In this article we will look at the six essential elements required to establish and run a successful and profitable home business. The elements are, in no particular order, marketing, accounting, product or service, delivery methods, coordination or planning and the business of business.
Accounting – the role of the bean counter. The financial size of a home business these days can vary from virtually zero to multimillion dollars. The accounting element ensures that any start up capital plus ongoing income is not overrun by ambitious expenses. For any home business cash is like oxygen and the accounting role makes sure your home business continues to breathe.
Marketing – otherwise you’re winking in the dark. The old adage about a good product selling itself and people coming to your door looking for mousetraps are not really going to be much use to you in the real world. For your home business to be successful people have got to know about it and it is good marketing that makes this happen.
Product or Service – does it satisfy a need or want? The basis of long term success in home business is delivering value to customers. You can fake it for a while with fancy advertising but in the end it all comes down to value for which a customer is willing to pay. So excellent value at a competitive price are the watchwords of any successful home business.
Delivery Methods. Not just the product delivery but the whole process of making your home business satisfy your customers needs and wants. Does your home business have a seamless ordering process? Does your customer know what to expect and are they pleasantly surprised when your home business delivers more than those expectations?
The business of business. Even with a home business, the structure has to be looked after. There are basic legal requirements, licences, health and safety considerations, all the little things that don’t really make your home business thrive any better but will certainly cause some problems if they are ignored. In this category, also is the logistics – a chair, a desk, all the basic requirements to allow your home business to function.
Coordination and Planning – the left hand, right hand thing. To succeed at its highest levels, a home business must have planning and coordination. One of the many hats a home business owner must wear is the one that looks at the home business overall as a complete entity and makes sure that all the other elements fit together.
So in conclusion, the successful home business is made of the essential elements of marketing, accounting, product or service, delivery methods, coordination or planning and the business of business. These elements put together and aimed squarely at a target market will surely make a successful home business just as the right ingredients for a cake properly baked will surely result in delicious eating.
While a business may survive for a time without an element or two, it is unlikely to last for long. If massive success in your home business is your goal then it is best to ensure you take care of all the elements.
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