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running a business from home
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entrepreneurial success
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Running A Business From Home
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This article contains five tips for running a business from home, which may make the difference between success and failure.

Advertising

Entrepreneurial success running a business from home requires that you are thoughtful and thrifty with your advertising. Who is your customer? Advertise relevantly. Don’t spend money unnecessarily on advertising and then pray for success. Research before you commence advertising. That way you stand a good chance of being successful.

Customer feedback

Don’t disregard customer comments, particularly if negative, it is potentially a free source of good advice. Remember that for everyone who complains there are usually many who do not. Helpful feed back is free but it can help remedy your weaknesses. Distributors and customers can be the source of valuable advice based on experience. Listen to such feedback and use it to your gain by adjusting your operations accordingly.

Rapid expansion

Becoming too large too quickly (or over trading as it is commonly called) can surprisingly also be problematic. Some may aspire to such a problem, but over trading can be the cause of business failure because of the cash flow shortages that it can give rise to. Don't build a business that will destroy your health.

Slow payers

Slow paying customers are one of the most common problems for small businesses. Unless you are a bank, don't behave like one! There is no reason why you not should ask for money before a product or service is delivered. During a recession this is a particularly good idea for the small businessman. A discount can be offered in return for payments received in advance. Set dates by which special discounts expire. Charging interest or penalties for late payers is more difficult to enforce particularly when you value new customers.

Offering discounts

Word gets around, you don’t know who will talk to who, customers can talk to each other. So if for example you make a special offer for one customer, it may not be long before others are queuing up for a similar deal or worse still a discount or refund of what has already been ordered. Conversely, one can let slip good news and take advantage of other people’s talking and gossip. Chatter can thus be used to promote and inform others about your business.

If you follow these steps meticulously, you will increase your chances of being a successful entrepreneur running a business from home. This is the second article in a two part series. The first is entitled “Starting a business from home”, both give tips and ideas for running a business from home.


Street Talk

Hey Jerry, Awesome tips on running a business from home. I thought I'd let you know I tried visiting your website but it didn't load. Thanks

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  about 9 years ago
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