In the first 5 years there is always the danger that your home business might not really take off the ground.
Even after this critical period (or during it), there is always the fear that your micro business might not be strong enough to survive the various economic ups and downs of the market.
Here is what should you do to ensure that your home business survives.
Here are 7 excellent tips that would pull you through some of the worst scenario times.
(1) Be wise with your expenses - use the Internet to research about prices of your raw material, hired help, or anything you need to buy.
Ensure that you get value for your money every time you make a purchase.
Make investments, but make them carefully so you get the most out of it.
Keep your expenses at the minimum at all times, even when you are thriving it is always a wise thing to keep an eye on expenses.
(2) Have a budget drawn up - the first rule of survival for any business is to have a budget.
You should know how much it takes to run your business, from where the funds are coming, what to do if there is sudden financial trouble, and so on.
A budget is one of the most powerful survival tools for any business - not only small business.
(3) Stay to on the top of your niche - whatever business you are in, you need to aim to be a leader.
You need to be the best in your niche; you need to be able to give something extra, something better, something that people would seek you out for.
One of things that would keep your business go through tough times is uniqueness, give them something that no one can give.
(4) Stay ahead of your competition - do all you can to stay ahead of your competition.
Train, improve, give a little extra, ensure that you are in demand.
However, be careful that you do not take measures that will show your business cheap or in distress, this would have the exact opposite effect.
(5) Make plans for growth - to ensure your business' survival you need to make plans for its growth.
Without growth plans your business will stagnate or flounder without direction, which in the long run means failure.
Plans for growth is what will put your business on a serious curve upwards and will ensure that it will not collapse when it runs in rough waters.
(6) Make contingency plans - Be ready for troubled waters.
Every business will run into trouble some time or other.
Sometimes, it would be because of a wrong decision; sometimes it would be because of sudden changes in economic conditions and so on.
Have a contingency plan of raising some fast cash, in case it is needed.
(7) Work on your customer relations - keep your customers happy.
Let them know that for you, they are special.
One of the most critical factors that will keep you afloat in crisis times is the loyalty of your existing customers.
Keep in touch with them, pamper them when they buy from you, announce special discounts for them, make them feel special all the time.
Even after this critical period (or during it), there is always the fear that your micro business might not be strong enough to survive the various economic ups and downs of the market.
Here is what should you do to ensure that your home business survives.
Here are 7 excellent tips that would pull you through some of the worst scenario times.
(1) Be wise with your expenses - use the Internet to research about prices of your raw material, hired help, or anything you need to buy.
Ensure that you get value for your money every time you make a purchase.
Make investments, but make them carefully so you get the most out of it.
Keep your expenses at the minimum at all times, even when you are thriving it is always a wise thing to keep an eye on expenses.
(2) Have a budget drawn up - the first rule of survival for any business is to have a budget.
You should know how much it takes to run your business, from where the funds are coming, what to do if there is sudden financial trouble, and so on.
A budget is one of the most powerful survival tools for any business - not only small business.
(3) Stay to on the top of your niche - whatever business you are in, you need to aim to be a leader.
You need to be the best in your niche; you need to be able to give something extra, something better, something that people would seek you out for.
One of things that would keep your business go through tough times is uniqueness, give them something that no one can give.
(4) Stay ahead of your competition - do all you can to stay ahead of your competition.
Train, improve, give a little extra, ensure that you are in demand.
However, be careful that you do not take measures that will show your business cheap or in distress, this would have the exact opposite effect.
(5) Make plans for growth - to ensure your business' survival you need to make plans for its growth.
Without growth plans your business will stagnate or flounder without direction, which in the long run means failure.
Plans for growth is what will put your business on a serious curve upwards and will ensure that it will not collapse when it runs in rough waters.
(6) Make contingency plans - Be ready for troubled waters.
Every business will run into trouble some time or other.
Sometimes, it would be because of a wrong decision; sometimes it would be because of sudden changes in economic conditions and so on.
Have a contingency plan of raising some fast cash, in case it is needed.
(7) Work on your customer relations - keep your customers happy.
Let them know that for you, they are special.
One of the most critical factors that will keep you afloat in crisis times is the loyalty of your existing customers.
Keep in touch with them, pamper them when they buy from you, announce special discounts for them, make them feel special all the time.
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