I will like to stay on the topic of acquiring income from income.
The funds that you are saving (from the income you are already receiving) for an investment is also called capital. You need to have the capital to start a home-based business. Lets say for instance an opportunity arises for you to start your business, you may need extra money in order to proceed with your venture, your bank manager will already have a history of your finances and will most likely lend you the extra cash that you are needing at that time, however, you may still have to create a convincing proposal/plan to demonstrate to the institution that you know what you are about to do.
It is for that reason, a good business plan is necessary. A good business plan is based on how well you did your research, particularly on the topic of which market you are targeting. In other words, which group of people will most likely benefit from your products and services and become your customers. You also have to keep in mind, if there is a need for your products and services.
Which group of people: Some examples to consider.
- Pensioners/retired
- Youths/teenagers/students
- Parents/working class
- Male, female, toddlers
That's all for today. Next post I will discuss how to research your target market.
Have a productive week.
Marsha Anderson
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