature or aspect of your business. Catchy slogans, superior designs or logos, and unconventional promotional advertising are all commonly utilized.
Establish a website or blog for your home-based business. Either one of these options provides an excellent medium for customer communication and establishing your online presence. Products may be advertised and sold via a blog or website. You can easily monitor sales activity and volume with no-cost web-based services such as Google’s software known as a web analyzer.