Running a Business from Home How to be a Successful Entrepreneur by BudCrain

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									Running a Business from Home: How to be a Successful Entrepreneur

If you are thinking of running a business from home, there are a few basic tips you should
know. This essential knowledge holds the key whether you will be successful in your
venture or not. Let's start by looking at ways to start planning for your business.

Wasting precious time in small details

When setting up a new company, do not get bogged down in detail when preparing the
ground for setting it up. The important thing is to set up the business in as simple form as
possible and keep improving as you go, making adjustment and changes according to the
dictates of the moment. As you go on you will find that there is actually not much to
accommodate and if you have spent too mush time in your preparation, you will find it
only time not well spent. When you are running a business from home this is a very
important factor.

Partnership woes

Starting a business on a partnership basis is a mistake because the company can break up
easily at any time even due to the slightest hitch. A multitude of problems will crop up
from time to time which results in disagreements leading to a split.

Ask your worth

Entrepreneurs should ask for what they are worth and get it. It is a folly to enter a market
and wanting to be cheaper than competitors. Entrepreneurs must find ways to get what
they are worth by adding value. Start-ups have a particular advantage on this because
since they have not started something they can embark on anything. They have the
advantage of studying what works and what doesn't work for their competitors.

Payments

Late payments are one of the bugbears of small business owner. Whatever it is, do not
forget that you are not a bank and don't behave like one. There is nothing wrong about
asking for money before a product or service is provided. Useful method is offering a
discount if payment is received up front. Set a dateline for special discounts to be
effective.

Frugal

Overspending is a vital erroneous practice of many small businesses running a business
from home. When buying office furniture, go for the second hand ones. That will save
money which can be used to replenish money capital investment and cut down loss
should the business fail. Two companies in the same building can share a photo copier.

Form filling
Don't use your prime time bogged up in form filling because that can be done during the
part of the day that are not productive. At other times concentrate on selling because that
is the business you are in ---- selling and making money and not practicing filling forms.

Feedback

Never ignore positive feedback. Helpful feed back is free but they can help remedy your
weaknesses. Feedback usually comes from distributors of your products who are in close
contact with consumers. They know what makes the customers happy or otherwise with
the company's products or services. Use these feedbacks to your advantage by making the
necessary adjustments to your operations.

One example of ignoring feedback was made by a new company with great potential to
capture the market both locally and abroad. Customers clamored for the company's
products but suddenly sales drop a lot. The company received feedback from distributors
that the quality of the product has dropped. Instead of listening to the feedback and
improving quality, the company's CEO ignored the feedback and boast of the company's
million- dollars status that would not get the company out of business. He brushed the
feedback as insignificant. What happened told the whole story. The company went out of
business and the arrogant CEO is now hunting for a new job.

Growing too fast

								
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