Home businesses are very good ways of achieving financial freedom. Many have tried the trade, but only a handful have succeeded. This is basically due to the killer ideas that many have in their mind relating to the business. To some, these ideas are for the betterment of the business, but this is not the case. Most of them lead to the company’s downfall right at the start.
One of the most common ideas that kill a home business is that cheaper prices will help your business attract customers and enter the market. When looking for customers, 0one looks for the kind of client they want. If the price-sensitive type is the one you look for, you will have to work with them for the rest of the business.
This is not healthy for your business since once you hike the prices, you will be left with no clients at all. Therefore, do not sympathize with your clients at first. Set your prices within the normal range if you expect to maximize this opportunity.
Another very common hazardous idea is that marketing is not necessary. Many lie to themselves that their products or services will sell themselves. Accordingly, such an idea is for lazy individuals trying to avoid the hassle and bustle of marketing.
No matter how good your services are, marketing is reasonably necessary. How do you expect people you know of it without marketing? This is like planning to drive a car without an engine! The bottom line is that; services or products can never sell themselves.
Others go to the extent of thinking that their businesses are businesses that are too small to have a plan. This is quite absurd, considering that even a team participating in a 90 minutes football match requires a plan. Yes, a home business is small, but no, it does require a plan. It will soon grow into a massive company.
How will you run it when it reaches that stage if you cannot run it as a ‘small business’? A plan is necessary. Finally, some think that their close relatives or friends will help them build the business for free. The best example, in this case, is designing the website. 90% of such agreements never work since there is no seriousness. Look for a professional to do it for you; do not rely on any social group member.