Investigating Home Based Business Opportunities
Are you thinking about investing in a home-based business opportunity? Before you part with your hard-earned money, keep in mind that home based business schemes abound and the adage, "If it sounds too good to be true, it probably is" is especially important to remember. Therefore, it's very important that you do your homework.
Here are some questions you should ask before you commit to any home based business opportunity, as suggested by an About Home Business subscriber, AnnaLaura Brown. While the questions should not be considered all-inclusive because what you'll need to know largely depends on the type of home-based opportunity you're considering, they will at least get you started on on the right track.
What are the Startup Costs for this Home Based Business Opportunity?
How much are the start up costs for the home based business opportunity you're considering? Are there ongoing costs? If so, what will they entail and how much are they?
This is especially important if you are very low on funds, and these days who isn’t? Often a business can cost more to start than it may appear in the beginning. It is also important however, to realize that you have to spend money to make money.
What Kind of Training and Support are Available with the Home Based Business Opportunity?
The training and support offered by a company will make a huge difference in your success. Do you have a quality up line with good ethics and leadership skills? Are they dedicated to helping you succeed?
If the training materials and company leadership are good, you will grow your business faster and it will be easier to succeed.
What are the Rules for Advertising and Promotion?
Many home business opportunities have rules regarding how and where you can advertise. In some cases you may have strict limitations, and in others you may be able to do more or less whatever you want. In any case, it is very important to know and understand what you can and cannot do. For example, the company names are often copyrighted and/or trademarked and therefore you are not free to use them in your advertising without permission.
The more options you have for selling your products and or promoting your opportunity the easier it will be and the more money you will make.
What is the Realistic Income Potential for this Home Based Business Opportunity?
Some businesses have considerably more income potential than others and before you invest your time and money into any home based business opportunity, you should understand how much you could realistically expect to make.
It's also important to understand what your breakeven point is for any business opportunity you're considering and how long it may take for you to actually reach the level of income that the home based business opportunity claims is possible.
How Long Has the Company Offering the Home Based Business Opportunity Been in Business - Do They Have a BBB record?
A brand new company has no track record and it can therefore, be unstable. A company which has already been in business for a few years has the advantages of new opportunity along with stability while an older company already has a lot of reps and customers and it may be more difficult to find your own and the market may be "tired".
What is their Better Business Bureau record?
If it's perfect then you know you are dealing with a great company. If it's less than perfect but it still has a good record then you know it's reliable. If its record is bad, then stay away: It's probably a scam.
What Products or Services are Involved with this Home Based Business Opportunity?
What are their products like? Are they high quality? High quality products will endure and sell better than products of a questionable quality.
Is the product consumable? Will people reorder the products? Consumable products offer the business owner more money because people will reorder and buy more. Non-consumable products can only be sold once and then you have to go out and find more customers.
Are There Quotas or Minimum Inventory Requirements for this Home Based Business Opportunity?
If you are required by the company to buy a large quantity of products on a regular basis then it can be difficult to maintain the business or it can be financially stressful if you need to temporarily stop working your business. The last thing you want is a basement full of unused products.
Are the Products or Services that this Home Based Business Opportunity Will Offer Affordable?
The majority of the population must be able to afford the products or services the home based business opportunity is offering to customers. The more expensive the product or service, the harder it will be to sell and your target market could be very limited because fewer people will be able to afford it.
Thursday, July 22, 2010
Tuesday, July 20, 2010
6 Fall Small Business Ideas for Making Quick Bucks
Seasonal Small Business Ideas for Fall
When we think of seasonal businesses, we tend to think of summer and winter. But fall is a season too and like any other provides plenty of small business opportunities. Here are six small business ideas for profiting from the changes that fall brings to people's lives. Some of these small business ideas are short-lived opportunities, profitable only for a few months while others could be worked into year-round small businesses. But all of them are businesses that can be started quickly and inexpensively so you can start making profits fast.
1) Student moving small business idea
Late summer / fall is the season when students are on the move, moving from their parents' homes into dorms, moving from summer accommodations into other living quarters, returning from summer jobs and looking for places to live. In almost all cases, they have stuff that has to be moved too. If you live in a college town or near a university, moving students and their stuff could be a profitable short term business. And, of course, it wouldn't be hard to turn this small business idea into a year-round business if you broadened the niche.
2) "Closing down the cottage" small business idea
In a similar vein, if you live in cottage country or anywhere where there is a lot of recreational property, late summer / fall is moving time and the time when you could be profiting from people's changes in residence. Before people head back to their winter quarters, their summer places have to be officially cleaned and closed up for winter - services you could provide. You might also be able to get some caretaking business on an ongoing basis if you’re interested.
3) Back to school shopper small business idea
This small business idea is definitely a short-term strike-while-the-iron-is-hot business, but that doesn't mean it's not worth doing. The idea is simple; the client gives you a list of school supplies and you do the shopping to fill it and deliver the goods - a real time saver for busy Moms and Dads who would love to have someone take the chore off their hands.
4) Pet sitting small business idea
People still travel through the late summer and fall which means many people are still hunting for someone to care for their pets while they're traveling. If your own home is not suitable for offering in-home animal care, you can still get in on this small business idea by offering to care for people's pets in their own homes. Dogs and cats are popular pets but don’t forget about the little ones such as guinea pigs, rabbits and rats. They need care, too.
5) Professional organizer small business idea
The change of season brings many the urge to organize. You can capitalize on their urges by helping them organize their closets, their garages and their kitchens. While this is a small business idea that is best carried out as a year-round enterprise, it's easy to give it a seasonal twist by focusing on projects such as putting away summer gear and organizing children's rooms for study as well as play.
6) Yard cleanup small business idea
And of course, you can't get through fall without falling leaves in most places - and most people hate to rake them up themselves. Start a small business focusing on fall yard cleanup, giving hedges their last trims, getting those leaves off lawns and putting gardens to bed for the season. You'll need to invest in some equipment for this small business idea, but depending on the scope of the services you offer, your investment could be minimal.
Don't Wait to Get Started
If you're a person who would like to start a business and make some money but don’t want to make a long-term commitment right now, one of these seasonal small business ideas could be just the thing for you. The only thing is that like ripe tomatoes, these seasonal business ideas won't keep. So pick your business idea and get started! The sooner you do, the sooner you can be harvesting some extra green.
Seasonal Small Business Ideas for Fall
When we think of seasonal businesses, we tend to think of summer and winter. But fall is a season too and like any other provides plenty of small business opportunities. Here are six small business ideas for profiting from the changes that fall brings to people's lives. Some of these small business ideas are short-lived opportunities, profitable only for a few months while others could be worked into year-round small businesses. But all of them are businesses that can be started quickly and inexpensively so you can start making profits fast.
1) Student moving small business idea
Late summer / fall is the season when students are on the move, moving from their parents' homes into dorms, moving from summer accommodations into other living quarters, returning from summer jobs and looking for places to live. In almost all cases, they have stuff that has to be moved too. If you live in a college town or near a university, moving students and their stuff could be a profitable short term business. And, of course, it wouldn't be hard to turn this small business idea into a year-round business if you broadened the niche.
2) "Closing down the cottage" small business idea
In a similar vein, if you live in cottage country or anywhere where there is a lot of recreational property, late summer / fall is moving time and the time when you could be profiting from people's changes in residence. Before people head back to their winter quarters, their summer places have to be officially cleaned and closed up for winter - services you could provide. You might also be able to get some caretaking business on an ongoing basis if you’re interested.
3) Back to school shopper small business idea
This small business idea is definitely a short-term strike-while-the-iron-is-hot business, but that doesn't mean it's not worth doing. The idea is simple; the client gives you a list of school supplies and you do the shopping to fill it and deliver the goods - a real time saver for busy Moms and Dads who would love to have someone take the chore off their hands.
4) Pet sitting small business idea
People still travel through the late summer and fall which means many people are still hunting for someone to care for their pets while they're traveling. If your own home is not suitable for offering in-home animal care, you can still get in on this small business idea by offering to care for people's pets in their own homes. Dogs and cats are popular pets but don’t forget about the little ones such as guinea pigs, rabbits and rats. They need care, too.
5) Professional organizer small business idea
The change of season brings many the urge to organize. You can capitalize on their urges by helping them organize their closets, their garages and their kitchens. While this is a small business idea that is best carried out as a year-round enterprise, it's easy to give it a seasonal twist by focusing on projects such as putting away summer gear and organizing children's rooms for study as well as play.
6) Yard cleanup small business idea
And of course, you can't get through fall without falling leaves in most places - and most people hate to rake them up themselves. Start a small business focusing on fall yard cleanup, giving hedges their last trims, getting those leaves off lawns and putting gardens to bed for the season. You'll need to invest in some equipment for this small business idea, but depending on the scope of the services you offer, your investment could be minimal.
Don't Wait to Get Started
If you're a person who would like to start a business and make some money but don’t want to make a long-term commitment right now, one of these seasonal small business ideas could be just the thing for you. The only thing is that like ripe tomatoes, these seasonal business ideas won't keep. So pick your business idea and get started! The sooner you do, the sooner you can be harvesting some extra green.
Sunday, July 18, 2010
Starting Your Own Business - Do You Have What It Takes?
The entrepreneurial path isn't easy. Are you up for the challenge?
Entrepreneurs come in all shapes and sizes and personality types. Some are full of big ideas while others are better at execution. Some take big risks while others play it more safe. But there are a few things most successful entrepreneurs have in common.
The most common entrepreneurial traits include a strong desire to be your own boss, the drive to implement your ideas, and a thirst to control your own destiny. Entrepreneurs are inordinately determined to be successful and persevere in the midst of adversity. They thrive on ambiguity and prosper in a world that is confusing and has few answers.
Problem Solving
Running your own business is an ongoing puzzle, a long series of problems to be solved. If you don't like constantly solving a multitude of problems, then an entrepreneurial career might be difficult. Much of your time will be spent troubleshooting, pinpointing problems that are plaguing the business, and trying to solve them. As soon as you solve one problem, others spring up.
Creative and Persuasive
Almost invariably, successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. They persuade others to lend them money, work long hours, buy new products or services, and sell products on favorable terms. They are constantly promoting their company, its products or services, and new ideas. Entrepreneurs are visionary and get others excited about and committed to their vision.
Motivated
Entrepreneurs have high energy levels, are impatient, and can't sit still for a minute. They continually think about their business and how to increase market share. Most have experience in the type of venture they start and are confident about launching and operating the firm. Research shows that the role of experience and know-how is central to successful venture creation. If you lack experience, consider working as an apprentice for someone in a business similar to the one you want to start.
Intangible Assets
Successful entrepreneurs rely on their business skills, know-how, and contacts. Evaluate your current talents and your network. Will your skills, contacts and experience readily transfer to the business idea you want to pursue? If not, you might want to do some development work on those areas before starting your venture.
Doing What It Takes
What about support needs? Most corporate workers are surrounded by staff ready to support their activities and are accustomed to having people attend to their needs. Entrepreneurs do not have the luxury of hiring staff support, especially when starting a venture. Instead, they wear many different hats, performing tasks ranging from opening the mail in the morning to emptying the trash at night. They do everything that needs to be done by themselves if necessary.
Risk Tolerance
Risk is involved in making any entrepreneurial venture successful. Entrepreneurs take calculated risks and reduce the risk factor by thoroughly researching their business concepts, industry, and market. One way to reduce risk is to start small¡ªat home¡ªand test your business concept by asking potential customers to buy it. Don't ask friends if they think your venture idea will work. Instead, ask customers to give you a letter of intent to purchase which forces them to seriously think about whether they would buy it. If you are unable to obtain a letter of intent, you may not have a viable idea.
Preparation
Abraham Lincoln once said, "Give me six hours to chop down a tree and I will spend the first four sharpening the axe." Are you prepared to prepare? If you have the drive to research the industry and your market and write a business plan, you have significantly increased your chances of starting and operating a successful venture.
The entrepreneurial path isn't easy. Are you up for the challenge?
Entrepreneurs come in all shapes and sizes and personality types. Some are full of big ideas while others are better at execution. Some take big risks while others play it more safe. But there are a few things most successful entrepreneurs have in common.
The most common entrepreneurial traits include a strong desire to be your own boss, the drive to implement your ideas, and a thirst to control your own destiny. Entrepreneurs are inordinately determined to be successful and persevere in the midst of adversity. They thrive on ambiguity and prosper in a world that is confusing and has few answers.
Problem Solving
Running your own business is an ongoing puzzle, a long series of problems to be solved. If you don't like constantly solving a multitude of problems, then an entrepreneurial career might be difficult. Much of your time will be spent troubleshooting, pinpointing problems that are plaguing the business, and trying to solve them. As soon as you solve one problem, others spring up.
Creative and Persuasive
Almost invariably, successful entrepreneurs have the creative capacity to recognize and pursue opportunities. They possess strong selling skills and are both persuasive and persistent. They persuade others to lend them money, work long hours, buy new products or services, and sell products on favorable terms. They are constantly promoting their company, its products or services, and new ideas. Entrepreneurs are visionary and get others excited about and committed to their vision.
Motivated
Entrepreneurs have high energy levels, are impatient, and can't sit still for a minute. They continually think about their business and how to increase market share. Most have experience in the type of venture they start and are confident about launching and operating the firm. Research shows that the role of experience and know-how is central to successful venture creation. If you lack experience, consider working as an apprentice for someone in a business similar to the one you want to start.
Intangible Assets
Successful entrepreneurs rely on their business skills, know-how, and contacts. Evaluate your current talents and your network. Will your skills, contacts and experience readily transfer to the business idea you want to pursue? If not, you might want to do some development work on those areas before starting your venture.
Doing What It Takes
What about support needs? Most corporate workers are surrounded by staff ready to support their activities and are accustomed to having people attend to their needs. Entrepreneurs do not have the luxury of hiring staff support, especially when starting a venture. Instead, they wear many different hats, performing tasks ranging from opening the mail in the morning to emptying the trash at night. They do everything that needs to be done by themselves if necessary.
Risk Tolerance
Risk is involved in making any entrepreneurial venture successful. Entrepreneurs take calculated risks and reduce the risk factor by thoroughly researching their business concepts, industry, and market. One way to reduce risk is to start small¡ªat home¡ªand test your business concept by asking potential customers to buy it. Don't ask friends if they think your venture idea will work. Instead, ask customers to give you a letter of intent to purchase which forces them to seriously think about whether they would buy it. If you are unable to obtain a letter of intent, you may not have a viable idea.
Preparation
Abraham Lincoln once said, "Give me six hours to chop down a tree and I will spend the first four sharpening the axe." Are you prepared to prepare? If you have the drive to research the industry and your market and write a business plan, you have significantly increased your chances of starting and operating a successful venture.
Saturday, July 17, 2010
The Most Valuable Advice for Aspiring Entrepreneurs
Suppose you love baking pies and you’re really good at it. People are always saying that your pies are the best in town and that you should go into business for yourself.
One day you get bitten by the entrepreneurial bug and you decide to open a pie-baking business as a solo-entrepreneur. Once your small business is up and running you concentrate the bulk of your efforts on doing what you love: baking pies.
However, you let other vital aspects of your business fall by the wayside: soon, you’re having cash flow problems, you’re working around the clock baking pies since you don’t have any adequate systems in place, and you’re worried because you don’t have a solid marketing strategy. Despite all of your pie-baking skills and your hard work and sacrifice, your small business is fledging.
The scenario described above is what Michael E. Gerber, author of the bestseller The E-Myth Revisited, calls the entrepreneurial myth. The myth most new entrepreneurs buy into is that the way to beat the dismal odds of succeeding when you start a new business is simply through hard work and perseverance.
So, if it’s not just about skill and hard work, what does it take to make your small business succeed?
Build a Business, Not a Job
Gerber points out that most small businesses are started by “technicians”; a technician can be a plumber, a lawyer, a computer programmer, and so on. When these technicians decide to leave the company in which they work and strike out on their own, they have a tendency to continue concentrating on the work they’re skilled at and ignore the “business aspect” of their new enterprise.
That is, they basically create a job for themselves instead of really creating an actual small business.
The solution, says Gerber, is for business owners to balance their business personalities. That is, they have to wear three different hats: the entrepreneur hat, the manager hat, and the technician hat. The technician produces the product or service, the manager makes sure that operations and finances run smoothly, and the entrepreneur creates a compelling vision for the business, formulates goals, and steers the business toward the accomplishment of those goals.
Here’s how Gerber defines the entrepreneur:
“The entrepreneur is not really interested in doing the work; he is interested in creating the way the company operates. In that regard, the entrepreneur is an inventor. He or she loves to invent, but does not love to manufacture or sell or distribute what he or she invents.” ~ Michael E. Gerber
A business that is built and managed by someone who combines the approach of the technician, the manager, and the entrepreneur—Gerber indicates–will have a far greater chance of future success than one guided by someone thinking like a technician alone.
Prepare to Sell a Franchise of Your Business
Another way to make sure that you’re working on your business instead of just working in it — is to create a plan or business model as if you were going to sell franchises of your business at some specific future date, even if you don’t intend to do so.
Franchises have procedures, clear operation manuals, a consistent sales approach, and so on. They’re set up so that practically anyone can walk up off the street and run the franchise. This is the goal that you should set for your small business: you want to create systems and then continually improve those systems.
Gerber advices that you get all of the following right while you’re still small:
• Your sales system;
• Your lead generation system;
• Your lead conversion system;
• Your system to convert buyers into repeat customers.
Some of the questions you should ask yourself while creating your systems are the following:
• How can systems be put in place so that large numbers of customers can be served efficiently and consistently?
• How can the business run efficiently without you having to be there constantly keeping an eye on things?
• How can you maximize the time spent doing the things that you really enjoy doing?
• How can you minimize the time spent doing the things you hate to do, but that have to get done
Conclusion
By making sure that you take on the roles of technician, manager, and entrepreneur, and by creating systems and an Operation Manual as if you were going to sell franchises of your business, you’ll make sure that you´re working on your business instead of just working in it. That is, you’ll be building a small business which will give you more financial independence and freedom, instead of creating a job that will enslave you.
Suppose you love baking pies and you’re really good at it. People are always saying that your pies are the best in town and that you should go into business for yourself.
One day you get bitten by the entrepreneurial bug and you decide to open a pie-baking business as a solo-entrepreneur. Once your small business is up and running you concentrate the bulk of your efforts on doing what you love: baking pies.
However, you let other vital aspects of your business fall by the wayside: soon, you’re having cash flow problems, you’re working around the clock baking pies since you don’t have any adequate systems in place, and you’re worried because you don’t have a solid marketing strategy. Despite all of your pie-baking skills and your hard work and sacrifice, your small business is fledging.
The scenario described above is what Michael E. Gerber, author of the bestseller The E-Myth Revisited, calls the entrepreneurial myth. The myth most new entrepreneurs buy into is that the way to beat the dismal odds of succeeding when you start a new business is simply through hard work and perseverance.
So, if it’s not just about skill and hard work, what does it take to make your small business succeed?
Build a Business, Not a Job
Gerber points out that most small businesses are started by “technicians”; a technician can be a plumber, a lawyer, a computer programmer, and so on. When these technicians decide to leave the company in which they work and strike out on their own, they have a tendency to continue concentrating on the work they’re skilled at and ignore the “business aspect” of their new enterprise.
That is, they basically create a job for themselves instead of really creating an actual small business.
The solution, says Gerber, is for business owners to balance their business personalities. That is, they have to wear three different hats: the entrepreneur hat, the manager hat, and the technician hat. The technician produces the product or service, the manager makes sure that operations and finances run smoothly, and the entrepreneur creates a compelling vision for the business, formulates goals, and steers the business toward the accomplishment of those goals.
Here’s how Gerber defines the entrepreneur:
“The entrepreneur is not really interested in doing the work; he is interested in creating the way the company operates. In that regard, the entrepreneur is an inventor. He or she loves to invent, but does not love to manufacture or sell or distribute what he or she invents.” ~ Michael E. Gerber
A business that is built and managed by someone who combines the approach of the technician, the manager, and the entrepreneur—Gerber indicates–will have a far greater chance of future success than one guided by someone thinking like a technician alone.
Prepare to Sell a Franchise of Your Business
Another way to make sure that you’re working on your business instead of just working in it — is to create a plan or business model as if you were going to sell franchises of your business at some specific future date, even if you don’t intend to do so.
Franchises have procedures, clear operation manuals, a consistent sales approach, and so on. They’re set up so that practically anyone can walk up off the street and run the franchise. This is the goal that you should set for your small business: you want to create systems and then continually improve those systems.
Gerber advices that you get all of the following right while you’re still small:
• Your sales system;
• Your lead generation system;
• Your lead conversion system;
• Your system to convert buyers into repeat customers.
Some of the questions you should ask yourself while creating your systems are the following:
• How can systems be put in place so that large numbers of customers can be served efficiently and consistently?
• How can the business run efficiently without you having to be there constantly keeping an eye on things?
• How can you maximize the time spent doing the things that you really enjoy doing?
• How can you minimize the time spent doing the things you hate to do, but that have to get done
Conclusion
By making sure that you take on the roles of technician, manager, and entrepreneur, and by creating systems and an Operation Manual as if you were going to sell franchises of your business, you’ll make sure that you´re working on your business instead of just working in it. That is, you’ll be building a small business which will give you more financial independence and freedom, instead of creating a job that will enslave you.
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