Tag: Home Business

Small home based business opportunities are very attractive for many reasons; being your own boss, setting your own hours, and earning more than you would working for an employer. These dynamics can all exist but it won’t come easy, and it won’t come overnight. The truth may be that the low hanging fruit was picked long ago but it is also true that many opportunities still exist.

In Ideas for home business we discussed an overall plan here we will dig a little more in to specific markets. One example is the world of online marketing. As with any industry you can expect to spend a good deal of time investing in your pursuits before you will see a substantial return but I am speaking from first hand experience when I say; with enough thought and effort invested in the correct areas an almost autonomous revenue source can be established.
The formula for online success is the same as in any other circumstance; put the time in, learn how the game is played, and determine where you can add value.

Four potential small home base online business opportunities are:

1. Writing Valuable Content, E-booksIf you have information other people want the opportunity exists to sell that information in the form of a self published E-Book. I am not an E-Book guru so I won’t pretend to know a ton about this but what I do know is that the books that sell are the ones that solve a problem or fill a need. To do this in a manner that is not already facilitated online requires an author to create a well thought out comprehensive resource.
2. Online stores, E-commerce Operating as an online merchant is the most direct method of generating a fulltime or supplemental income online. While studying my undergrad I was able to generate $1600.00 in one summer through selling items online. My secret weapon…Ebay. Selling items in an established market place is a great way to get this ball rolling.
3. Add revenue , AdSense by Google
   If someone like myself sets up a website around a given topic and on that site I host an add that leads a reader to a site where they could potently make a purchase, I am rewarded with a few cents for the click through. The pay rate will vary depending on the topic. This may not be a huge pay day but it can bring in good coffee money.
4. Affiliate Marketing Affiliate marketing is effectively drop shipping. A site is built around a product or topic, and squeeze pages are built to direct visitors into making a purchase. The item is either downloaded or dropped shipped to the customer. As the builder of the site you are providing the marketing for the person or company with the product.

It is your job to promote products and in return you are paid a commission for any sales that come through your site. In many cases the commission can be as much as half the price of the product.
The biggest thing to remember when pursuing online ventures is that it is not a get rich quick model. All roads require effort and take time to exploit. Do your homework, seek counsel, and learn the market.

Four potential off line Small home based business opportunities

1. 1. Landscaping and lawn care

Mowing lawns and making a yard look clean and tidy can be much more than a summer time position. As with any market you will need to define your target market and meet their need. Perhaps you could focus on commercial properties, rental properties, or a geographic area. Unless you are in a big city, there will always be a need for lawn care and landscaping.

1. 1. Garage sale re-seller

This is a great option to get started on the weekends if you are still working full time. Mining for items to sell can be a lot of fun a quite rewarding if you know what you are looking for. I suggest you stick with a single focus and buy/sell similar items on a continual basis. If you have ways to add value to your items do. The more you wheel and deal in one area the better you will get at it.

1. 1. Handyman service

This requires one to have their own tools and a bit of knowhow but if you have both of these a handyman service can be a good gig. Any homeowner will tell you that the number of projects around the house only increase with time. There will always be a need for renovations, updates, and repairs.

1. 1. Janitorial

I saw a report recently that had janitorial franchises as the top franchises to get into. Cleaning services are another service that will always have a demand. The financial barrier of entry is not very large and if you are doing the work yourself it is possible to make a good living.

The list could go on but I think you get the idea. Service have a lower barrier of entry and are always a good option for someone looking to get started. If you have any other ideas feel free to let us know.

Working form home can be a huge blessing and for stay at home moms it is a great way to generate supplemental income, but how should business be conducted? I discussed Ideas for home business in previous articles but what I want to address here is helpful tips that will assist you with your home based occupation.

Obviously the industry you are taking part in will have a huge role on how your day to day will look but if you are serious about succeeding with your home based business you need to treat it as serious as you would any other business. The home based business market is huge, people everywhere are doing business out of their homes, but not everyone is treating their business with the severity it demands.

Take Your Home Business Seriously

Take the term “you get what you pay for” This phrase is from the consumers perspective, but as a business owner you should also think about it from the suppliers perspective. If you are to provide a product or service and require people to pay for it, it is your responsibility to deliver.

By taking the time to set up policies, procedures, and designated schedules you are minimizing variability which in turn will increase your quality. You will have a happier customer base which will be much more likely to come back to you time and time again. I am not saying you need to nail everything down but I am saying the more you can define about how you provide your product or service the higher your inherent quality should be. That said do not compromise your product or service for the sake of policy, there are times when it make sense and times when it does not.

Keep in mind, the second you think you have the right to slouch off is the second your company starts its trend into the red. Maintaining a method of continuous improvement is the first defense against failing to meet customer’s expectations.

Separate Personal and Professional Life

I use to have a representative that worked out of his home in Alabama and he told me that every day he awoke at the same time, conducted his morning routine, and got dressed in his suit just as if he were headed to the office. When I asked him why he said if he didn’t he mentally did not feel as though he was going to work. Not everyone will need to go to such great lengths to get into the right mind set but once you find the groove that allows you to separate your personal and professional life, stick with it. A home office is nice until the kids and dog come running in during a conference call with a potential client.

Pay For Quality Recourses

For some reason people tend to believe that simply because business is conducted at home it must also operates on a shoe string budget. While it is wise to keep an eye on your expenses and not overextend yourself, don’t be afraid to pay for quality recourses. If you are looking into graphic design, get the nice computer with the benchmark software. If you are looking into landscaping, stich with industrial level products like Toro and stay away from the consumer products found at the local hardware store.

This can be used to your advantage. If the market you are involved in is saturated with home based businesses and you go the extra mile to print on your own letter head or send personalized swag as a thank-you your customers will recognize your efforts. Being home based does not mean unprofessional or cheap! If anything it will require a more intentional approach to how your company is perceived.

Be Accessible

Having a dedicated cell phone, land line, or answering service would be prudent move for most. As a bootstrapping small business you don’t want to pay a ton for any of these but you want to make sure customers can get a hold of you. Land lines can be as little as $20.00 a year, and as stone age as it may sound a having a fax machine on a land line adds to the professional ambiance of your company.

Call everyone back regardless of the issue. Your customers are coming to you because you offer a value they can’t find down the street. Calling customers back, building report, and staying in touch lets them know that you are there and that you care. I would also suggest making phone calls in response to an email. If someone sends you an email regarding an issue, respond in an email and follow up with a phone call.

Be Timely

As a small business one of the biggest things your customers will be looking for is a quick response or a fast turnaround. Having a fast lead time is part of small business and is essential if you want to succeed in the long run. In many industries a faster lead time may be all you have over your larger competitors.

It can sometimes be difficult to handle many inquiries for your product or service but the more you define and redefine your system the faster you will be able to get back to your customer base. This won’t apply to everyone but as a rule of thumb; if you find yourself repeating a process over and over again, write a program. Computers are great at handling repetitive and semi repetitive tasks.

The longer you provide your product or service the more intuition you build and ultimately the faster you become at meeting your customer’s needs.

Add More Value

The smaller the business the more it should be positioned to offer custom solutions. If your operation consists of only you it will be your job to tailor your solutions to your customer’s needs. Little things like sending flowers to a client in the hospital, or fixing a problem that you weren’t hired to fix can speak volumes about you and your company. This will also set you up for a customer base that is willing to refer others to you.

The more value you provide and the more relational you are, the more your customers will love doing business with you. Let us know your experience regarding home based businesses, we are here to help.

If you are looking for ideas for home based business there are a few things to keep in mind. Business is simple as long as you know what to look for once you have that figured out you have the keys to the world.

I have said it before and I will say it again, people don’t want the product or service you are offering, they want what that product or service provides them. Keep this in mind when you are exploring potential business opportunities.

Step 1. Solving a problem or facilitating a need.

You wouldn’t start a Popsicle stand in the North Pole so why try to sell what you have to offer if what you have to offer doesn’t have a demand? It doesn’t make sense. What does make sense is starting with the pull of the market. What is it that is already in need and has a current and consistent demand?

The most successful people in the world play off of this very dynamic. Think about it for a second, who are the most successful people you know or know about?…Ok, how are they involved with something people use on a daily basis?

Take a land lord for example; they own a building that is used every day by its tenants. Mr. Gates created the platform that I am using this very moment to express my thoughts while you are using it to read them. Mr. Buffet has his hands in companies who’s products are almost guaranteed to be in arms length of you this very moment.

Unless you have some overwhelming desire to peruse a super small micro niche, don’t waist your time with a market that won’t support you,

Step 2. Assess competition

Once you have established the need you want to facilitate take a second and observe how that need is currently being met. This is very important for the home based business owner as capital is usually limited and the cost to break into an overly saturated market may be too great to bear.

Ideally you will want to find a market that has as large of a demand and as little competition as possible. Follow the equation for motivation:

(The extent of the reward) X (the likelihood of achieving the reward) = level of motivation

Any market that will allow for a decent profit margin and high likelihood for sales will be worth pursuing. Remember all of the low hanging fruit is long gone, so no matter what direction you go a good deal of diligent work will be required.

It should also be understood that small business by definition must facilitate a small ever changing need. This will eliminate the pursuit of any market that is well established and consistent.

Step 3 Create your game plan

Now that you found a need in a market that you can compete in it is time to create your game plan. This will vary from market to market of course but it is a step that is essential for your success.

Take the time to address every nook and cranny of your newly found direction and get to know it inside and out. Your expertise in the area is a cheap insurance policy against the variability of a free market. If you know your market better than anyone else, guess who is going to be on top of the next big opportunity.

Line up your direction for your potential business with your own personal direction. If you are pushing something you are passionate about the entire process will be much easier. If you don’t like what you do it will be reflected to your potential customers and consequently in your sales.

Step 4 Get started!!!

After completing the above steps it is time for the rubber to meet the road. There are very few things standing in the way of what you truly want, often times we are our own anchor. Don’t fall into this trap, figure out the tasks that need to be completed in order for you to get your business up and running. Chances are you will have a service oriented business model in mind so after you lay out the few pre business elements hit the streets and make something happen.

Having trouble finding a direction?

If you are having trouble finding a direction for a home based business I will give you a model that always works; buy and sell in classified adds and on Ebay. There is no more straight forward business model than buying and selling physical items. While in college I followed this very model to pay for many of my expenses.

Pick a single item and begin to purchase and sell them in your town. Go with something you know and are confident about. Best of luck to all of you budding entrepreneurs and please let us know how your efforts turn out.