What competencies should I emphasize when building a home-based business?

Written By Steps To Faculty Published May 31st, 2010

When you are putting together your home-based business, you have to understand what competencies will need to be cultivated and optimized in any such business. For example, if you are building up a private general contracting business from home, you will need to offer contracting services – drywall services or special features when it comes to the design of your frames – that distinguish you from competitors. There are a few basic steps you can follow that will allow you to achieve success.

Step 1 what do you want your home-based business to be known for?

Obviously, every business wants to be known for quality – but maybe it is more important to be known for quality in a specific area than in another area. For instance, if you are a contract writer, perhaps you want to offer a service that is proficient in legal writing because that is more lucrative – and because it is an under-served market. Thus, whatever it is that you want your firm to be strong in is the area into which you will want to pump additional resources.

Step 2 what special services do you want to offer customers that other competitors do not offer?

Differentiation is one of the things that any smart business man or business woman will want to engage in as part of ensuring that his or her product stands out. At the heart of things, you need to know what other people in your industry offer (or at least what local competitors offer) and then you have to find out what “frills” or additional services you can offer that might set you apart. Naturally, it is a good idea to see if your pre-existing skills are sufficient for the differentiation you have in mind – but you must accept the fact that branching into new areas of learning is a prerequisite for success.

Step 3 in what areas is your business weakest?

Any small business starts out having to earn its credibility. Gaining that credibility is no easy task, but one way of making it is to find out where the weak areas are within the organization and then striving to overcome those weaknesses through skills upgrading or via an improved infrastructure or business architecture. Know where you are weak, become strong, and clientele will begin to see your operation as a commendable one that deserves their continued patronage.

To be a small business owner is to take many calculated risks; yet, being a business owner also means making investments in yourself that can pay off handsomely. If you want success, it never hurts to focus on competencies that allow you to set yourself apart – and that allow you to earn a reputation for solid, diversified service.

Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.