How to Use Your Business Degree to Start a Profitable Home-Based Business

Now that you have graduated from college, take time to reflect on what you would like to do with your degree. If you majored in business or communications, and you might be thinking about starting a business, which can be a very rewarding venture. Running a home-based businessRunning your business from home gives you the ultimate freedom to structure your life, your business, and your social commitments any way that pleases you. Having a home-based business means you are in full control. You determine the days, hours, and schedule that provides the types of services you can offer to new clients. In this new career, you get to determine your success, and there is no better time to get started than now. Read on to discover basic advice that will help give your business the solid start it deserves.

What Makes a Business Successful?

Perhaps you wrote your dissertation about a business or interesting industry that you’re passionate about. We all know successful business is not only about money. It’s about giving more service than the payment received. For example, in any given town, you will find restaurants serving the same types of food. However, maybe only one of those restaurants has a line of customers waiting outside the door and is considered a success compared to the other restaurants. Yes, customers return to a restaurant that serves good food. That’s a given. The quality of the customer service, the employees who greet your guests, the owner, as well as the chef, can make or break a good restaurant based on their willingness to make those customers feel happy and welcome. When guests are treated with disrespect, regardless of their behavior, your business loses its integrity.

What’s the Difference Between a Local Business and Home-Based Business?

When you rent or own retail space, and you open up a business in that space, then you will be doing face-to-face business with local people. When you run a home-based business, you might never meet your clients in person. The only way you can build your reputation and create a successful business depends on how you respond to your clients by phone, email, or through written correspondence. We’re not talking about face time by phone or using a cam with Skype. Running a home-based business relies on you conveying to your potential customer that you are trustworthy, you care about their business, you are compassionate, and they will not get ripped off. In other words, over the phone or how your website is structured, you have to convey you are worthy of them spending money with you to get the service or product they need.

How Do You Choose a Business Niche?

Hopefully, while you were in school you found your heartfelt passions about a line of business or an industry you wanted to enter. Everyone knows when someone wholeheartedly enjoys something, because he or she is happy, upbeat, and interested in the person more than just the delivered product or service. If you haven’t found a niche you are passionate about, then take a trip to a local store that has a large display of magazines. Almost every type of niche market is represented by a magazine. If you can fill a niche that has not yet been filled to the customers’ satisfaction, that will give you the opportunity to take the lead in this niche.

Writing a Business Plan

Once you have decided what business to go into, you will need to write a business plan. This plan should include details about how you will run and fund your business, and what the results should be. Describe what your business does and how it will earn an income. Write down the resources you will need to start the business and what you will need to keep the business going. A detailed budget is important. You need clear details in what your operating budget is so you will keep your business expenditures under this level.

Do You Have Enough Time to Run a Home-Based Business?

Running your own business takes an incredible amount of time. You may find that it requires more of your time and attention than your other job where you were working for someone else. That is because you are now responsible for all aspects of a company, not just a portion of it. Being able to devote time to building your business is vital to its growth and survival. Make sure you understand what the time commitments are before you start your venture.

Communicating with Customers is Key to Your Success

Learn how to communicate effectively with your customers. Nothing can help retain customers better than high-quality customer service. If a customer contacts you with a problem, be sure to respond right away. Even if you are working on a solution, you should keep your customer apprised of the resolution process. When a customer feels like he is being ignored, he usually will not patronize the business again. So, respond to your customers’ emails and phone calls promptly, and resolve each problem as quickly as possible.

Slow and Steady Wins the Race

Be realistic in your expectations. Building up your business will take time. As your company builds up its reputation, you will get more business, and you will become more profitable. Spend time learning to market effectively, using traditional and online marketing strategies. Be patient with results. Just make sure you are always providing customers with what they need. Above all, make sure to have all your marketing materials, website content, and your business letters edited by a professional editor.

This advice will give your business a solid start. The important thing to remember is to keep your focus on your goal and make your customers and clients feel special in all your interactions. Apply what you have learned here, and you can achieve success in your business.