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How To Start A Home Based Business
So you want to start your own business, or work from home, or both.
Millions of people dream of doing just that, but few ever do. The reasons millions dream of it, is because they often want a better situation than they have now, and or they want to be true to their dreams and do what they really want to be doing, which is perhaps not what they are doing now. The reason many do not, is that they do not have a proper plan for getting started, or that their plan was not well enough thought out and as a result, it did not wok out for them. Let’s not kid ourselves, it is not easy, but at the same time that is not to say that it cannot be done!
Not Having Boss
Most people would like to be their own boss. Only problem is that when you are your own boss, very often the customer becomes your “boss”. So the idea of not having boss does not always pan out as you might like. You must be nice to your customers or they will go elsewhere and your business will die quickly. You must also be profitable. Be firm, fair, polite, and honest, and ensure your prices are both competitive and profitable, because after all you are in this to make money. (If you are not looking to make a profit, then you should be considering setting up not as a business, but rather as a charity or social organization, which is a different topic for a different article.)
Determining Your Strengths & Interests
First of all, we need to stop and breathe for a minute, collect our thoughts (which can often be difficult in our busy lives, and in a world filled with so many distractions).
Secondly we need to get a pad a paper, and a pen. Draw a line down the middle of the page. Title the left column “what am I good at” and the right column, “what am I not good at”. Start filling them in, and use as many pages as you need. However, hard as it may be, try to be honest with yourself. Remember you do not have to show this list to anyone but yourself. Think back to courses you took in schools, what did you get god marks in and enjoy, and that did you not get good marks in or not enjoy.
Thirdly, go over your list, and circle what you feel are your top 10 strengths. Now re-list these on a fresh sheet of paper, and expand them a little bit.
Fourthly, now try to make a list of what kinds of jobs or types of work these strengths may relate to, this may take hours or days.
Money, Morales and Family Life
Determine how much or how little spare cash you have to work with. Don’t plan on borrowing a bunch of money, in case it “does not work out”. Start small and grow, without going into debt. If you have a job you may want to keep that job while also trying to start your home based business, and balance family life and other commitments. Easier said than done, but it is possible with carefully planning, and make sure you have your priorities straight, remember the old saying that on their “death beds, few people wish they had spent more time in the office”. Don’t forget the value of family. Don’t forget to talk to God (tell him your troubles, and ask for his help, and his guidance, maybe you will be pleasantly surprised), and don’t forget to take time to laugh at funny things (at appropriate times) and to “smell the flowers”. Don’t loose your moral compass, keep and improve your moral values, if you are confused as to what they should be, don’t ask a “talk show host” or buy a magazine at the grocery store to find the answers, open a bible and look up the ten commandments, it is a short list, and does not take long to read. (Yes you can even find them on the internet, and even in modern English.) In other words, keep your head “screwed on straight”, and if it is not quite there yet, get it an “alignment”. Be honest with everyone you deal with, and build a good reputation in all of your dealings, otherwise you might make a few extra bucks to start with, but it will come back to bite you later, and will eventually sink your business. Do not allow yourself to get involved in anything which is illegal or immoral. If you are married, discuss this all with your spouse so that you have their support. Always, keep your “costs” or “expenses” and “overhead” as low as possible!
Types of Home Based Business Opportunities
There is literally no limit to what kinds of work can be done from a home based business. There are limitless books, magazines and trade shows, not to mention the internet, which all want to give you the “answers”. The right business for you is just that the “right” business for “you”. Only you can determine what that will be, and yes it may take more than one go around to find something which works, so try to keep your investment very small in case it does not work out, and don’t borrow money.
Scams
Watch out for “scams”, and learn the bias of the person trying to sell you this “exciting new opportunity”, ask yourself “what’s in it for them”? Remember that if it seem too good to be true, it likely is too good to be true.
Exciting Opportunities
First question you should ask yourself, is if this idea is so good, why is this person trying to sell me this idea, why are they not using it themselves, and why are they not retired on a nice sunny beach with a “cold one” in their hands right now? The answer may all to often be that their businesses is selling you an idea, not using the idea themselves, because it may not work, or work well, or be very profitable.
Market Cycles
Also note that business ideas go in cycles. What worked really well 10 years ago, may not be profitable now. What is profitable now may not be in ten years.
Regional Differences
Some ideas do not transfer well from place to place due to local culture, climate, laws, or various reasons.
Franchises
Why pay lots of money for the rights to a “famous” franchise name which nobody in your area has ever heard of, when your own name would work just as well and cost a whole lot less. This is not to say that franchises should not be considered, just consider if it is worth the price or not, and on the flip side you are getting a “process” which in theory is tried and proven, but check it out, don’t take people’s word for anything. They may not lie to you, but they may be selective in what they tell you. Oh and by the way some may charge you fees to answer your questions or travel costs to meet with you, buyer beware. If someone wants a deposit, know what it is for, and what they can charge against it.
The Competition
Know your competition. Ask yourself what works for them, and what does not. Try to do it better and cheaper, while still be profitable, and making a good name for yourself, often the best advertising is a satisfied customer. People talk, and ask each other “where did you get that?” or “where did you get that done?” or “who did that?” and “how much did it cost”? Do not declare “war” on the competition, they may fight back.
Most Businesses Fail In The First Year
It is a well known fact hat most business fail in the first year, and are no longer around in the second year. Those that are, maybe did not make any money in the first year, but may have broken even or not quite. This not to say that you cannot be successful, because you can be, but you have to have your head screwed on straight, do your home work, know your market and product or service, be priced competitively, and be marketed properly (but not expensively).
Business Plan
Write up a Business Plan for your Home Based Business. The plan does not have to be fancy. Get a binder and some tabs, and loose leaf, and make notes by sections. One section should be called “Overview” and should describe what your business is, and what the main product(s) or service(s) are. It should include your
Business (usually your home) address, phone number (home or cell phone), website (if you have one), and e-mail address (company e-mail address from your website or else your personal e-mail). Include the date your business started up, and who the owner/president, etc, is/are (usually just yourself).
Record Keeping
Have an old brief case (or a cheap one) or even a photocopier box, (somewhere) in which to drop all your papers, receipts, etc that you will need later for book keeping or taxes, etc. There is a golden rule for paperwork “If in doubt keep it”.
Contracts & Agreements
Read them very carefully, understand them completely, and if possible talk to others who have signed them previously and ask them how it has worked out for them.
Liability
Understand up front what your risks “down side” or liabilities are. Educate yourself. This may influence your decision on what legal structure to use for setting up your company. If you decide to “incorporate” try to do it yourself, and if possible try to do it on line from a government website, and do not pay a middle man if you do not have to. If you incorporate know what annual returns you have to submit, when, and how much that costs. If you simply pick a business name you may have to register it, check out how that works in your area, before using it, to avoid having to change it later on.
Taxes
Depending on the legal structure of your company if may be on your tax return, or it may require its won tax return. Educate yourself about this.
Business Licence
Find out if you need a business licence.
Website
A website is an essential tool for every home based business. It helps to project the image that you are in business! Let’s face it money is tight, so your website should not be expensive, but maybe it should not be the cheapest one out their either. There is an old saying that “you get what you pay for.”
We would suggest building your own website at www.wrsbuilder.com . Unlike some of their competitors, you will also not be sold a “cheap” package which you later find you have to “upgrade” and will end up costing you more than you had thought (or would have if you had bought from WRSBuilder), just to trick you into buying from them. WRSBuilder will cost you about .99 a month, plus a one time set up fee of .99 and the cost of a domain name for about .99 a year. In total the costs are about 7 for the first year, and slightly less for each subsequent year. It is not the cheapest, but it “sturdy”, easy to use, quick to build, and contains many features which by themselves would cost a lot of money, and there are how-to-videos and free technical support (which is very patient, and friendly). If you want to see a real working website which was made with this website builder tool see www.signetchapter.com . The website can be made wider by uploading a wider picture in the header. The colours can easily be changed. You have a choice of templates (layout designs) to pick from, and you can even change your mind later on and switch to a different template without loosing any of your work. A shopping cart is included, which means you can start your own online store (or “ecommerce”) and you can sell goods or services online. This website package also include 5 free e-mail accounts, which include your company website name in the e-mail address, which looks more professional that john or sally at hotmail dot com. There is a free 10 day trial period, so please feel free to come and try it out as many times as you like, no obligation, no cost for the trial, and no credit card needed for the free trial. (Some other website builders want your credit card number up front, so that they can start charging you after the trial period is up.) If you buy, there is also a 30 day money back guarantee. Prices are in US dollars. If you want someone else to set up the first 5 pages of your website for you that service is also offered from the free trial pages, it is called Quick Start and costs an additional 9. If you want full custom website design, that service is also available from the website, but costs a lot more, if you are serious about that then please ask for a free quote from within the website, see “Custom Websites” menu option.
If you already have a website (other than at wrsbuilder.com) and don’t want or need to build another one, check out cheap hosting, etc, at www.raymondhosting.com (If this paragraph sound like an ad, that because it is.)
Business Cards
Make them up on your home computer, or buy very inexpensive ones. Include your name, company name, company e-mail address, website address, and your company phone number (which could be your personal cell phone).
Being In the “Black”
In accounting terms, losses were in red ink and profits were in black ink. No matter how small (or microscopic) you business is, try to always show a profit. Showing a profit is being “in the black” and loosing money is being “in the red”. Starting out it is unlikely that you will be profitable, that OK. However over time all business no matter how big or how small (or small they are almost invisible), survive only by “being in the black”. Try to structure every single transaction or sale so that it makes something, even if only a few cents.
In Conclusion
This article should help you with starting your own home based business. This article cannot tell you which is the best business for you, no matter how much you might wish it could, and how much I wish it could. Please also read other sources to broaden your knowledge.
Pick a line of business that you like and you are good at or know something about.
Business is like fighting a war, it is “intelligence” or “knowing what’s really up” which frequently makes the difference between success and failure.
Do not try to “solve problems” or “kick start” you business simply by “throwing money” at it, this usually does not solve the problems, or kick start anything, and only leaves you in debt. (Many “Liberal” governments world-wide have tried this ideology, and only placed their countries deeply in debt.)
The market place is constantly changing, and products and businesses like people have life spans, (only for corporation they might be longer with good management).
My Biases
So following my own advice above you ask why am I telling you all of this, what’s in it for me? Fair questions. First of all I do not get paid anything for this article. Secondly, I have a lot of years of experience with this sort of “stuff”, and I like to pass on some of what I have learned though observing others, some of what my Dad taught me, and what I have learned by trial and error, and in the school of “hard knocks”, to help you along on your journey. I make nothing from that.
I also am promoting WRS Web Solutions Inc. WRSBuilder.com website, as well as the Raymond Hosting website for those you already have a website but are looking for cheaper hosting or virtual private servers, etc. By the way I believe both to be good products, and good value for the money, or I would not be promoting them. I might make something out of promoting them.
I also promote Christianity (because I believe it to be true, and it can help people get on track and stay on track in this world which frequently leads us in the wrong directions). I promote Freemasonry as I know it is a good fraternity, which “makes good men better”, and I know it to be fully consistent with the Christian faith. I make nothing out of promoting either.
Wishing you good health, success, and happiness.
