Everyone has to start somewhere. Whether he or she works for the largest corporation or the hottest start-up, every entrepreneur starts at square one.

Begin with a plan

Not all home businesses need an official business plan, but every home business owner must spend some time planning. Before you put out your shingle, sit down and determine how much money you need to invest (and in what), your goals (short- and long-term), your marketing plan and all those pesky details (For example, do you need a separate checking account?).

Money in the bank

Don’t quit your day job just yet. For those of you considering the full-time freelance plunge–set up a savings account with enough funds to cover at least six months’ worth of bills. This will give you a buffer to help with your budget. While hunger might be a good motivator, it’s easier to work when you have electricity and your house isn’t being repossessed.

Identify your priorities, but be flexible

As you put your plan together, you’ll find it obvious what tasks contribute the most to your business’s success. These are the tasks that must be pursued relentlessly.

One reason entrepreneurs fail is that they fail to properly prioritize their work. By separating the good from the best, you create the focus that would not exist if you pursued everything asking for your time and attention.

Keep competitive

Even if you think your business is unique, you need to conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality and service. Also be aware of the outside influences that affect your business. Know what makes the difference between you and your competitors. Is it service, price or expertise? Whatever it is, capitalize on it.www.iibmindia.in