It is essential to make a profile of your customer base and use this information in developing marketing strategies. By being aware of customers needs and wants, you can often predict their future behaviour.

To ensure you don’t get caught into trap of researching unnecessary information, find out why you need to do research:

§To increase information you already have? §Defining a problem? §Investigating an opportunity §Evaluating a strategy your already implementing

It can be a little bit daunting conducting market research, here are a few examples of how you can access information required:

§Financial records §Customer surveys/ feedback §Staff surveys/ feedback §Testing products or services §Industry associations §Libraries §Government agencies §Industry exhibitions and trade shows §The Internet

The Marketing Plan

The essentials of a marketing plan include:

§Sales performance §Business opportunities §Sales objectives for next 12 months §Summary of marketing strategy including who, what, where, when, how much §Pricing strategy §Location §Advertising and promotion §A plan with an evaluation procedure

Marketing involves everything from logo design, pricing, advertising, promotion, sales and down through to customer service.

Selling

Not your business, your just starting it, but your products! Selling is where you approach your clients, inform them about your product or service and reach an agreement where they purchase your product or service. As this transaction is repeated business grows, and so does your profits. Many people often underestimate time it takes to sell your product. It may take 50 alls/ visits before someone might be interested. The more people you approach, more opportunities you will create, better your selling technique becomes. Fear of rejection is normal when you first start out in business, but in order to succeed you must overcome this fear and build your confidence.

Building Awareness

Some ideas to build awareness of your product or service include:

§Keeping a mailing list of clients you have worked with §Talking to other small business operators §Listing your business in yellow pages §Write short articles for newsletters, or better, start your own §Give short talks at business clubs §Business cards, stationery, brochures §Written references

Other ways of informing potential customers about your business is by use of media. These include:

§Stationery §Press advertising §TV, radio, cinema §Business directories §The Internet

I hope this article has set you on path to create your own home based business and empower you to reach your financial destiny. In next article, I will cover some of ins and outs of growing your small business from home.

Click Here To Get Other Resources On Home Based Business Ideas & Opportunities

I Am Making As Much Money Part Time From My Home Business As I Was Working Full Time In My 9-5 Job. Want To Hear My Story? http://www.parttimeincome.org

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Expanding Your Business

Commonly a business will require more capital to expand. There are few ways to do this, most common are a bank loan and debt and equity finance.

The Bank Loan

All lender’s have certain criteria which need to be met before a loan is given:

§Character – this is your business performance, skills and abilities (assessed by bank manager) §Cash flow – this shows whether sufficient funds can be generated to cover loan repayments §Collateral – security against potential loss

In many cases applications for loans fail because borrower has not presented relevant or sufficient information to enable lender to understand intentions of borrower and viability of business venture.

Debt And Equity Finance

Debt finance is money borrowed by business, from an external source. This is most common way a small business raises additional funds. Equity finance is capital provided by owner or investors into business.

Planning For The Future

Some develop a business for lifestyle reasons, some use it as a means for creating income, or wealth creation in long term. Some options for future of your business include:

§Evolve – business evolves to complement changes in industry §Leave home – move to commercial premises §Sell – work to create equity §Close down – plan your exit, notify clients, suppliers and be professional about it.

I hope this article has set you on path to create your own home based business and empower you to reach your financial destiny. In next article, I will cover some of ins and outs of growing your small business from home.

Click Here To Get Other Resources On Home Based Business Ideas & Opportunities

I Am Making As Much Money Part Time From My Home Business As I Was Working Full Time In My 9-5 Job. Want To Hear My Story? http://www.parttimeincome.org