Work From Home
by Nancy Holloway-Prince
The advent of the Internet, and affiliate programs makes home-based business ventures more trendy than ever. This article seeks to identify strategy and information essential for any Internet, affiliate program or other home-based business venture.
Home based business ownership is a dream come true for millions of entrepreneurs, and a nightmare for more than twice as many . Half of all businesses fail during the first year of operation, this is a daunting statistic for anyone contemplating trading in, the relative security of their job, for the joys of self employment.
There are no guarantees in life, and the only sure bet, is death, taxes and “Murphy's Law”. To succeed, entrepreneurs need an abundance of cash, prudent planning, well honed organizational skills, and a steady diet of self discipline.
First things first, prospective entrepreneurs need a feasibility study, that identifies the likelyhood of their venture failing or succeeding. Venture feasibility begins with answering the following questions:
Are there businesses like your prospective venture, that are successful?
What are the differences between your prospective venture, and the venture you are comparing?
Are the location demographics simular?
Are your prospective client demographics simular to the successful venture?
Where will you find your clients?
What kind of revenue is generated from the successful venture?
Can you generate the same revenue and how?
What are the operating expenses of the venture you are comparing?
What are your projected operating expenses?
What happens if you have a unique service that cannot be compaired to another succeeding venture? If you cannot identify a succeeding venture like your venture, you must be able to identify and target a market for your product or service.
Telemarketing is an acceptable method of helping prospective entrepreneurs target a market for their product or service. Before you quit your job, find out how many people are likely to do business with you.
If this is starting to sound like you need a business plan before you go into business, you do.
Just as no building is constructed without extensive plans, in writing, no successful business can be established without a business plan.
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