It’s National Small Business Week
So here at Start a Home Party Business – we are celebrating all home party and network marketing consultants!
Here’s some facts
Did you know that more than 10 million U.S. companies—and half of all small businesses—are owned by women; they employ more than 13 million people and generate about $2 trillion in sales, the SBA says (SBA.gov). Fifteen percent of workers ages 50 to 64, and 25% of workers 65 or older, are self-employed.
Owning your own small business can be an exciting change of pace and a great way to stay engaged and productive. And sole proprietorships, home-based (meaning home party, network marketing, and social selling businesses), and online businesses are a natural fit for older Americans, because they are not very expensive to start and allow for more flexibility. Here are some tips from the SBA on how to get started
Pick a Winner
One way to consider the greatest potential in an industry is to assess its growth over the past five years. Consider which types of businesses noted women entrepreneurs are running and which seem to be faltering over the past five years. Look at the failures carefully and try to take into consideration where they went wrong, so you can learn from their mistakes and not repeat them.
Build Your Skills
- Three things that are important to achieving success in business are:
A true entrepreneurial attitude: This means you have to be dedicated and refuse to quit when things get tough.
- Networking skills: You can use online networks as well as social opportunities to build connections with potential clients and partners.
Adaptability: The ability to accept constructive criticism. Showing that you value the opinions and advice of others will make you appear more approachable to your peers, employees, and customers.
Learn from Your Mistakes
Just because you tried something 20 years ago that really didn’t work is no reason not to have another go at it. In the home-party business, for example, there are hundreds of options. Take a good, close look at your early efforts and try to list the things you did right and the ones you might do better.
Things to Consider
- Be clear about what you want. Is your goal to make money, or are you more interested in socializing? Do you want to spend your evenings talking about jewelry or pets or food or wine?
- Can you see an unfulfilled market? Do your research and keep your eyes open. Rather than jumping into the most popular home-based businesses, look around for some that are just starting out, or growing into your geographical area.
- Consider the finances. Of course we all hope to make money when we start a business, but too many people rush through life without stopping to set a realistic budget. Be sure you have a clear picture of how much it will cost to start your business and what they income potential is. Talk to a small-business expert or financial advisor, and develop a flexible and realistic business plan. Even if you are operating on your own and don’t really need to formally structure your business right away, it’s a good idea to spend a few hours drawing up a map to guide you on your new journey.