In running your home business, you may wind up ignoring lessons from some of the larger and more renowned business groups, operating on the theory that the things applicable to economic giants would be inappropriate or unnecessary for smaller scale business endeavours.

This is absolutely not true. As a matter of fact, while the theories and practices of large scale businesses may seem far too complex for something as simple as running your own home e-tailer business, they are actually appropriate. The trick is to scaling down and simplifying the processes.

For example, the giant entity of Wall Street is a household name. People know that Wall Street businessmen are the sharpest

around. Now how can their practises be put into use for a small, 1-man (or woman) show, you might ask? Well, here is one of their most productive practices, scaled down for personal use.

Wall Street businessmen make use of Advisory Boards, which are groups of peer-level businessmen and consultants from other fields. Before any major business decisions are made, most people in Wall Street consult their Advisory Boards for advice. On a micro scale, setting up your own forum of fellow e-business runners can allow you to suppport each other in a similar fashion.

Wall Street Advisory Boards often employ lawyers, accountants, bankers, and even insurance brokers to improve the skill sets of the group and allow for more versatile situations to be handled. In a similar fashion you might want to invite e-business people to your forums who have backgrounds in these skill sets.

As a matter of fact, you can take this a step further because e-commerce requires other skills aside from those mentioned.

Having, for example, a computer programmer, a graphic artist, and a copywriter on your team will allow all members of your forum to turn to these people for advertising services. This is just one example of how scaling down a tactic used by the big boys can help you thrive!

via E-Moms at Home