Starting an online business takes a lot of dedication. After the start-up process and the initial enthusiasm wears off. The work begins with a jump into the unknown. A lot of times we find out that we don’t know as much about the business as we thought we did. And by rushing in, we start spinning our wheels hoping that something will connect at the next level. We never stop to think about what strategies we need for busy female home entrepreneurs. Strategies that are needed to help keep the business going until it starts making money on its own.
Luckily, what has not changed, are the business fundamentals for female home businesses, those management traits that all successful female entrepreneurs possess: tenacity, commitment and vision, and basic business skills.
However, they also tend to need strategies, especially online strategies that are designed for work in a female family home environment.
Managing Teams Wisely
Because you work from home and interact with your family daily, time management becomes crucial. But, if you also have outside partners, it’s even more crucial, to learn to let go. As a female home entrepreneur, you must be able to delegate, but not micromanage. You can not do it all. Your job will be to inspect the progress of your team. If you have already set up a training and orientation schedule, let your team report on their progress at a determined time. And, to encourage innovative thinking, you could design an incentive-based rewards system. This would make your partners more comfortable reporting new ideas and also help to maintain a no-problem attitude about issues when they come your way.
Understanding Marketing Goals
One part of knowing your marketplace is knowing your business inside and out. No one knows all there is about a business, its product, or the nuances of running the business from home. It is all a learning process. So, as a female home entrepreneur, you should always have a plan in place to learn as you go.
Now, after you start learning about your business and know what you need to promote it, a system should be set up to reach the goals you have envisioned. Hubspot states that you should never underestimate the importance of conducting careful, detailed market research.
That means concentrating on the data niche customers, the existing competition, expected growth and demand, market trends, and more. Which will be invaluable to you and will help you make informed business decisions and set clear marketing goals. Which will lead you to clearly understand product, price, place, promotion, people, process, physical evidence, and performance. I know that is a lot to keep track of, but this is what you spelled out in your business plan. You did have a business plan? Right?
And one other strategy that should not be overlooked is that you should set up a marketing campaign with social media and email as soon as possible. More or why later, but one reason is that it’s free or very cost-effective.
Quicksprout has some detailed information about the best email marketing service. Top 10 Best Email Marketing Services
With your business goals and marketing research in hand, you are ready to talk money.
Funding Goals are Where the Money Is
You have probably already found out that working from home, though not as costly as a brick and mortar business, that it still needs to be funded to move ahead. So, where is the money? You might ask.
You have to look at your funding goals, like a gas gauge that is half full, instead of half empty. You need to keep moving toward the filling station until you can fill it up. But to make this work you must have goals in place. You must set your revenue and profitability goals upfront.
You understand that for a business to be successful, it has to make enough money to sustain operations and turn a profit that can be re-invested for future growth.
As a busy home entrepreneur, this is also a great time to revisit your pricing structure. Are your products priced appropriately? How many units will you need to sell each period to reach your revenue and profitability goals? Document and lay this information out clearly so you know exactly what you need to do to keep your business running and thriving.
Once you start selling your product know your numbers and check them daily and make all decisions based on what they tell you. One of the most important calculations is cash flow. Determine how much cash you need to do the business, and do not start without the required cash on hand.
However if, cash flow is a problem. You should be aware of the sources for funding for female entrepreneurs starting with Grants.gov (www.grants.gov)
The Right Resources are about Getting the customers to You
Again, as a female home entrepreneur knowing how to plan and market your business is essential. But, without the knowledge of the right resource network, your business or product will not get far. Today the internet is the most powerful and cost-efficient method to get in front of your audience. So, a well-designed website would help you compete.
However, it is not a “put it out there”, “they will come” type of platform. You must work at it and it does take time to fully come of age.
You also need to create a community, using social media networking such as Facebook, YouTube, Twitter and use a blog to build rapport with your market. And you need to do this because that is what your competitors are doing.
And blogging can be a funnel for all of your marketing strategies. Just be consistent in your messaging and branding. Your audience needs to recognize you no matter where they find you.
Conclusion
Designing a strong strategic marketing strategy is not a cost. It’s the investment you make in getting customers and securing the future of your home business and financial future.
Developing a strategy for your female entrepreneurial home business is not an easy job, but you will soon agree that it is a very rewarding one.
Since this is a business based at home, female entrepreneurs tend to forget what’s most important. But with all of the planning that you are doing, don’t forget about yourself. If you don’t have personal goals and plans for your mental health, you won’t be as effective in running your home-based business. Being a busy female entrepreneur is rewarding as well as challenging, but with the right strategy, you will have a successful and profitable business for years to come. If you feel like you need more concrete advice and help in building a marketing strategy, I used Wealthy Affiliate to help build mine.
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