Small Business Entrepreneur Profilerô
Home Business Entrepreneur (HBE) does not lead in a business or manage employee activity. He usually does not employ hired staff. He is often skillful in interpersonal relations. He understands and considers the feelings of those with whom he has business relations. For the HBE the most advantageous form of a business is the home business. Customers may be individual clients as well as other businesses. As a rule, HBE does not often like to change established contacts and tries to maintain and develop them.
For the HBE self-motivation is essential. You are likely to doubt the success of your undertaking and sometimes you may be frightened of the obstacles with which every business meets in its development. There are businesses which are eminently suitable for the HBE. Many successfully run their own business. To be successful you should know how to correctly evaluate a situation, be familiar with advertising methods, and how to manage and develop your business.
Do not rely only on yourself while assessing the situation. You must get the opinion of the experts in the business of your choice and familiarize yourself as much as possible with the kind of business you intend to start.
Very valuable for this purpose are various Internet advertising tools, including solicited commercial emails sent to professionals and other customers. It is highly desirable to contact the centers which you expect will be your customers, by mail, telephone or other means of communication. Analyze carefully the needs of the consumers and design your commercials in such a manner that they meet the present requirements of your potential customers.
Create and support the brand of your business. Give your business a name which reflects the essence of your enterprise, or your own name. Develop a logo or picture which represents your business. Distribute badges, fridge-magnets, etc., of your business among your customers.
Try to find a customer for a long-term and/or wholesale contract. This type of contract is very important for the stability of your business. It makes good sense to offer this customer a significant discount on his purchase in order to obtain exclusivity on this contract.
Customize your product or service to the individual demands of a client. You can easily tailor your goods to a customer's needs as your production is usually small. Personalize your relations with the customer. Let him feel that you are selling your product personally to him, specifically considering his wishes and demands. Provide the customer with some additional small service free of charge. The grateful customer will buy your goods repeatedly and will recommend your business to others. In your contacts with people you often sympathize with them or offer friendly support. However, remember that in business contacts you represent your goods or service. You should present your business to a customer in such a manner that he will begin to trust your knowledge and skills.
Generally your business is totally based on your own skills and knowledge. Hence, productivity of the business strongly depends on your own efforts. You should estimate if you have the staying power to reach the profit level you require. The profitability of a business depends on the price of the service/goods, but you may raise your price only when you have an established reputation or if there is an excess of orders.
It makes good sense to invest, from time to time, in purchasing new up-to-date equipment which allows you to increase productivity or improve the quality of your service or goods. In some cases, new machinery makes your work easier or opens up new opportunities for your business.
For the HBE a partnership with a Craftsman is suitable. Such a business becomes more stable and acquires additional functional possibilities. Sometimes the HBE will enter into a business partnership with a Manager or Business Leader. In such a case, the HBE is advised to act as public-relations specialist in the business, for example in the field of trade or marketing.
HBEs are usually found in the following spheres of activity:
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