To Start a Business From Home:
Do This - Not That!
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To Start a Business From
Home: Do This - Not That!

similar close to you?
Do This
Go to the local business searches available online and pick up the yellow pages.
You can even call the Better Business Bureau to get a listing of similar businesses
in your area. Other resources that you can use are:
SCORE – www.score.org
U.S. Small Business Administration
Local Chamber of Commerce
Through these resources you can determine if there is a need for your product.
Are the existing businesses owners making a profitable living doing it?
One strategy is to call someone in a different state (maybe even the opposite
coast) and ask them about their business. Let them know that you are interested
in starting a similar business in your state and that you will never be in
competition with them. Most owners like to talk about their business. Many
would gladly give cautionary words of advice to a newcomer as to what mistakes
to avoid. Offer to pay them for 30 minutes of their time to have this discussion.
You may find that successful business owners are helpful and don’t mind sharing
advice for free.

Not That
Don’t get excited about the idea of the business and not put any time into
researching the industry and competition. This can be the kiss of death for a new
home business owner.
Do The Math!
Before buying your first pack of business cards do the math. Too many business
owners are quick to envision success without starting with the basics.
Do This
Determine how much it will cost to deliver the service or create the product.
When you are pricing services you have more room than pricing a product.
Products have hard costs that you can’t get around. But what you decide to charge

healthy margins.
What Is Your Value Proposition?
A value proposition is a promise of value to be delivered and a belief from the
customer of value that will be experienced. A value proposition can apply to an
entire organization, or parts thereof, or customer accounts, or products or
services.
Developing a value proposition is based on a review and analysis of the benefits,
costs and value that an organization can deliver to its customers, prospective
customers, and other constituent groups within and outside the organization. It is
also a positioning of value.
This is where a lot of the subjectivity comes in when setting a price for a service.
When you have a product, you may decide to use keystone pricing, which
generally takes the wholesale cost and doubles it to come up with a price to
charge and account for your profit. With a service, you can't necessarily do that.
A good example of bonuses that add value can be seen in any infomercial. The
“but we’re not done yet” bonuses always compliment the main product. They
create excitement and help push the viewer into a buying decision.
Do This
First determine the direct and indirect costs of your product or service. Now what
other ‘psychological benefits’ could you offer to increase the perceived value?
Let’s look at the cake service example again. You might add:
an oversized personalized greeting or thank you card with each order.
The cake delivery person might have a song that they sing (or a poem they read)
to each recipient.
The delivery person might also where a special theme costume that would make
the delivery itself an event.
Not That
Don’t choose bonuses that are simply stacked on your offering that are not
compatible. For example you wouldn’t want someone in a costume delivering
flowers for a funeral arrangement.

One of the most worthwhile endeavors you can undertake is to do a process map
of your business before opening your doors. This is something that you will
continue to update on a regular basis and will become an indispensable exercise.
Business process mapping refers to activities involved in defining exactly what a
business entity does, who is responsible, to what standard a process should be
completed and how the success of a business process can be determined. Once
this is done, there can be no uncertainty as to the requirements of every internal
business process. A business process illustration is produced.

The main purpose behind business process mapping is to assist organizations in
becoming more efficient. A clear and detailed business process map allows you to
look at the business at any point in time and determine if there are redundancies
that can be eliminated.
Do This
Take a process like baking and delivering a cake. Then map out every detail in the
process:
getting the materials/ingredients (who is responsible and how is it done?)
pre-baking, baking, and post-baking activities
delivery
customer satisfaction/feedback
referrals
Not That
Don’t assume that because YOU can do a task that process mapping isn’t
necessary. As your business grows you will need to add more people. By giving
them process maps of procedures you will accelerate the completion of tasks and
reduce the training time exponentially.
Some Start-up Steps for New Business Owners
If you want to help increase your chances of success consider the following:
Inquiry about local and state requirements for licensing and zoning regulations.
In our cake baking scenario it is important to note that some states don’t allow

– no matter how busy you are now).
Remember, you are no longer punching a clock. If you are to get fed you must
make it happen.
Start your new business on the side (in the Moonlight hours) while you are still
working full-time. If you don’t have that luxury then maximize every minute of
your work day.

Marketing Your Business Online
Odds are you found this report online. Hopefully this means that you already
know the importance of the internet. But many businesses are neglecting the
internet. Many owners feel that it takes too much time and is too expensive. They
are absolutely right – if can – if done incorrectly.
Obviously there are thousands of channels that can be used for marketing your
product or service. Below are a few with some advice about how to best utilize
them.
Fiverr.Com (two “R”s)
You can find workers on Fiverr.com to provide all of the services at the other sites
that are listed below. Remember to always use the services of workers who have
the highest rating. Also be careful to find workers that deliver items on time.
But since you will probably have more time than money (at least in the
beginning) you can carve out time to deal with the resources below.
Facebook
You can create a business page and reference your website (or blog). But be
careful because you can waste an enormous amount of time on Facebook with
very little to show for your effort if not careful.
LinkedIn
LinkedIn has become the ‘business owner’s rolodex. It will let you build a
professional profile, link up with other professionals, join groups and start a
group. You can participate in Q&A’s related to your profession to build credibility
and visibility.

notebook (that you will use each day and should file later for reference) choose
the 3 tasks that you need to do today. These should be highly important tasks. In
most cases these will also be tasks that you may not want to do. This is why it is
important to do them first (if you can).
STEP 2 – Take inventory each hour. Set your watch, phone, or computer to ring
every hour. When it rings look at your list and ask yourself if you spent your last
hour productively. Then look at your calendar and deliberately recommit to how
you are going to use the next hour. Manage your day hour by hour. Don't let the
hours manage you.
STEP 3 – Re-evaluate the Day – Before leaving the office review your day. Were
you productive? Where did you get off course? Most importantly: what did you
learn today that you can work into procedures, plans, or your process map?
Now before you get out of your chair think about what needs to go on your list for
tomorrow.
Not That
Don’t blunder into your day doing whatever the phone calls or email dictates.
Learn to control your day. One of the most powerful strategies (that is very
counter intuitive) is never to answer the phone yourself. Have a remote
receptionist, voicemail service, or other resource do that. This will save you an
enormous amount of time. If you are concerned about some “family crisis”
dedicate a separate line to these calls and only give it to family members.

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you have a home-based business or never start one MoonLightWealth.Com can
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