Choosing the Ideal Target Market for Your Home Based Business

Turning a profit with a home based business is a basic goal and in this article we will discuss identifying your target market as well as designing an effective elevator speech.

People who have not had any previous experience owning their own business can often get distracted from the tasks that generate income and get caught up in busy work instead.

The primary strategy for making any new home based business profitable has to do with spreading the word about the product or service you provide. Consider this task as an ongoing campaign and gear yourself up to spend the majority of your working time on this activity.

First decide who your ideal target market is. This is a key element because you need to recognize the importance of working with people you actually like interacting with. Why? Because if you're working with prospects or clients that emotionally tear you apart you won't put the kind of effort required to become successful. In fact, you'll likely quit long before you see any real money come in.

Next you'll want to explore all the 'places' where you can encounter your ideal target market. Don't settle for one or two environments. On an ongoing basis ask yourself where else you might find these people.

Your next step is to consider how you will communicate with that market. Chances are you'll want to employ a number of strategies. The first one most new home based business owners think of is print advertising. Personally, I would discourage you from leaping into spending much or any money in traditional advertising.

That's because traditional advertising is more of an art than a science and even the wording of the simplest advertisements requires professional expertise to be effective. Trust me; the person at your newspaper's classified department is not an expert at effective marketing.

Consider attending Networking events. In our town we must have 25 different networking groups operating and you can attend several times for no obligation. The key element once again is to determine whether these people are either your target market or can help you reach that market.

The Internet offers hundreds of avenues to explore to reach your ideal market. Internet forums, chat room, posting on blogs, writing articles such as this for internet publication; all are examples of paths to explore to find your market.

One absolute stable of promoting your business is what is known as the 'Elevator Speech'. It is simply a 15-30 second description of one or two of the principal benefits your product/service provides people.

The elevator speech got its name because this 'speech' of yours needs to be short enough to be delivered in the time it takes to ride up an elevator with a stranger while exchanging hellos.

The key elements to remember about designing your elevator speech are these: Do NOT give the common description of what you do. Example: "I'm an accountant". Instead design a speech that invites further questions from the other party. Example: Instead of saying "accountant'; say, 'I'm a specialist at helping people minimizes their taxes in new ways'. Keep it short  remember, 'less is more'. You will have their attention span for only a few seconds and if you spill too much information on them they'll forget everything. Leave them wanting more. Make sure you take every opportunity to ask others what they do for a living and listen intently. Ask for two of their business cards and tell them one is for you and another is for someone you know who may need their services. Two days later call the person up and get acquainted. Ask them further questions about their business and also ask for their opinion on where you might find more of the people you are looking for. The more value you offer to other people the more likely they will help you. Once you have them as customers, service them far beyond what your competition can even imagine and they will generate your success.

Most important of all; remember that there are people out there that REALLY want to do business with you. Your primary job is to continue to spread the word about your home based business far and wide in order to find these ideal customers in your target market.

John T. Kelly

John T Kelley, Life Style Mentor and Successful Entrepreneur, is helping many become the next success story. Whether you're looking to create an extra few thousand dollars per month, be an ex-corporate executive, or the next millionaire Mom, John can assist you to create a second stream of income and greater peace of mind. visit : Entrepreneur