Obtaining Financial Independence Online Part Two

Obtaining Financial Independence Online Part Two

Note: in​ part two of​ our three-part "obtaining financial independence" series, we'll investigate two methods to​ launch your online business.

Starting a​ work at​ home experience takes a​ great deal of​ pre-planning; unfortunately, many entrepreneurs do not take that fact into serious consideration before starting an​ online business. Before you open your doors to​ clients, make sure you've covered the proverbial "bases" to​ ensure that your home business is​ a​ dynamo and not a​ dud.

1. Have a​ Business Plan

If you've never written a​ home business plan before, it's time to​ take a​ course, get a​ book, or​ ask someone who has. Your business plan doesn't have to​ be extremely detailed; however, it​ should cover items such as​ the purpose of​ your online business, your income/expense projections, and a​ SWOT (strengths, weaknesses, opportunities, and threats) analysis.

Even a​ simple 2-3 page home business plan will give you a​ map to​ start you on your work at​ home journey.

2. Scoping Out the Competition

Have you really thought about your competitors? Chances are that in​ your excitement to​ set off on your own, you've neglected to​ do some serious analyzing of​ who is​ most likely to​ be competition for your home business.

"But I have an​ online business," you may protest. if​ that's the case, you should research with even more diligence! Remember that there are plenty of​ other companies out there who are more than happy to​ take customers off your hands.

Start your investigation via the Internet, then move to​ local competitors (even if​ you're an​ online business… there may be global competition right down the street!) Examine what they offer and decide how you can be just a​ little better. Perhaps you can offer a​ lower price, maybe you'll be in​ a​ position to​ give clientele "perks". Think it​ through and know who is​ out there working in​ your industry.

In our final article on financial independence online, we'll show you how to​ market your home business product or​ service.

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