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How to Market a Home-Based Business

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Market your home based business as if you were a Fortune 500 enterprise. Learn to cover all the bases and focus your efforts to gain the greatest return.

Step 1: Define it
Define the market for the product or service of your home-based business. Research and experiment to determine your customer base and appeal and adjust your approach accordingly.

Step 2: Analyze competition
Analyze the competition to better promote what you have.

Tip
Successful entrepreneurs always find a niche — a part of the market that no one else serves as well as they do.

Step 3: Talk it up
Start casual conversations and network wherever you go to make people aware. You never know when a business contact or opportunity will present itself.

Step 4: Build a network
Build your network through chamber of commerce and PTA meetings, civic associations, trade shows, professional conferences, and online social network sites.

Tip
Design attractive and professional business cards, brochures, and letterhead to distinguish your business as you promote it.

Step 5: Ask for business
Ask for business with cold calls or by offering bargain rates. Don’t let pride get in the way — if you don’t speak up for yourself, no one else will.

Step 6: Establish price
Establish a fair price for your product or service to make a profit and remain competitive.

Tip
If you undervalue your product or service you could lose customers, and raising the price later will be near impossible.

Step 7: Read, learn
Read publications and learn from people in the field to expand your knowledge and get ideas. Attend meetings and conferences to stay abreast of challenges and to get your business name out there.

Step 8: Follow up
Follow up with potential customers. This is about developing long-term relationships and a foundation of trust so that your name and company reputation are circulated favorably.

Did You Know?
As of 2010, small businesses employed about half of the private sector work force in the United States.

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