New Home based businesses are starting at a record pace thanks to the Covid Pandemic. This is a good thing for those that get started the right way. The new wave of successful businesses is led by entrepreneurs that know the tactics of a new home based business owner.
Many are succeeding not because they have a brilliant idea, but because they have lots of knowledge about marketing, sales and other business subjects. They know that quantity counts. They start a business with a “home based business” in mind, and decide to jump into anything that happens to meet their goals.
New Home Based Business Owner: Buy In Bulk
The first thing many new home business owners realize is that they will need to purchase some products in bulk. Often they want to make some money and purchase what ever they can purchase in bulk at the last minute. It is normal to want to purchase several products at once, sometimes simultaneously.
One new home based business owner was surprised to learn that the bulk discount store would only give him a 10% discount. When he called to ask why, the employee on the other end of the phone could hear the muffled roar of closing stores and the metallic click of a lock being opened.
Now this was unusual, because in his mind he did not think he needed the 10% discount, but rather the free shipping and free returns. This is where home business tactics come in. The very next day he bought several more items from the bulk discount store and won more sales than he had had in weeks. He realized that the only difference was the shipping and sales department. The bulk discount store had an attitude problem, and needed tactics to get over it.
New Home Based Business Owner: Personal vs. Business Purchases
The second business tactic a new business owner must learn is the difference between personal and business purchases. This is simple, and most people do not get it. You cannot buy yourself into success, but you can buy yourself into success for your business.
Many people purchase products they do not need, and then wonder why they do not sell. They purchase products for their business, but not the other way around.
You must decide what use you will put the products for which you will be purchasing them. Will you use them to save time at work, or will you use them to save time in your business?
These are the tactics a new business owner must learn. Once he learns this, he will be ready to purchase products from other sources, and find other sources to purchase products from.
New Home Based Business Owner: Effort
The third tactic a new business owner must learn is to make all efforts to learn the new home business tools and not the specific product. Many people fall prey to thinking that one home business tool is better than another. This is false. There is no such thing as one “better” than another. What one company does is market and advertise their products better than another company.
However, if you are a truly determined entrepreneur, and have been learning from your mistakes and have good personal relationship with your suppliers, then you can do better than the “salesy” company who sent you the product in the first place. Just do your homework and look at the terms and conditions of the contract you will be purchasing the product from.
The four tactics a new business owner must learn are :
1. Learn the business fundamentals.
2. Know your money.
3. Do your research.
4. Do your due diligence.
These four tactics are the backbone of any successful business. When the business is running like a well oiled machine, the entrepreneur will look at the business and its income statements and will see the money flowing in. At other times, the business will be an absolute nightmare and the income will be coming mostly from the income statement and not from the balance sheet.
When this happens, the entrepreneur must become aware of this fact, learn the business fundamentals and understand his money. Then he can work through the business like a well oiled machine and see the money flowing out.
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