Common Characteristics Planning every aspect of your
of Successful home business is not only a must, but
also builds habits that every home
Entrepreneurs business owner should develop,
Regardless of the definition of implement, and maintain. The act of
success, great number of common business planning is so important
characteristics that are shared by because it requires you to analyze each
successful business people. This way, business situation, research and compile
you can see how you stack up, even if data, and make conclusions based mainly
you don't have all those characteristics. on the facts as revealed through the
Most can be learned with practice and by research.
developing a winning attitude, especially
if you set goals and apply yourself, 4. Manage money wisely.
through strategic planning, to reach those The lifeblood of any business
goals in incremental and measurable enterprise is cash flow. You need it to
stages. buy inventory, pay for services, promote
and market your business, repair and
1. Do what you enjoy. replace tools and equipment, and pay
What you get out of your business yourself so that you can continue to
in the form of personal satisfaction, work.
financial gain, stability and enjoyment There are two aspects to wise money
will be the sum of what you put into your management.
business. So if you don't enjoy what 1. The money you receive from
you're doing, in all likelihood it's safe to clients in exchange for your goods
assume that will be reflected in the and services you provide (income)
success of your business--or subsequent 2. The money you spend on
lack of success. In fact, if you don't inventory, supplies, wages and
enjoy what you're doing, chances are you other items required to keep your
won't succeed. business operating. (expenses)
2. Take what you do seriously. 5. Ask for the sale.
You cannot expect to be effective A home business entrepreneur
and successful in business unless you must always remember that marketing,
truly believe in your business and in the advertising, or promotional activities are
goods and services that you sell. Far too completely worthless, regardless of how
many home business owners fail to take clever, expensive, or perfectly targeted
their own businesses seriously enough, they are, unless one simple thing is
getting easily sidetracked and not staying accomplished--ask for the sale. This is
motivated and keeping their noses to the not to say that being a great salesperson,
grindstone. advertising copywriting whiz or a public
relations specialist isn't a tremendous
3. Plan everything. asset to your business. However, all of
these skills will be for naught if you do
not actively ask people to buy what you appreciated and remembered in the
are selling. modern high tech world.
6. Remember it's all about the 9. Build a top-notch business team.
customer. No one person can build a
Your home business is not about successful business alone. It's a task that
the products or services that you sell. requires a team that is as committed as
Your home business is not about the you to the business and its success. Your
prices that you charge for your goods business team may include family
and services. Your home business is not members, friends, suppliers, business
about your competition and how to beat alliances, employees, sub-contractors,
them. Your business is all about your industry and business associations, local
customers, or clients, period. government and the community. Of
course the most important team members
7. Become a shameless self-promoter will be your customers or clients. Any or
(without becoming obnoxious) all may have a say in how your business
One of the greatest myths about will function and a stake in your business
personal or business success is that future.
eventually your business, personal
abilities, products or services will get 10. Become known as an expert.
discovered and be embraced by the When you have a problem that
masses. But how can this happen if no needs to be solved, do you seek just
one knows who you are, what you sell anyone's advice or do you seek an expert
and why they should be buying? Self- in the field to help solve your particular
promotion is one of the most beneficial, problem? Obviously, you want the most
yet most underutilized, marketing tools accurate information and assistance that
that the majority of home business you can get. You naturally seek an expert
owners have at their immediate disposal. to help solve your problem. You call a
plumber when the hot water tank leaks, a
8. Get to know your customers. real estate agent when it's time to sell
The home business owner can your home or a dentist when you have a
actually answer phone calls, get to know toothache. Therefore, it only stands to
customers, provide personal attention reason that the more you become known
and win over repeat business by doing for your expertise in your business, the
so. It's a researched fact that most more people will seek you out to tap into
business (80 percent) will come from your expertise, creating more selling and
repeat customers rather than new referral opportunities.
customers. Therefore, along with trying
to draw newcomers, the more you can do 11. Create a competitive advantage.
to woo your regular customers, the better A home business must have a
off you will be in the long run and clearly defined unique selling proposition.
personalized attention is very much This is nothing more than a fancy way of
asking the vital question, "Why will
people choose to do business with you or honoring your promises. Consistency in
purchase your product or service instead of what you offer is the other key factor. If
doing business with a competitor and you cannot come through with the same
buying his product or service?" In other level of service (and products) for clients
words, what one aspect or combination of on a regular basis, they have no reason to
aspects is going to separate your business trust you . . . and without trust, you won't
from your competition? Will it be better have a good reputation.
service, a longer warranty, better selection,
longer business hours, more flexible 15. Get involved.
payment options, lowest price, Always go out of your way to get
personalized service, better customer involved in the community that supports
service, better return and exchange your business. You can do this in many
policies or a combination of several of ways, such as pitching in to help local
these? charities or the food bank, becoming
involved in organizing community events,
12. Invest in yourself. and getting involved in local politics. You
Top entrepreneurs buy and read can join associations and clubs that
business and marketing books, magazines, concentrate on programs and policies
reports, journals, newsletters, websites and designed to improve the local community.
industry publications, knowing that these It's a fact that people like to do business
resources will improve their understanding with people they know, like and respect,
of business and marketing functions and and with people who do things to help
skills. They join business associations and them as members of the community.
clubs, and they network with other skilled
business people to learn their secrets of
success and help define their own goals
and objectives.
13. Be accessible.
You must make it as easy as you
can for people to do business with you,
regardless of the home business you
operate. Making it easy for people to do
Report by: Mara A Ilustrisimo
business with you means that you must be
accessible and knowledgeable about your BS-Tourism IV-A
products and services. You must be able to Entrepreneur
provide customers with what they want,
when they want it.
14. Build a rock-solid reputation.
A good reputation is
unquestionably one of the home business
owner's most tangible and marketable
assets. You can't simply buy a good
reputation; it's something that you earn by