by Michele Ficara Manganelli

Home Internet Marketing Business Checklist

Making an opening checklist is a great way to start your venture of putting up your own home internet marketing business that will succeed. The checklist will serve as your guide and will also help make sure that everything that should have been done have really been done. Listed below are different items that generally should be included in a home internet marketing business checklist. More items can be added depending on the nature, function and needs of the business you have in mind.

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General Home Internet Marketing Business Checklist

ü  Have I focused on a particular product or service?

Generally, specially with startup businesses, specialist firms do better and have a larger chance of becoming fully established businesses that those firms who offer a variety of services. Your first task as a new business is getting yourself known in your niche. Putting all our focus on one specific product or service will make it easier for you to make a name and an identity as the better or even the best in what you offer.

ü  Have I made my product or service as specialized as possible?

The more narrowed down or particular your product or service, the better.

ü  Have I considered the limitations imposed by my competitors?

It may prove to be too hard at your current stage to compete head on with the leaders of your niche. Aim to be at the top, but plan to do it step by step. Make only a small group as your target audience so you can focus on them more. Then gradually widen your reach as your business grows.

ü  Have I decided on whether to find a unique market niche or just go with the common niche?

You may decide to offer the same kind of product or service that the other businesses in your niche offer. You may also, on the other hand, opt to come up with a something different. It may be something totally new or an old product or service offered with a twist.

ü  Have I prepared a one-year cash flow projection?

The cash flow projection will be your estimate or expectations of the cash inflows and outflows your business will be experiencing in its first year of operations. It will help make sure your will be able to maintain the liquidity of your enterprise.

ü  Have I got all the necessary e-commerce tools in place?

ü  Have I taken all necessary insurance policies?

ü  In case I plan on selling on credit terms, have I decided on my credit rating policy?

All businesses that allow credit purchases from their customers should implement a credit rating policy to avoid transactions with consumers with poor credit ratings. With this you will earn the respect of good paying customers while at the same time keeping customers who do not pay on time away.

ü  Have I completed my written business plan?

A formal business plan in hard copy is essential to the proper management of any business. It should cover pre-opening, first year and long-term plans. The business plan will not only provide you with something to follow but will also aid you discover any weaknesses in your planning process which in turn will help you learn and improve. It will also help attract investors as it will give them the impression that you are a well-organized business.

ü  Have I taken time to learn and gain practical experience about the basics of my business?

Knowledge is never harmful. Learn as much as you can about your businesses and niche in which it belongs to. You may get practical experience by first working for someone else’s business that is similar to the one you are planning to put up. It will also allow you to tell whether you will get to enjoy the business you have chosen.

ü  Have I accounted for prototypes, research, sampling and trials in my budget?

ü  Have I conducted market tests on my product or service and were the test results satisfactory?

ü  Have I decided to sell a great product at a fair price or a fair product at a great price?

You have to decide whether you prefer selling a few but with high profit per item sold or selling a lot but with a little profit with each item sold. A great product is one with superior quality but high price while a fair product is one with moderate quality and moderate to low price.

ü  Have I prepared all the required communication, computer, and other business tools as well as the skills to use them?

ü  Have I learned all I need to learn about the difference between hiring independent contractors and employing people as well as the related IRS rules and the importance of compliance with these rules?

If hiring and employing is likely to yield similar results select the more cost-effective option. You must also know how to appropriately report and withhold regarding your chosen alternative.

ü  Have I put all the elements of my business structure in place?

Accounting and bookkeeping systems as well as the accountant Premises Permits and licenses Registered business name Operational computers, telephones, cell phones, fax and utilities Graphics for advertising and promotional materials Registered domain name and online website E-commerce ready infrastructure Security systems

ü  Have I selected and trained the needed number of employees?

ü  Have I finished my personal work schedule?

It will greatly help if you maintain both daily and long term to-do lists as well as an appointment book so as to never forget scheduled meetings.

ü  Have I included my requirements for managers, consultants, independent contractors, agents and sales representatives?

Home Internet Marketing Business How to Buy Checklist

Every business has a particular marketing strategy that works best for it and has already been proven by your competitors who adopted it and succeeded. You can best gain from the success and experience of your competitors by analyzing and dissecting their successful marketing plans, including selling methods, pricing and advertising. List down the most successful businesses in your niche and study them or even work for them. Ask questions regarding things about them that are valuable to you whenever possible. You may even come up with an improved version of their marketing strategies by analyzing the strengths and weaknesses.

Your customers are your lifeblood. Learn how to keep them satisfied by knowing what they need and what they want. It will also help if you are able to get feedback from them. Information about the real wants and needs of your target consumers is vital in making sound and fit marketing and promotional decisions. You should determine what they the value the most; whether it is pricing, quality, or service. If a particular geographical area identifies your market, low cost demographic reports based on the census can be attained that will supply information on population by race, income and home ownership.

What and How to Buy

Inventory obsolescence has become more and more common due to the rapid changing and improvement of products. Keeping a large volume of inventory has therefore become very risky. Some products especially high tech gadgets like cell phones can become obsolete the very same day they are purchased.

Minimization of inventories is the best way to mitigate losses form obsolescence. Rapid delivery firms and just-in-time assembly systems are the most commonly used means of reducing the quantity of inventories. Minimized inventories free up cash which can then be put to more productive use and it also reduces or eliminates the need for warehousing.

Most startup firms do not have the luxury or capability to manufacture their own products. Having such products manufactured by an outside manufacturing firm is therefore the best alternative. Delegating your manufacturing process also allows you to focus more on marketing and promotions. Always remember to take enough time in selecting your manufacturer as there are usually those willing to provide products at cheaper costs.

How to Buy Merchandise Checklist

ü  Buy only what you think you can sell.

ü  Never place an order without knowing price and terms.

ü  Purchase orders must be in writing.

ü  Have complete specifications.

ü  Buy subject to your contingencies.

ü  Have backup sources.

ü  Be loyal to good suppliers.

ü  Have promises and extras verified in writing.

ü  Get price protection.

ü  Try to award to the lowest bidder.

ü  Don’t be hesitant to repeatedly contact suppliers to expedite needed merchandise.

ü  Communicate