HOW TO START HOME INTERNET BUSINESS

 A home internet business is one that is conducted out of your home, using a website in order to attract and interact with customers. Starting such a business can be an exciting and relatively low-cost way to make extra money or launch a new career, whether you are providing services online or using a website to market your products or skills. Despite the advantages, starting a home internet business is difficult, and most internet businesses fail to make yours a success, you will need a clear plan, a polished website, and an effective marketing strategy.

Planning Your Business

Decide what service or product your business will provide. To decide on a product or service, look to your unique abilities, training, or experience. Ask yourself how you can utilize these things to create a product or service that creates value better for customers than your potential competition.

• For example, if you are a formally trained graphic designer with experience working in web design, an online web-design business could be an attractive choice.
• Consider if you want a business that can be done exclusively online, like editing or website design, or if you will be starting a business that deals in physical products, like arts or crafts.
• Consider how much time you are willing to put into your business. Some businesses, such as freelancing as a web designer or selling crafts, are easier to do as part time jobs than others, like day care or consulting.

Do market research. Once you've decided on what you would like to offer as a product or service, find out if there is a demand. Look at the number of possible competitors, conduct customer surveys by phone or personal visits, and find out if there is a market need that is not being met.

Choose a business that can work online. Not all business models are fully suited for an online or home-based based format. For example, if your business idea involves extensive inventory, staffing, or production/manufacturing, a home-based operation may not be ideal. Here are some ideas for businesses that require little capital and you can run from your home:

• Accountant or financial planner
• Affiliate marketing (promote other company’s products on your website)
• Artist
• Blogging
• Editorial and writing services like copy writing, proofreading, indexing, technical writing or ghost writing
• Graphic designer
• Internet research

Learn the costs of starting a business. The costs of starting your business will vary dramatically depending on the specific type of business being offered. For example, if you are running a small, home-based online book store, you will need to fund inventory. If your online business is service-based, however, your costs may be lower and would be limited to the capital you need to provide your service. There are a few general costs that are central to most online businesses.

• Email Marketing Service – Building an email mailing list is key to advertising your product and making money Start building your list right away.
• Website design – The cost of design will vary depending on whether you use a site that builds business websites for free, build your own site using a service like WordPress (starts at about Tsh70,000), or hire a designer (usually ranges from Tsh100,000-Tsh200,000).

Make a business plan: No matter how small your business, it will benefit from a strategic plan that will guide you in achieving your goals. A business plan is your entire business planning process reflected in one document. You can find more details about how to write a plan here, but broadly, you will want to include:

• Your business concept: The focus here is on describing your business, the market for your business, your products, as well as your organizational structure and management.
• Market research: Market research is critical, as it describes the nature of the market you are entering into. Namely, it will identify who your major competitors are, what your target market is, and the preferences as needs of your target market. The market analysis helps you to identify precisely what your customers need.

By Musa Lilian BAPRM 42631