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How to start a profitable home- based business
HOW TO START A PROFITABLE HOME-BASED BUSINESS
In these days, it's becoming increasingly difficult to make ends
meet with just one source of income. Thus, more and more people are
investigating the possibilities of starting their own extra-income
business. Most of these part-time endeavors are started and
operated from the comfort and privacy of the home.
Most of these people are making the extra money they need. Some have
wisely and carefully built these extra income efforts into
full-time, very profitable businesses. Others are just keeping
busy, having fun, and enjoying life as never before. The important
thing is that they are doing something other than waiting for the
government to give them a handout; they are improving their lot in
life, and you can do it, too!
The fields of mail order selling, multi-level marketing, and in-home
party sales have never been more popular. If any of these kinds of
extra income producing ideas appeal to you, then you owe it to
yourself to check them out. But these aren't the only fields of
endeavor you can start and operate from home, with little or no
investment, and learn as you go.
If you type, you can start a home-based typing service; if you have
a truck or have access to a trailer, you can start a
clean-up/hauling service. Simply collecting old news papers from
your neighbors can get you started in the paper recycling business.
More than a few enterprising housewives have found success and
fortune by starting home and/or apartment cleaning services. If you
have a yard full of flowers, you can make good extra money by
supplying fresh cut flowers to restaurants and offices in your area
on a regular basis. You might turn a ceramics hobby into a
lucrative personalized coffee mug business. What I'm saying is that
in reality, there's literally no end to the ways you can start and
operate a profitable extra income business from your home.
The first thing you must do, however, is some basic market research.
Find out for yourself, first-hand, just how many people there are in
your area who are interested in your proposed product or service,
and would be "willing to stand in line and pay money for it." This
is known as defining your market and pinpointing your customers. If
after checking around, talking about your idea with a whole lot of
people over a period of one to three months, you get the idea that
these people would be paying customers, your next effort should be
directed toward the "detailing" of your business plan. The more
precise and detailed your plan - covering all the bases relating to
how you'll do everything that needs to be done - the easier it's
going to be for you to attain success. Such a plan should show your
start-up investment needs, your advertising plan, your production
costs and procedures, your sales program, and how your time will be
allocated. Too often, enthusiastic and ambitious ent repreneurs
jump in on an extra income project and suddenly find that the costs
are beyond their abilities, and the time requirements more than they
can meet. It pays to lay it all out on paper before you get
involved, and the clearer you can "see" everything before you start,
the better your chances for success.
Now, assuming you've got your market targeted, you know who your
customers are going to be and how you're going to reach them with
your product or service. And you have all your costs as well as
time requirements itemized. The next step is to set your plan in
motion and start making money.
Here is the most important "secret" of all, relating to starting and
building a profitable home-based business, so read very carefully.
Regardless of what kind of business you start, you must have the
capital and the available time to sustain your business through the
first six months of operation. Specifically, you must not count on
receiving or spending any money coming in from your business on
yourself or for your bills during those first six months. All the
income from your business during those first six months should be
reinvested in your business in order for it to grow and reach our
planned first year potential.
Once you've passed that first six months milestone, you can set up a
small monthly salary for yourself, and begin enjoying the fruits of
your labor. But the first six months or operation for any business
are critical, so do not plan to use any of the money your business
generates for yourself during that period.
If you've got your business plan properly organized, and have
implemented the plan, you should at the end of your first year be
able to begin thinking about hiring other people to alleviate some
of your workload. Remember this: Starting a successful business is
not a means towards either a job for yourself or a way to keep busy.
It should be regarded as the beginning of an enterprise that will
grow and prosper, with you as the top dog. Eventually, you'll have
other people doing all the work for you, even running the entire
operation, while you vacation in the Bahamas or Hawaii and collect
or receive regular income from your initial efforts.
For more details on market research, business planning, advertising,
selling, order fulfillment, and other aspects of home-based
businesses, checkout other reports in this offering.
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