How to Start a Small Business From Home

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Post on 11-Jan-2017



<p>How to start a small business from home</p> <p>How to start a small business from home7 Steps to Start up a small business from home</p> <p>1</p> <p>AgendaIt starts with an ideaChoose a Business ModelDecide on a method of deliveryIdentify your target audienceChoose a business mediumDo you need a business plan?Launch</p> <p>Business FactsAccording to Bloomberg, 8 out of 10 entrepreneurs fail within the first 18 months!</p> <p>Thats 80% of businesses that start. Most of these businesses are startup companies.</p> <p>You dont have to be a startupA startup is a company that is seeking solution to a problem where one doesnt exist.</p> <p>The first Airmobile company is an example of a startup. </p> <p>Your business doesnt have to be new.</p> <p>Step 1 - It starts with an idea!It starts with an idea and a passion to do. </p> <p>Your idea doesnt have to be new or extraordinary but it has to fulfill a need and make some business sense (It has to generate revenue)</p> <p>Ask yourself the following questions.Why do you want to start a home business?What products will you offer?Why will people want to buy your product?Will your business help people? This is the most important question to your success.</p> <p>Step 2 Choose your business modelA business model is how a company or business creates, delivers and captures value. </p> <p>In other words a business model is how you add value, get your customers to pay for that value and how you make profit or earn income.</p> <p>Types of Business ModelsManufacturerDistributorRetailerFranchise</p> <p>These are:the 4 main typesof business models</p> <p>Manufacturer</p> <p>A manufacturer business model involves manufacturing products and selling them to the public or a distributor. </p> <p>As a manufacturer, you can sell your products directly to consumers or outsource the sales to other companies. These companies are called distributors.</p> <p>Distributor</p> <p>A distributor purchases products directly from the manufacturer and resells them to the public. Car dealerships are a good example of a distributor business model.</p> <p>Retailer</p> <p>Retailers buy products from distributors and resell them to the public.</p> <p>Franchise</p> <p>A franchise can be a manufacturer, distributor or retailer depending on the franchise that you purchase. </p> <p>Franchises require a buy-in fee to start up. </p> <p>McDonalds is a good example of a franchise.</p> <p>Other Types of Business ModelsFreemiumNetwork Marketing</p> <p>Freemium Business ModelWith this model, a company offers you something for free like a free website and then hopes that you will purchase a premium website package after test-driving the free site. </p> <p>The free site is usually lacking in scalability, SEO and the website designs are not great.</p> <p>Network MarketingAlso known as multi level marketing is a business model where the company sells their products directly to consumers and encourages other consumers to sell them too.</p> <p>Like franchises, network marketing requires a buy-in fee, usually between $100 to $200 dollars.</p> <p>Step 3 - Decide on a method of deliveryYour method of delivery is how you deliver your product to your target audience. </p> <p>We will group delivery methods to two main methods.</p> <p>OnlineStorefront or Location</p> <p>16</p> <p>OnlineThis method comes with the least overhead, if any at all. </p> <p>Online businesses continue to grow and many of them are small home businesses that need little or no capital to run.</p> <p>Storefront or LocationThis comes with a lot of overhead. </p> <p>The expense of maintaining a storefront can drain business revenue if the business lacks a competitive advantage.</p> <p>Step 4 Identify your Target AudienceThis step is the most crucial step for any business. You have to know and define your target audience. </p> <p>Consider these questions:</p> <p>Who is my customer?Where does my customer hang out?How can I get in front of my customer?What is my customer looking for?How can I help my customer?</p> <p>Step 5 - Choose a Business MediumThere are four types of business mediums in Canada. These mediums are sole proprietorship, partnerships, corporation and co-operatives. </p> <p>The main reason why people register their business is to take advantage of applicable tax deductions. </p> <p>Registering your BusinessFor more information about the business mediums in Canada, please visit this address on your browser.</p> <p> </p> <p>Step 6 Business Plan - Do you need a business plan?Yes you need a business plan but not the traditional business plan that you are probably thinking of. </p> <p>You dont need thirty or fifty pages of content for your business plan.</p> <p>Robert Kiyosaki, a business man and author created his cash flow board game on a one-page business plan. According to Robert, his business plan wasnt even typed up.</p> <p>Why you need a business planTo develop a game planStaying on trackEmotional balanceRaising capital</p> <p>24</p> <p>Game PlanYour business needs a game plan. You need to establish goals and ways to measure performance.</p> <p>Staying on trackYour business plan will keep you on track by acting as a blueprint for your business.</p> <p>Your business plan should contain structure and projections for your business.</p> <p>Emotional BalanceThere will be many times that you will feel so motivated that nothing can stop you. </p> <p>There will also be times that you may become discouraged with fear and doubt. </p> <p>At times like this, you can revisit your business plan to counterbalance your emotions.</p> <p>Raising CapitalYou generally dont need huge amounts of capital to start up a small business from home but if you plan on raising capital for your home business, a business plan will increase your chances of success.</p> <p>Understanding the Purpose of a BusinessThe purpose of a business is to generate revenue or income. </p> <p>If your business has no way of generating income, then you dont have a business.</p> <p>Step 7 - LaunchOnce you have done your home work, launch. </p> <p>If you launch quickly, you will avoid procrastination.</p> <p>Thank YouThank you for watching. For a more detailed look on how to start up a small business from home, please visit the link bellow.</p> <p> </p>