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40 Best Business Tips for the Home-Based Entrepreneurs

Starting and running a business is no easy feat. In order to make money, there's so many things to learn, so many things to consider, and so many things to know. To help our readers, we've compiled great tips and tactics from recently published books and magazines on various aspects of entrepreneurship

By PowerHomeBiz.com


On Starting Your Home Business
On Choosing the Best Home Business
On Choosing a Niche
On Defining Your Business Model
On Defining Your Target Market
On Positioning Your Products/Services
On Defining Your Unique Selling Proposition
On Developing an Elevator Pitch
On Starting Slow
On Raising Capital for Your Business
On Getting Financing from Angel Investors
On Getting Financing from Venture Capitalists
On Understanding the Financials of Your Business
On Protecting Your Product/Idea
On Product Distribution
On Building Your Brand
On Getting Customers
On Customer Service
On Getting Publicity
On Using Tradeshows to Market the Business
On Networking
On Email Marketing
On Employee Management
On Retailing
On Ecommerce or Internet Retailing
On Search Engine Marketing
On Balancing Your Business with Family
On Becoming Successful

(article continued below ...)

On Building Your Brand

  • "Create demand for your product or service indirectly (through means other than direct advertising)
  • Get the business community to have confidence in your business. Earn a reputation for quality performance so good that it's talked about.
  • Establish yourself as an expert. Why just be in the field, when you can be perceived on top of it?
  • Register your name.com. Go to some name registration site and register your name as fast as you can.
  • Dedicate time to make it happen. Or it won't happen. If you want to make a lasting mark, it must be preceded with a master plan
  • Get others to help you. List the people you think can help you or help you connect – and ask for their support. (The easiest way to get support? Give it first – without keeping score.
  • Stay in front of the people you want to do business with. By combining your outreaches, you can create a steady flow of images to your target market. It takes between five and ten images to create awareness great enough to make a buying decision
  • Become a resource. It's much more powerful than someone perceiving you as a salesman or entrepreneur.
  • Persistence and consistency are the secrets. If you're good, have patience. Your phone will ring.
  • Ignore idiots and zealots. There are a lot of jealous people and naysayers in the world.
  • Become known as a person of action. The result of these actions will be a person who is known for getting things done – a leader.

- Jeffrey Gitomer, "The Little Red Book of Selling: 12.5 Principles of Sales Greatness "

On Getting Customers

“The ecommerce business is built on repeat customers. When we first started, we did what every other dot-com did: Spend a lot of money on ad campaigns to acquire as many customers as possible. This is a good idea if your goal is to lose as much money as possible. Instead, we started focusing on repeat customer behavior. Zappos increased the percentage of customers who buy again within the next 12 months from 20.5 percent in 2001 to 51.3 percent in 2006.”

- Tony Hseih, CEO of Zappos.com (“What Any Catalog Success Reader can Learn from Zappos,” Catalog Success, 10 August 2007)

“When a customer comes to you through a referral, you are credible the minute you answer the phone or when the customer walks through the door. You have the kind of robust conversation that you love – learning about the client’s business and ways you can solve his problems. When you’ve been referred, you know that the customer is qualified because you’ve already specified your Ideal Customer.”

- Joanne S. Black, "No More Cold Calling: The Breakthrough System that Will Leave Your Competition in the Dust," p. 7

On Customer Service

“The key elements of a thorough and successful web retailer customer service plan are:

  • A web site with a comprehensive customer service destination
  • An easy-to-find phone number and a list of customer service hours
  • Inventory status notification on product pages and/or in shopping carts
  • Guest membership capability
  • An efficient checkout process
  • A privacy policy and guarantee
  • Timely fulfillment, within three to five business days
  • A clear and concise returns policy”

- Lauren Freedman, President of the e-tailing group (“Internet Retailer 2007: Report from the Conference,” Internet Retailer, August 2007, p. 47)

“Above all, we wish to avoid having a dissatisfied customer. We consider our customers a part of our organization, and we want them to feel free to make any criticism they see fit in regard to our merchandise or service. Sell practical, tested merchandise at reasonable profit, treat customers like human beings – and they will always come back.”

- L.L. Bean, “The 101 Greatest Business Principles of All Time”, p. 82

On Getting Publicity

Here are publicity quick tips

  • Remember that reporters are constantly looking for stories. The key is to make your press releases compelling.
  • Think of reporters as customers. They need to see your name a number of times before it will register.
  • Start with the local media and then approach the national press. This will build credibility, helping you eventually get coverage in the more competitive national market.
  • Plan your press releases in a series … design this series of information so that it ties together and tells a bigger overall story about your company
  • Identify specific reporters you would like to target and snail mail your press release to them directly. Then follow up with a telephone call or email directly.

- Tamara Monosoff, “The Mom Inventors Handbook: How to Turn Your Great Idea into the Next Big Thing,” p. 224

On Using Tradeshows to Market the Business

“The best leads you will get from trade shows are the appointments you make with clients well before they arrive at the venue. And you can frequently get leads from other vendors at the show.”

- Joanne S. Black, “No More Cold Calling: The Breakthrough System that Will Leave Your Competition in the Dust,” p. 40

On Networking

“Introducing yourself in ten seconds or less can be one of the most challenging things you will ever learn to do… When I introduce myself in 10 seconds at a networking event, my only goal is to make people smile – that’s the ultimate connection in any language. If someone smiles, I know that we’ve connected.”

Here are some examples of hooks:

  • Attorney: I make sure you’re not lost in the fine print.
  • Caterer: I cater to the needs of party animals.
  • Staffing Company: I’m a fairy jobmother.
  • Meeting Planner: I relieve stress better than a martini.
  • Travel Agent: I tell people where to go.”

- Joanne S. Black, “No More Cold Calling: The Breakthrough System that Will Leave Your Competition in the Dust,” p. 80

On Email Marketing

"Here are 10 tips from retailers and e-mail experts that can help improve delivery rates in today’s environment:

  • Take complaints seriously
  • Pay attention to non-responders
  • Watch your volume
  • Don’t surprise the ISPs
  • Determine the right number of IP addresses
  • Be careful when collecting email addresses
  • Warn customers before changing “from” addresses
  • Take advantage of the email consumers do open
  • Consider certification services
  • Authenticate yourself

- Don Davis, “The New Obstacles to E-mail Delivery,” (Internet Retailer, November 2007, pp. 38-43)

 

 

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