Archive for

Choose The Best Home Based Business For You

Have you ever considered starting a homebased business, but just can’t decide what’s the best home based business for you?

You are not alone! Many, many people have dreamed of having their own work at home business. But of course the “dreaming” is the easy part. Choosing exactly which and what kind of business to start is quite another matter.

But it’s not really as difficult as many would think. The task becomes a lot simpler when you can examine the many choices by way of analyzing the advantages and disadvantages of each.

If you are one of those still in the “choosing stage” here are a few factors to consider that might make your task a little easier.

1. Startup Costs

One of the drawbacks to many home business opportunities is high start-up costs. No doubt you’ve seen lots of “business opportunities” that claim to get you started for “free.”

Don’t believe it for a minute! There are always costs involved.

You will want to look for a possible home business that has minimal start up cost. But beware of those opportunities that tout start up cost that seem unrealistically low. Examine these offers with a very critical eye.

2. Time to Become Profitable

A major drawback of many business opportunities is the time period needed to begin turning a profit. Although it varies, it can take anywhere from days to months – or even years – to earn enough money to even recoup your initial investment.

Of course the time needed to recoup your investment will also depend on just how great that initial investment was. But in any event you will usually do better to choose a business that will begin turning a profit sooner rather than later.

3 Ability to Start While Maintaining Your Current Job

The problem with a lot of business start-ups is they put you in an untenable situation money wise. No matter how quickly a new business becomes profitable, there’s still a period of time when there’ll be no profits coming in.

If you are depending on your job to pay the bills, you can’t quit your job until your business lets you earn enough money to pay your living expenses. But at the same time your job doesn’t allow you the free time necessary to start your business!

The best home based business option in this case is to find a business you can start and operate part time while continuing your job, until you are making enough to quit and devote full time to your business.

4. Operating Costs and Profit Margins

You will not only need some cash to start your business, you will also need some operating capital on a recurring basis. Do a careful analysis of what it will cost you to operate the business of your choice. Choose one that will allow you a comfortable profit margin AFTER operating expenses.

5. Demand for the Product or Service

Regardless of how quickly, easily, or inexpensively you are able to start your new business, you will never enjoy success if there’s little or no demand for the product or service you are selling.

Make sure there’s a sizable market for your product or service.

5. Continuing Demand and Economic Conditions

Our economy is always changing. Businesses come and go because of economic factors, events, advancements in technology, and often because of the ever-changing needs and wants of the public. You could be making good profits one day, and the next day be watching demand for your product “dry up.”

Ideally you want to choose a product or service to sell that will always be in high demand. But at the very least choose one for which demand isn’t like to disappear with changing conditions.

6. Learning Curve

Starting any business always requires some degree of knowledge. Depending on the business you choose, it could takes days, weeks, or even months to learn what you need to know to start and maintain your home based business.

Look for a business with a short “learning curve” or for which you already have some aptitude.

7. Income Potential

Every business “opportunity” promises you high earnings potential. But just how realistic are those promises?

Always keep in mind the old adage “If it sounds too good to be true … it probably is!” Try to evaluate every opportunity dispassionately and choose a business that offers high but REALISTIC earnings potential.

8 Time Freedom

Starting a new business can be extremely time-intensive. Most entrepreneurs work 10 – 12 hours a day or more, as well as weekends and holidays, getting their business up and running.

Make a realistic assessment of the time requirements of your chosen home business, and make sure you have adequate time to devote to it.

9. Satisfaction

“Satisfaction” is a personal matter, and not one to be taken lightly.

No matter what business you choose, you are far more likely to be successful if you take personal satisfaction in what you are doing, to feel that what you are doing is worthwhile, something you can feel good about and be proud of.

In conclusion, you should start your search by making a list of all the potential choices that appeal to you. Then evaluate each one carefully and realistically based on the factors mentioned above. The best home based business for you is already out there … you just have to find it!

Best of luck in your search!

Top 10 Rules Of Success For Starting An Online Business

#10 Develop a business plan – No matter what type or size of online business you want to start, it is really important that you spend the time to plan out your business. A business plan is the perfect tool for this. A business plan will help you better understand your business strategy, competition, economic landscape and financial scenarios. Although a business plan takes a little time, you do not have to be a business expert to write one.

#9 Know your visitors – Who are you trying to attract to your website? Knowing the types of visitors that will come to your site will help you custom tailor your products, services, content, features and website presentation. As you launch and manage your online business, carefully pay attention to your visitor traffic. You may find that the types of visitors that are coming to your site are a little bit different than you had originally planned. Be adaptive and take advantage of your traffic observations by fine-tuning your website to best fit your visitors.

#8 Test and proofread – The quality of your website is the absolute first impression of your online business. Make sure you thoroughly test and proofread all of the pages of your website. Having broken links, error messages, or numerous typographical or grammar errors sends the wrong message to your customers. Think of your website as a physical retail outlet. Would you buy products from a store with broken windows or lots of spelling errors in their marketing brochures?

#7 Ask for feedback – Throughout the process of building and managing your online business, constantly ask for feedback. Feedback can come from a variety of sources: customers, family, friends and colleagues. Feedback will also come indirectly through analyzing the traffic and purchase patterns on your site. What do people like about your online business and website? Are your prices competitive? Can visitors get around your site easily? Keep your eyes open for consistent feedback trends and incorporate these suggestions as improvements to your online operations.

#6 Treat your online business as a business – When you decide to start an online business, treat it as just that, a business. And you are the business owner. Too many people dabble in online business and never succeed. Why? If it isn’t a business, it’s just a hobby or even a diversion. Get serious about your online business goals, plan accordingly, and make your internet dreams a reality!

#5 Gear up mentally – Before you get started building your online business, gear yourself up mentally. There will be challenges ahead! With the proper attitude, however, these challenges will be exciting, invigorating learning opportunities. Understand the fact that starting your own business requires work and you may need to sacrifice a little bit. If you can manage your own expectations about what is in store, you will find that the extra work and sacrifices are a really small price to pay for financial and professional freedom.

#4 Gear up financially – There is really no better, sure-fire way to go out of business than if you run out of money! Spend the time up-front to determine what startup capital your business needs to sustain itself while building revenue. Don’t stop there! Think about your personal situation as well. How much do you have in savings? How much of your savings are you willing to spend supporting you and your family while you build your online business? Understanding and managing your personal and business financial situations are critical to success.

#3 Surround yourself with positive attitudes – We all have friends and family who can be dark clouds. Most of the time they are negative because of they are woefully unsatisfied with their own lives. Perhaps you have several fair weather friends. You know the kind…they really seem to be your best friend whenever your life is in shambles. But when things are going great for you, they aren’t so happy. Regardless, distance yourself from all things negative and surround yourself with a nurturing, supportive network of friends and family.

#2 Be flexible – When you are just starting out in your online business, flexibility and adaptability are key for your success. You will likely need to adapt parts of your business model as you learn more about the business, online tools, and your typical visitor demographics. At all costs, do not equate flexibility with failure! It is the exact opposite! By being flexible and shifting your strategies to best support your market, you will position your internet business for sure-fire success.

#1 Convince yourself of success – You are your own biggest supporter and fan. Convince yourself in your heart and soul that you will succeed in your online endeavors. Have faith in your ability, determination and drive. Giving up is not an option. Sure, you may need to change certain assumptions about your business – that’s a normal, everyday thing. Light a fire in your entrepreneurial belly and have the firm conviction that you can achieve all of your online business goals and then some! You deserve to succeed!

If you need some startup ideas that are great for an online business, check out MySmallBiz.com’s extensive list of online business ideas [http://www.mysmallbiz.com/pg/pub/idea_results.php?query=internet]

7 Easy Steps to Starting Your Home-Based Business

Operating a home based business can be one of the most liberating and financially rewarding experiences for new entrepreneurs. Startup and ongoing operating costs are usually substantially lower for home businesses compared to more traditional companies. Because of these dollar savings, more people are able to start and run a successful business out of their home.

Starting any kind of business requires planning, proper capitalization, and some hard work. However, a home business presents certain opportunities that can make the startup processes quicker and more straightforward. The following seven steps can be used by anyone to help start a successful, home based business.

#7 Go With What You Know: When determining what business to start, take a personal inventory of your skills, background, hobbies and interests. Use this inventory and start thinking of business ideas that can leverage your existing skills and knowledge. Having some background or experience in your future business will help take the guesswork out of a majority of decisions you will likely face.

#6 Focus on Self Discipline: With the proper self discipline, personal productivity will skyrocket when working from home. Home based business owners are usually free from pointless meetings, needless presentations, and lurking colleagues. However, other distractions abound at home. If you do not already have a quiet place to set up your home office, make sure to create one. Set expectations with your friends and family that your privacy, when working in your home office, should be treated with the same respect as any formal office setting.

#5 Form a Legal Entity: Make your home business official by forming a legal entity. You do not need to establish an expensive and complex corporation. In many cases, a sole proprietorship will do. File the necessary business forms and licenses with your local government agency and make it official! Not only will your business be in good legal standing, you will take your startup efforts more seriously after this step is complete.

#4 Set and Follow a Schedule: Home based businesses come with a tremendous amount of freedom and flexibility. This is why we love them! Make the most of your time by setting and following a routine schedule. Keep in mind that your daily routine may not necessarily look like the typical 9-5 workday. Set a schedule that works for you and your customers. When possible, arrange working time to match the hours of the day you are naturally more alert and productive.

#3 Keep Accurate Records: Maintaining accurate, up-to-date financial records is an important part of running any home based business. Proper bookkeeping will increase your visibility into business cash flow and will help reduce the possibility of a tax audit. Keep in mind; never commingle personal and business finances! This is a common mistake for new home business owners and can introduce a host of financial liability issues down the road.

#2 Start with a Service: Consider starting a service oriented business. Compared to product based businesses, service businesses can usually be started much more quickly and with less startup money. Service businesses eliminate the need to manage inventory, complex fulfillment, and sales tax. Since most services are performed at an external location, running your service business from your home is typically quite easy.

#1 Fund Your Business Properly: This final step applies to every business and is equally important for all. Before starting your home business, carefully plan out your expected startup costs, ongoing expenses and revenue projections. If your home business will be your sole source of income, calculate your short-term living expenses as well. Make sure that you have enough personal savings to cover your living expenses while you establish a positive business cash flow.

If your dream is to own your own business, get started today! Starting a home based business does not have to be a complicated, drawn out endeavor. Put excuses to the side, make up your mind to get started today and do it! Following these simple, seven steps will help you realize your dreams of home business financial freedom.