(ThyBlackMan.com) Thanks to things like affordable custom product packaging, drop shipping, and the ability to reach customers worldwide, those with a great idea and the grit to see it through are almost guaranteed success, even if they start off in their living room.
This is a big promise, but it’s based on some realistic assumptions: you can access a global marketplace through Internet marketing techniques; leverage the power of computer-based technology to consistently grow your business, and outsource all the services you need from third-party vendors.
In addition, if your idea is remarkable, you may be able to get some significant financing. Many angel investors are eager to actively grow their income by investing in a local startup.
In light of this perfect storm, here are some tips to increase your chances of business success:
1. Polish your brand.
A brand is much more than your business name, logo, and attention-grabbing slogan; in fact, it’s helpful to think of it as the personality of your business. Consequently, everything your business does reflects some aspects of its personality. Do you use generic boxes or custom printed boxes? Do your sales reps sound upbeat when answering the phone? Do you ship out orders as quickly as possible? When you think of every customer interaction as an opportunity to create a positive impression about your brand, you become hyper-aware of the value of living up to consumer expectations.
2. Know what you’re doing.
If you know what you’re doing it’s possible for your home-based business to blossom into something bigger. Many promising businesses collapse because their founders get overwhelmed and make expensive mistakes. A large percentage of these blunders arise from the fact that they don’t know what they’re doing.
When you don’t know what you’re doing, you fail to make a positive impression on customers, say or do the wrong things, and make bad decisions. While you might develop a knack for improvising to fill in any knowledge gaps, you can only fool some of the people some of the time. After a while, the word gets out that you are fairly clueless about how to improve your product or provide better customer service. Even if you have the best of intentions, customers lose confidence in your business.
Naturally, the knowledge you need to run your business well is something you acquire over time. Passion and initiative alone may get your business off the ground, but your business will not go far if you don’t stay abreast of advances in your field.
The good news is that you don’t have to have all the knowledge you need to run the business in your own head. You can leverage the power of software technology to organize your business and streamline many of your business processes, and you can hire the best talent to infuse your business with the necessary expertise.
While you don’t have to be an expert in every aspect of your business –you don’t need to learn how to code, learn how to backup your data, or learn how to do your own accounting –you do need to know enough to hire the right people, choose the best software, and make the best decisions. Fortunately, we now live in a world where knowledge is no longer a scarce commodity. It’s abundantly available from multiple sources, websites, seminars, business coaches, and business books.
3. Leverage the power of technology.
Just as a talented craftsman needs good tools to do a good job, your business needs good technology to manage its operations and deliver its services. As your business grows, so, too, will the technical demands placed on it. However, you don’t need to invest in expensive on-premise infrastructure, you can simply migrate your small business to cloud computing. You’ll save IT costs, increase flexibility and reliability, and be able to manage all sorts of resource-hogging business operations. Your highly successful marketing campaigns won’t result in a spike in your traffic causing your computers to crash.
In summary, there never has been a better time to launch a home-based business. Using the power and reach of the Internet, it’s possible to run a global business on a shoestring budget and access a wide range of resources to grow your business. However, to be successful, you must also invest your time and money in building your brand, improving your business knowledge, and upgrading your technology.
Staff Writer; Craig Brown
