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For example, someone looking to start a PC repair home business discovers that all firms providing the same service in the area are retail shops. It is common practice for retail stores to strongly recommend item replacements in order to increase sales. In this scenario, there are several steps an individual can take to help build a unique value proposition using the data they’ve gathered:
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At its core, dropshipping involves becoming a distributor of a third party's products, taking on the costs (both financial and time-based) of marketing to be rewarded with the margins when you make a sale. In many cases, this can make your products a commodity with limited opportunity to brand your customer experience. Luckily, there are a few different ways you can still compete, even when there’s no shortage of your products in the market you’re selling in:
If you’ve got a creative streak and a camera, you might think about starting your own home photography business. You can manage the operational side of your endeavor right from home and travel as needed to meet clients. If your home is particularly picturesque, you might even consider bringing clients there to take photographs or set up a home studio for portraits.
One way to get started might be to focus on children’s parities, which can be a bit simpler and less stressful to plan than adult get-togethers. Go further into specialization by following kid trends and offering superhero or Frozen parties. Remember that you’ll be competing not just with other party planners but with local restaurants and facilities, so excellent networking skills and a personal touch to your services will be important.
Great ideas! I’ve been thinking about starting a home-based business for years but I just never stopped long enough to actually start and I didn’t know what kind of business to pursue. Now I’m ready to get started and you gave me some really good ideas. I really appreciate the links to more information on how to get started in several of these business opportunities. I will definitely look into them.
Hi Akshara – You’ve given a lot of good advice. Though a home business seems easy (but yes, they ARE easy to start), it’s first and foremost a business. That means you won’t be an overnight success. It could take years before it earns enough money to live on. It might be best to start it as a side business. But always remember to run it as a serious business, and not as a casual hobby. One other thing about a business…the hardest part is getting it from zero to making money. You have to be willing to overcome that hurdle.
Set up a dedicated phone line and internet service. Almost all businesses will require contact with customers over the phone. In order to ensure that your line will be free when customers call, you'll have to get a dedicated phone line for business use. You should also sign up for voicemail rather than using an answering machine. This sounds more professional to customers.[7] You should also add an internet connection that is fast enough for your business purposes while still remaining affordable.
The research and thinking that you do as you work through the business plan will help you refine your business idea and plan for how you will successfully launch yourself into your market without costly real-world trial and error. If your business plan shows you that your idea isn't viable, don't be afraid to shelve it, choose another home-based business idea, and go through the process again.
Once you determine your customer personas, it’ll be time to do research and ensure there are enough customers available to make your business a success. The type of market research you do for this depends on your business. If you’re servicing local customers, you want to ensure there are enough prospective customers physically located near your business to make it successful. If you’re an online-only business, you need to focus on where customers are spending time online versus if they live near your home.
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