How can you serve your customers well if you don’t even know as to who they are, or what their needs are?
A thorough research of who your target customers are, what are their wants and where are they located, will give you a better opportunity of understanding your potential customers and subsequently carving a niche for your products.
It will prepare you to meet the numerous challenges put forth by your competitors and help you to convert these challenges into opportunities.
6. Underestimating Value of Advertisement and Publicity
Never make the mistake of considering promotion a needless expenditure. It is a truly important investment, the benefits of which translate in terms of higher sales and profits.
Actually, the larger your reach the better it is for your business. You could even look out for the inexpensive options of publicizing your business.
7. Being Unprepared to Face Economic Downturn
Factors such as an economic recession, is beyond an individual’s control. So, the best strategy is to have a contingency plan ready so that when an economic downturn hits, you know what exactly to do, and are not overwhelmed by the circumstances.It will be prudent on your part to be vigilant and keep all your senses fine tuned to pick up clues of an oncoming economic catastrophe. This way you will have sufficient time to react and will not be caught off guard.
Remember, Rome was not built in a day, and neither can your business be. It will require a lot of hard work and perseverance to start a home-based business. But, if you have done your ground work right, it is a matter of time before money and success start pouring in.
