5 Tips for Home Biz Startup Planning

Considering a home business?   Ongoing economic issues and technological advances have created an ideal environment for new entrepreneurs.  Some notable recent start ups have experienced tremendous success: Facebook, Google, Twitter, and Pinterest are examples.  Each company is a household name and a dominant in its market niche.  Each also started in a small apartment or college dorm room, not in a huge office space with lots of resources.

The founders of these companies were young – several were college students – inexperienced, and not especially wealthy.  Their success is partially a timing and location issue.  But much more contributed to the incredible accomplishment of Mark Zuckerberg (Facebook), Larry Page and Sergey Brin (Google), Jack Dorsey (Twitter), and Ben Silbermann (Pinterest).  These entrepreneurs along with millions of other business success stories share some common characteristics while avoiding major mistakes.  Here are 5 key tips to get you to think like an entrepreneur:

1) Identify a target market.  This is a key first step early in the business planning process.  Think about the demographic you want to target: ages, gender, ethnicity, and profession are examples.  You may not hit the target when starting out, but thinking this way will help you focus your product or service offering to a narrow group of consumers.

2) Pleasing People.  Yes, making customers happy is important, but so is getting feedback about what clients don’t like.  Think intermediate and long-term here, not short term goals.  Each and every bit of information – good or bad – you gather is a plus and helps for the long term.  As the well known quote states: you can please all people some of the time and some people all of the time…

3) Location, location, location.  A pizza place in the middle of farm fields probably won’t get many customers, but a Chicago-style pizza place in Miami may be a big hit.  A boat store in the middle of Nevada?  Maybe not, but located on either coast could be lucrative.

4) Budget.  New entrepreneurs don’t realize how quickly money is spent.  It is very tempting to buy the best technology, new offices in high rent buildings, and give out bonuses.  We suggest tempering enthusiasm with practical spending.  Save money by working out of your house for starters, use existing or low-end computers, and save the bonus for special occasions.  Create a budget and stick to it.  You wouldn’t live beyond your means, your business should follow the same rule.

5) Consider the launch date.  Launching a business too soon can mean a product is not complete and may turn off customers.  Launching too late costs money in development, provides no income, and may miss a hot trend.

There are many other factors to consider when considering a business, but the above 5 are potentially make or break.  Plan carefully and do the research needed to assure as smooth a start as possible.

By Dion D. Shaw

Dion D. Shaw is the founder and owner of Homepreneurs.

Homepreneurs.  New Day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012, All Rights Reserved

image credit: image belongs to public domain

Home Business: Translation and Interpretation Jobs

Homepreneurs suggested late last year that translation and interpretation jobs were an excellent opportunity for a home business. Globalization and increased immigration provides many options for those able to speak and read multiple languages. Reinforcing this is an article in the Chicago Tribune below:

Demand Soars For Language Translation Services

This is a wonderful opportunity for Homepreneurs to take experience, background, and education and make a good living. Translators are in high demand largely because of globalization trends. Corporations need language skills, educational institutions, courts, and governments too. A true bi or multilingual person will get paid very well and opportunities will always exist. These positions are often work from home opportunities and need a great deal of training and ongoing commitment.

What are the typical qualifications to get a translation or interpretation job?

As a Translator or Interpreter, experience is key. Most translation agencies contract their translators based on education, native language and years of experience. The ideal candidate will usually have a bachelors or masters degree (any field), a translation certificate, 5+ years of experience and will translate only to their native language. Several colleges and universities offer translation certificates as well as agencies and associations around the world.

Interpreters are 100% fluent in both languages. Most often they are asked to translate simultaneously, so they have to be good listeners and fluent speakers.

More on Building a Brand

In a previous post, we discussed building the brand: YOU.  We pointed out as a home business owner, you and the business are basically one and the same.  A different home business name may be used, but your clients know you as the owner, manager, and clerk.  Every business decision you make can help or hurt the brand: YOU.

What exactly is a brand or how is a brand defined?  Simply, a brand is a combination of perception, association, and expectation to an audience.  As a home business owner, your clients are the audience.

In an equation: Brand = Expectation + Association + Perception to the relevant community.

A brand communicates value, expertise, ideas, and personality to the audience.  Think about the comedian-ventriloquist Jeff Dunham.  If attending his show, you expect entertainment, laughter, and puppets.  Dunham created a perception, an expectation with Peanut, Walter, Jose, Achmed – and humor.  If your favorite puppets were missing, you’d be disappointed and the show’s value – to you – would drop.  Your expectations were not met, slightly tarnishing Dunham’s brand – to you.

Dunham’s puppets are the same as your service or product inventory.  You may be sick or sold out of certain items, but the client has expectations.  If you can’t deliver, your brand may be damaged a little.  One time is understandable, repeating the problem puts a negative spin on your brand.  Fortunately, the opposite is also true.  Exceed expectations and the following happens:

-        Puts you in a top position in your industry

-        Sets you above competitors – you deliver

-        Creates positive pre-sale expectations

-        Creates new opportunity

-        Adds value to your brand

Hopefully this brief article on branding helps you understand why brands are so important and valuable to individuals and business.  Your goal: create a positive image when the brand is mentioned, each time for every client, current or potential.

By Dion D. Shaw

Dion D. Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New Day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012, All Rights Reserved

Building The YOU Brand

You are a brand. Your personality, strengths, education, and accomplishments are all part of the personal brand: YOU. Like corporate brands, the YOU brand is viewed by others in unique ways: responsive, fun, cool, intense, etc. If you decide to start a home business, the YOU brand is associated with the business.

Personal branding is about expertise and marketing the YOU brand. You are an expert in your field and acknowledged as a reliable, go-to person. Ever hear of Conrad Hilton? Hilton was the founder of the well-known Hilton Hotels chain, a name associated with luxury and class. Hilton used his expertise in hotels to create a brand known throughout the world. Everyone is potentially no different than Hilton.

What is the YOU Brand?

Know yourself, what you do best, who you are, and how you want to be known. Are you a comedian? Serious and thought-provoking? A blend? Understanding YOU is the first step in successful building that brand: YOU. Consider the following messages the YOU brand sends:

- The qualities and results people expect

- The difference between your business and the competition

- Emotional reactions when the YOU brand is mentioned

When you sell services, people are buying YOU, not the service, per se. You will bring clients back with your work. That is branding. Be the best and YOU will become known.

Building the YOU Brand

The Internet has revolutionized personal and business branding. Write an article for a blog that gets re-blogged and quoted across the social network arena and YOU become instantly associated with that piece. Branding in days, weeks, and months not years. Repeat this action again and again, and YOU can be the next Suze Orman or Jim ‘Mad Money’ Cramer, Robert ‘Rich Dad’ Kiyosaki or Stephen ‘7 Habits’ Covey.

Choosing to brand using social media means working with the biggest and most frequently visited sites. Use Facebook, LinkedIn, and Twitter, posting often and with unique views and ideas. Engage your readers, responding to their questions and comments, and link to other popular blogs and websites. Be consistent with the message YOU is conveying. Don’t mix messages and confuse people about YOU.

Face to face networking is effective too. Attend industry events and conferences, trade shows and conventions. Expose the YOU brand as much as possible to all interested parties. It is difficult to predict a potential customer or who will talk about YOU.

Use a website to display expertise and experience. Don’t attempt to cover too many areas. Instead, narrow your focus, and make the YOU brand known in that area. Websites are often the first impression for many people; be professional and relevant. People are affected by color, font, text size, and content. Research these and find out what works for your business.

Everything YOU do, every article YOU post, and all clients YOU help become part of the brand: YOU. Do it carefully, responsibly, and confidently, and YOU will be successful.

By Dion D. Shaw

Dion D. Shaw is the founder and owner of Homepreneurs

Homepreneurs. New Day. New Opportunity.

image credit: employers.identified.com

Create a One Page Business Plan

Do you need a business plan for your home business?  In a word: YES.  Would you drive around with no directions hoping that somehow the destination would magically appear?  No, you’d waste gas and time.  Think of a business plan in the same way – it saves time and money, and gives direction.

The business plan may seem scary at first.  Twenty pages, fifty pages, sections, subsections, executive summaries, breakeven point … YIKES.  A simple business plan is a one page sheet, if the business is basic.  In this post, we’re going to explore and list points needed for a simple business.  If you need startup capital from a bank or other lender, one page won’t be enough.  More detail is required for the money people.

One Page Business Plan Contents

1)     Mission Statement or Statement of Purpose

Use one to three sentences to describe the what, why, and how of your business.  Mission statements should be flexible if the market changes or the original concept isn’t doing well.  Don’t paint yourself into a corner by rigidly following a mission statement.  A mission statement is about basic purpose, not grand detail.

2)     Define 3 to 5 S.M.A.R.T. goals.  These goals are Specific, Measurable, Achievable, Realistic, and have a Time frame.  Do not detail here.  Just basic one line goals following SMART.

3)     Describe 3 to 5 strategies to achieve the SMART goals in #2.  These are basic descriptions, not pages-long fluff.  Keep it simple.

4)     Write down your expected annual income projection.  One number: $10,000, $20,000, $50,000, etc.

5)     Briefly describe your revenue sources.  These numbers added together should equal the total in #4.

6)     Add on future income projections.  This is a longer-term bigger picture item because your business will be around in 5 to 10 years.  What do you want in the long run?

7)     Write down your annual budget.  One number: $1000.00, $5000.00, $10,000.00, etc.

8)     Briefly detail the annual projected expenses.  $5000.00 (computers), $3000.00 (rent), $2000.00 (travel), etc.  These numbers summed should equal #7.

These easily fit on one page and make a basic working business plan.  Be realistic when setting goals and with revenue projections.  Define how you will make $50,000.00 the first year.  Writing down arbitrary numbers without a plan almost guarantees failure.

You can also break down the annual numbers to monthly or quarterly figures to track how closely reality fits the business plan.  Adjust the plan as needed if revenue numbers are less than expected.  Remember that many industries are cyclical or seasonal.  February and March may be slow months, but May to September is huge.  Consider too that this business is unknown and developing a client base takes time.

Feel better about the business plan now?  Good.  Time to sit down and start that business you’ve been dreaming of.  Best wishes and good fortune!

By Dion D. Shaw

Dion D. Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New Day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012, All Rights Reserved

image credit: passivenicheincome.com