Home Business Entrepreneur
The Home Business Entrepreneur (HBE) does not usually hire employees. He or she prefer to work independently. However, they are often good at interpersonal interaction. Therefore, they understand and consider other people’s feelings, including those they have professional relationship with. The most suitable type of business for the HBE is a home-based business. In this business model, customers are either individual clients or other businesses. As a rule, the HBE likes to stick with established contacts rather than switching them often. To that end, he or she will try to maintain and develop their contacts.
The largest comfortable business magnitude for the Home Business Entrepreneur type: Small
Necessary Steps for Success in Your Business
As an HBE, self-motivation is essential for you. You are likely to doubt your venture’s success, and sometimes you might be intimidated by the obstacles inherent in any business’ development. Among the many types of existing businesses, there are ones that suit the HBE very well. In fact, many HBEs successfully run their own businesses. To be successful yourself, you should be able to accurately assess situations, be familiar with advertising methods, and know how to manage and develop your business.
Do not rely solely on yourself when assessing your situation. It is necessary that you get opinions of experts in your field of choice. As well, try to learn as much as possible about the kind of business you intend to start.
Businesses typical for the HBE are usually locally situated, but targeted at a wide audience. Therefore, you should run your advertisements locally, rather than nationally or internationally. Various Internet advertising tools are very useful for this purpose. For example, sending solicited commercial emails to professionals and other customers is a valuable practice. It is also highly beneficial to contact potential customers by mail, telephone, or other means of communication. Carefully analyze consumers’ needs and design your commercials so that they target these requirements.
It is also important to create and support your business’ brand. Give your business a name that reflects your own name, or one that expresses the essence of your company. Develop a logo or a picture that represents your business. Distribute branded pins, fridge magnets, and similar items to your customers.
Try to find a customer with whom you can form a long-term or wholesale contract. This type of contract is very important for your business’ stability. It makes sense to offer this customer a significant discount on his purchase to obtain exclusivity on the contract.
Customize your product or service to fit a client’s individual demands. You can easily tailor your goods to a customer's needs, as your production usually occurs on a small scale. Try to personalize your relationship with the customer. Make sure they feel that you are selling your product to them personally, considering their specific wishes and demands. Offer complimentary consultations - the grateful customer will return to you repeatedly and will recommend your business to others. In your interactions with people, you often offer friendly support or sympathize with them. However, it is important to remember that in business interactions, you represent your goods or service. Thus, when talking to customers, you should present your business in a way that makes them trust your knowledge and skills.
Your business is based entirely on your own skills and knowledge. Thus, your business’ productivity highly depends on the effort you put into it. You should assess whether or not you have the ability to attain your required level of income. Of course, a business’ profitability depends on the price of its service or goods, but you can only raise your prices once there is high demand or you have established a reputation.
It makes sense to periodically invest in new, up-to-date equipment - this can help you increase productivity or improve the quality of your service or goods. In some cases, new machinery makes your work easier or creates new opportunities for your business.
Businesses Favorable for the Home Business Entrepreneur
HBEs usually work in the following professions:
- Massage therapists
- Daycare or kindergarten owners
- Personal support workers
- Tailors and seamstresses
- Small-scale caterers
- Assembly workers
- Transcriptionists and typists
- Computer consultants
Complete the Entrepreneur Quiz and get the premium version of the results including:
- Your “exact” (=most likely) entrepreneur type.
- Examples of franchises favourable from your entrepreneur type standpoint.
- If applicable, what kind of business partner, in terms of his or her entrepreneur type, you can benefit from partnering with, and examples of occupations for such partnership.