Business Valuations – Certified Business Valuator Australia

Category: Business

Level Of Interest In Business

So you have decided to jump off the corporate ladder and build your own. You are joining the growing community of home business owners in the United States. The home business segment is being chosen by millions of people. Running a home business offers economic freedom and the satisfaction of being in charge of your own life.

Now that you have decided that a home business is best for you, you begin to wonder what the best business is for you. For every idea you think will work, there are probably ten that won’t. It is imperative that you evaluate the feasibility of the idea. In a business you could be selling a product or a service or a combination of the two. To decide what the best mode is for you, ask what you want to do and what you are capable of doing.

Take stock of your interests and capabilities and then decide what you would rather be selling. If you have been in the hospitality industry, you might consider a career in catering rather than computer sales. A good recipe for success is to combine you interests with your competences. By teaming them with hard work, determination and a focus vision you will go a long way.

Once you have decided on the business you want to invest in, you need to evaluate its options. You need to decide if it will fill a need-gap. Will this business satisfy an existing market? You need to compare your idea with existing markets to see if it will fulfill the need better than other options. Along with this line of thinking you should access the size of the market. Many businesses have failed because the market size couldn’t support any more businesses.

Ask yourself if your level of interest in the project will sustain a few years down the line. Try to forecast how your idea can grow into something bigger. If you decide to turn your hobby into a serious business, ask yourself where you can take it at the end of one year. Ask yourself if you can see yourself doing this for a long time. You need to decide if you feel there is a hope of expanding this business. If you are brimming with ideas then you have probably selected your search home based business opportunity.

Other important issues to decide upon now that you know what you want to do are the financial viability of the project, start up and continuing costs, the amount of time needed for this venture, the space needed for your business and the equipment needed for the business. Most search home based business opportunities are able to fulfill all these aspects, but can you? Success depends on careful choosing a business idea, meticulous planning and some reality checks.

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What You Must Know When Marketing Your Business?

Marketing is both an art and a science. Anyone who says differently probably isn’t doing very well marketing his or her business. On the art side, intuition definitely plays into the equation. On the science side, it is about systems, strategies and plans. Outlined below are some areas of consideration when you decide to market your business.

Determine where your business is currently
Determine where you want to be
Know who your market is and/or needs to be
Identify what is important to your clients
Identify and evaluate threats and opportunities. For example, lack of experience in the marketplace, budget, competition, no clear direction.
Assess existing and potential appeal of your product or service to current and future clients or customers
Select growth strategies and a competitive strategy
Develop a plan of action
Commit to focused action for results
Having fun
Identify and evaluate strengths an weaknesses in the areas that determine success to achieve this outcome. If you are unable to do this, get outside assistance.
Determine a budget
CREATING DIRECTION WHERE DO YOU WANT TO BE?
Where do you want to be as an organization?
What kind of image do you want to project?
What are the benefits of doing business with you?

COMPETITIVE ANALYSIS
Purpose and function of your product or service
What makes your business unique from other similar businesses?
What does your business have in common with other organizations?
Biggest threat to success of organization?
What you must know about the current market?
Why do people buy from you?
Why don’t they buy from you?
Assumptions by current staff about the market?
What can you predict about the future? What to do about it?
How attractive is your product or service to the consumer?

HOW DO YOU GET THERE?
Target market
Staff involvement
Most effective strategies for marketing and selling your services/product
What is your plan of action?
Are you committed to your success?

WHEN YOU MAY NEED TO CONSIDER HIRING A BUSINESS COACH
When it is difficult to stay committed consider hiring a business coach.
When you just don’t know what to do
When you get sidetracked on your goals
When you want more success

WHY PEOPLE DO BUSINESS WITH YOU
Increase income or revenue
Increase quality of their personal or professional life – or both
Increase productivity
Decrease costs

KEEP ASKING
Who is my market?
What am I selling?
Can our company service what I sell?
How do I keep ahead of the competition?
How do I get my customers to remember me?
Why would they buy from me?
How do we keep visible?

WAYS TO INCREASE BUSINESS
Time in the business
Referrals
Up sell
Visibility
Check beliefs – do you believe you deserve to succeed?
Sponsorships or strategic partnering
Web site
Online newsletter
Free seminars
Promotional activities
Write articles for publications your target market reads
Presentations at association meetings
Press releases
Track where your business comes from if you are diversified in your marketing and advertising efforts
Get everyone into the sales and marketing attitude
Have employees give you ideas
Under promise, over deliver
Give back to the community
Become an expert the media calls on
Treat the gatekeepers like gold
Know what makes you stand apart from the competition
Get to know the competition
Build relationships
Ask for the sale when appropriate
Sell them only what they need
Keep a great attitude

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