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Starting A Small Business - 6 Lessons
Small business is a phrase that is used every day by millions of people across the globe. This is because during the past decade the rise of small business has become more substantial than in any other decade prior. This is largely due to the growing number of services that are offered to small business owners, to make it possible for them to keep their business running. There really isn't any guidelines for when the term small business is used, however it is simply defined as a business which has a small number of employees. How few employees is debatable, and the definition of when a business changes from a small business to a bigger business differs both by country as well as industry. This number is generally less than 100 employees. As I've already explained small businesses due to their nature, are usually sole proprietorships, partnerships, or privately owned. Common in many countries, smaller businesses, tend to be related to: accountants, restaurants, guest houses, photographers, small shops, hairdressers, tradesmen, solicitors, lawyers, small-scale manufacturing etc. Small businesses are often located in private homes, for two main reasons. The first is because it is cost-effective and in most cases convenient. The second reason is that there are several benefits with taxes, etc by having your business in your home. Running a small business is an exciting opportunity, a great way to introduce yourself into the business world, and to gain business sense. But, before you spend a lot of money on your small business it's important that you know the facts, so take some time, go to the library or get on the internet and research the basics. If possible talk to a few experts or other small business owners so that you can be sure that entrepreneurship is right for you. Here is a quick list of some things that you can do to get started: Conduct a feasibility study of your business idea. Describe what your typical customer, your product and your competitors. Who will your suppliers be? What will you charge for your product? How will you market your product? These are just a few of the questions you need to answer. Write a complete business plan. Do this using the information you gathered from your feasibility study. This is vitally important and often an overlooked step that needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals. Get your financing in place. There are many ways to finance your business, from your own savings to personal credit cards to bank loans. If you need credit, know your business plan from front to back and maybe even sideways. Decide what kind of structure your company will have. From a legal standpoint, there are three basic choices, sole proprietorship, partnership and incorporation, each with advantages and disadvantages. Choose a name for your company and check on name availability. Naming your company is highly individual, but it’s the first thing associated with your business, so choose your name carefully. You'll need to do a NUANS (Newly Upgraded Automated Name Search) report, which checks your name choices for uniqueness against a database of other business names. A reserved name is valid for 90 days. Determine whether there are special permits or licenses that your business will need. Check with county court house or your local tax collectors office for the proper forms. Set up your business bank account and record-keeping system. Your banker will need to see your business documents, and you may want to set up more than one account so you can keep track of your finances better. Record-keeping is required, and can be done manually or with a computer program. Purchase insurance. There are many different types of insurance, but most probably your company will need at least one. For example, if you’re going to have employees, you need to have workers compensation insurance. Decide where your business will be located. Lease your business’ space. Alternatively, you could choose to start your business from home if it’s feasible. There are advantages and disadvantages to starting your business from home. You have tax write-offs for example, but sometimes your image suffers. Purchase supplies and office equipment. You'll need too many things to list here, and of course, each business has different needs. You might need a fax machine and printer. You'll probably need a computer. You'll definitely need paper, pens, pencils and a calculator. Being armed with the facts and information you need from the beginning is a giant step towards ensuring the success of your small business. So take your time and do your research.
There are numerous challenges when establishing your own small business. Financing is a major aspect to consider when embarking on this journey. Determining where the funds are going to come from can sometimes turn out to be a very nerve-racking endeavor.
This really is an obvious obstacle, that you must overcome, and one, which often prevents many people from starting their own small business.
Bank loans are usually the first step that most people take when attempting to start their own small business. Banking institutions can become demanding for things like collateral and business plans. Banks do tend to make it hard for the people attempting to start their own business. The demand for personal assets and the thought of putting your home up for collateral can be stressful and scary at the same time.
Banks can also demand that the business owner actually rent their business space as compared to purchasing the space. They make these demands occasionally because they do not want you to tie up their money in assets that in the bank’s eyes will offer no short-term rewards. Banks may even demand that you use their money for inventory, which will offer them some immediate returns in case of closure. You must also keep in mind that these loans come with interest charges that will increase the amount that you must repay.
Applying for government grants is something I recommend to every person interested in starting their own small business. The US as well as other countries has numerous programs that cater to the needs of potential small business owners. Make sure you check not only the federal government but also your local state and state government as well for possible grants, which could aid you in your venture. Applying for a grant is not an easy task, but it is well worth the effort because the money does not have to be repaid.
When it comes to relatives or friends you may be reluctant to ask to borrow money to start your small business, but this is sometimes a good option because they are obviously people who know and trust you. The only downside to this suggestion of relatives or friends is that they may feel that they own a stake in your business, so it is important that you keep the terms clear from the beginning.
This type of loan often has no legal binding however; it can create serious rifts between you and your loved ones. Be sure you point out that the money is only a loan and will by no means give them any share or say in your new small business.
Dipping into your own personal funds is another way to fund your small business. This is typically used with a combination of other methods. The great thing about this approach is that you will not be confronted with interest charges and personal conflicts that other loans may demand.
One more option to consider is accepting private donations or seeking out investors. If you feel you have a great new idea for a new small business, it is possible to sell your great idea to potential investors; these are commonly called venture capitalists.
Unlike receiving loans from your family members, this method will without a doubt involve the investor having some type of stake in your business. The disadvantage of this method is that the idea has to be creative as well as potentially profitable because you literally have to convince the investors that you are going to make money.
Often a controlling interest in the company will be given if an investor spends their money for you to start your own small business, so you must be prepared to share control of your business to some extent.
Whichever way you decide to fund your small business it is important that you do your research and be ready to face any obstacles that may get in your way.
This is absolutely essential when you are ready to start your own small business. There are several reasons that this step is so important to your success. Including the fact that banks and prospective investors will require that you show them a solid business plan so that they can evaluate your potential for success and decide if they will fund your business.
Business plans commonly have three major sections as well as a cover sheet, table of contents and an executive summary. Your business plan should be proportioned according to your small business. If it takes you numerous pages to explain the aspect of your small business then so be it but keep in mind that people do get tired of reading page after page of documents, try to minimize the wording in your business plan as much as possible while still getting your point across.
Let's go over a few of the components of a professional business plan that will help you get started:
Business plan cover page
This page is solely for identifying your business from the others. Include things like your business name, logo, contact information, address, and the names of principals for your business.
Loan requests
A small loan request should be ten pages or less with adding in the attachments. If you are seeking a small business loan, keep in mind that most conventional lenders will accept a summary sheet along with the loan application. You will usually need three years of income as well as tax records when applying for small loans.
Business plan executive summary
This is nothing more than a summary of the rest of the plan. It should be placed first within the business plan. This page is what investors and banks will most definitely read. Keep in mind that your business plan is a sales proposal that is presented to other people for investment purposes.
Supporting documents
Supporting documents are very important. Ensure that you attach copies of these to the business plan. These will be documents will prove your points on many topics within the business plan. Also include any professional licenses you might have, contracts, resume’s, leases or even company brochure’s you might have created for the business you want to start. Promotional material is always a good addition as well.
As I mentioned above these are only a few of the components of an effective business plan. There are many factors to consider and it can be a very daunting task, but it is essential especially if you want to obtain outside funding for your business. As with anything, before you begin you will need to do your research and learn as much as you can about constructing a solid plan.
Crafting an effective business plan can be very time consuming as well as stressful. If you don't feel confident in your skills to write the actual plan yourself, you may want to consider hiring a professional to construct your business plan for you. Keep in mind this can be a big expense, but it often pays for itself in the long run.
Remember you will be presenting this plan to possible lenders and investors, so it has to be well written if you want to secure the funding you are seeking for your business.
Every small business owner worries about paying taxes and looks for ways of reducing their tax burden. When you have a small business of your own you must keep up date on your knowledge of tax laws that pertain to “small businesses.” You must also clearly understand accounting systems and tax planning.
The best place to start is to sit down with your accountant and plan the different ways that you will maintain business expenses, filing receipts, “tax saving” investments, and a strategy for running your business in the most beneficial way.
Did you know that...
- According to law you can reduce your tax liability by hiring family members to carry out work in your business. Pay your children and spouse to perform assigned duties. This way you can shift from higher tax rates to lower ones.
- Hiring independent contractors instead of employees. You will save on payroll taxes. However ensure that you meet the IRS’s criteria.
- You can take advantage of tax deductions allowed for charitable donations. Make donations in November or December instead of January so that you can include the donations for tax deductions in the current year.
- You can maximize your expenditure on equipment and office supplies. Buy in advance for a quarter and use the tax deductions allowed in the current fiscal year.
- If you pay all bills due before the end of the year. Payment to cell services, rent, insurance, and utilities related to the business can be included for accounting and applicable tax waivers.
- By setting up a retirement plan and making payments before the end of the year. This will reduce your income for the year and proportionately the tax due. Be sure to check on the limits. Plan a feasible and beneficial strategy with your accountant.
- Be sure to deduct from your taxable income money paid to licensing fees, businesses taxes, and annual memberships to businesses related organizations. Be sure to deduct interest paid on borrowings for running the business and related fees. Insurance premiums paid to insure the business office and machinery are eligible for tax deductions. Make a list of your memberships and check which ones are eligible for tax deductions.
- Check whether you have deducted management and administration expenses as well as money spent on maintenance and repairs of equipment.
Decide whether you should use a cash accounting system or accrual one Which one will benefit your business the most? Keep in mind that the tax deductions are different depending on the system you use.
When setting up your small business it is wise to seek out the advice of a tax and accounting professional as to which accounting system would be most suitable.
When first starting your small business you may not realize that there are mistakes you may make at different stages of your business’ growth that can slowly kill it for months or even years if you don’t watch out for them?
These mistakes are not just restricted to the new business owners. Many operating businesses, including those you may think are “successful” because they've been around for 10 years, are often still making them and are most likely losing a lot of money and/or wasting a lot of time in the process.
Although some of these mistakes seem aimed more at service type companies, they really do fit the bill for almost any type of business. Let's go over a few examples that you can use for future reference.
Underestimating project or service time is a big one.
This relates to service companies as well as companies that sell a product. This is a service company’s bread and butter. If you don’t estimate the time and effort required to perform each service your business offers you will lose out and there is little you can do about it except learn from it. The best way to estimate time required to do the job is to do it once yourself or watch your best employee perform the task, then determine the appropriate fees that you should charge for the service.
Not knowing your company numbers and setting prices too low.
Notice I emphasized the word “your”. It is a common mistake to use a competitor’s fees as your pricing gauge without actually knowing why they use those numbers. Consider for a minute what will happen if you take a competitor’s price, cut it by 10{e6bedbeffbdc7f03728c8f2e8974d3d56b5ddb4dff07d4e2bfaf45bfa7b88b55} and then start selling.
What if the competition has a bad pricing structure and is barely making money or even losing money?
What if your costs are more than theirs?
While it's a good idea to know your competitors pricing structure and maybe even use it as a starting point you shouldn't base your whole strategy on it.
Different market sectors have their own variables as far as costs go and you should be aware of them for your project or product pricing. What you pay for a product you are going to sell is not the only cost to have in your head when you are pricing your products. Considering how much your labor and materials cost for a service is only a part of an hourly rate.
Employees also cost more than just salary and not every employee is part of your labor cost. Every company has insurance to pay for. There are overhead expenditures, quality factors that need to be part of your pricing structure. What you include as “standard services” or “standard product features” as well as job site etiquette or in store service or warranties all need to go into your pricing.
Not charging for all of your time and costs is mistake most business owners will admit that they made.
For instance let's say that you run a service company. You can’t just undercut your competitors price to acquire the job; you have to ensure that your costs will be covered in your rates. Stores undermine themselves, for example, when they put more people on the floor for customer service but don’t charge for it. These things cost you money and when your competitors don’t do them it costs them less money.
As a business owner you need to believe that you are providing your clients worthwhile wares that deserve to be paid for. If you get the chance to explain why your prices are higher, then take that opportunity and do it. If they don’t like the fact that you include things that others charge extra for later or that you treat them better, then they are most likely completely price shoppers. You don’t want them as regular customers anyway. Trust me.
Not getting paid fast enough is another one that easily creates a cash flow problem.
As long as you are actually making enough money to pay the bills, this problem can be solved, prevented or at least managed. To avoid this bill customers very promptly. After all that’s the reason you are doing the work - to get paid.
Failure to have solid systems and procedures in place.
Having no procedures and systems in place for tasks like billing, collections, payroll, interviewing, hiring, job responsibilities, manufacturing, operating equipment, maintaining equipment and inventory procedures will help things run smoothly and reduce expenditures as well.
Spending too much advertising money without tracking the results.
There is no point in a marketing campaign if you do not put things in place that allow you to measure how well the plan is working.
Spreading yourself too thin is a classic mistake made by every entrepreneur.
The key is to figure out when you are at that “wearing too many hats” point and start getting some help. Not getting help or waiting too long can kill a company. The three big issues people like to tackle themselves but are usually the ones they are the least knowledgeable about like; legal issues, accounting, bookkeeping and daily operations issues.
Keeping an eye out for these potential problems is always a good idea, the end of a year is an excellent time to make sure you are not making these errors. Take the time, or make the time to determine if have issues to address. If you don’t know how to stop or fix the mistakes, then find some help. The success of your business may depend on it!
These days advertising your business online has become a must for any company large or small. It is vital to your success that you develop some type of online presence because 81 percent of consumers begin their product search for products and services with Google.
When it comes to this form of marketing you have to run an even tighter and more planned campaign than if you were doing it for a large business with a big budget.
The smaller the business, it seems, the more tightly the plan should be. Large companies have a much larger advertising budget, so even if their online marketing strategies aren't very successful, traditional advertising can make a huge difference for them.
Typically smaller businesses don’t have thousands of dollars to spend on the more common forms of advertising. Internet marketing often becomes the main thrust of the marketing campaign, so it’s necessary that it’s done effectively.
One advantage that small businesses can have over large corporations when it comes to marketing online is that they’re more likely to have a very focused specialized niche. While large companies have niches, too, sometimes larger companies market a variety of products and services over a very broad customer base.
When using internet marketing for your small business, you'll probably only have to worry about one very specific niche. You'll know exactly what your customers are looking for, and you can easily focus on filling that need with every aspect of your marketing plan, rather than having to spread the campaign over many different groups of consumers.
Search engine optimization is one method of internet marketing that you can use for your small business. There can be some expense involved especially if you hire a marketing professional or an SEO service to manage this part of your marketing campaign, but the money spent will probably be well worth it.
The key to a successful SEO campaign is to make sure that your website content is optimized for the search engines. Otherwise it will be very difficult for someone to find you unless they’re searching for your company specifically.
Just keep in mind that people search for what they want, though, not the company that might have what they’re looking for. So when you employ this type of marketing for your small business you should always include a plan to get your website higher in the search engine rankings on the best keywords for your company.
Another part of your search engine efforts should involve getting other websites to link to yours. Search engines don’t just take optimized content and keywords into account, they also pay attention to a website’s popularity with other sites. The more sites that link to yours, the more valuable your information is according to most search engines.
These methods of internet marketing for small business can get a small company’s website ranked well ahead of a corporation’s, all while spending much less money on advertising.
Of course SEO isn't the only internet marketing technique that you can use for your business. There are many others like pay-per-click, banner advertising, email, newsletters, blogs and article marketing just to name a few. They are all very effective and often less costly then more traditional offline methods. The key is to a good internet marketing plan is to consistently track your results and focus on the methods that work the best for your business.
Homel Business Tips & Tricks - 12 Lessons
Many people wonder about whether a home business is right for them. One reason many people never get started is that they don’t believe they can run a profitable home business successfully. Running a successful home business gives you the freedom to be at home and to take care of the things that you normally wouldn’t be able to, while earning a nice income at the same time. It can be a very alluring idea and one that many never try, but I assume since you are reading this that you are one of the brave few that understands how exciting and rewarding a home business can be. However, there are some potential pitfalls potential business owners should consider that can help ensure their success. There are several things that you can do to make the startup process easier, and if you do it right, you should easily be able to run your home business as well as your home, without extra-added stress. Make a plan The first thing that you’ll need to do is to make a schedule to separate your business hours from your home life. When you work from home, it’s very easy to let the two blend, which can be a recipe for failure. Because your business will be at home, it’s tempting to work at all hours of the day or night, especially if you are working online. You might be tempted to take on other projects or orders or to do more so that you can make even more money. However, if you don’t set limits for yourself, you’ll find that you won’t be able to produce quality work and your home life can suffer as well. In order to avoid this problem, you need to set realistic business hours. Look at the hours you want to work. Just like a regular office, your home business should have office hours and hours when you are not available. It’s simply too easy to work all of the time, even if you need the money. However, keeping hours and making sure that you keep them regularly is a good way to make sure that you’ll have ample time for, business, home and family. Office space Next, it’s important to set up a dedicated office/work space for your home business that is separate from the rest of your home. This can simply be a corner of your kitchen, living or a spare bedroom. Just so, it’s dedicated to your business, which will make it much easier for you to keep the two things separated. If you can keep your home and business apart, you’ll have a much better chance of managing them both well.
Starting a home business is a very important decision, and there are some typical home business resources you’ll need to have in order to succeed. So today we are going to go a few basic assets, services and systems you’ll need to make your home business run smoothly. So, to start a successful home business, what resources and steps do you need to take? A good plan A clearly laid out business plan. Without a business plan and goals to achieve, then you can not get anywhere. A business plan, even if it's just written down on a slip of paper will help you map out what you need to succeed and how you’ll achieve your goals. Research Whatever your business will need, you’ll need to be well informed about it. So you’ll need to do me research so that you become an expert on the niche, product or service. Knowledge about the business is an important home business resource, so you must do the necessary research to be well-informed about the industry or product/service. Office space As we discussed in your last issue you will need to set up a dedicated base for your home office. Your office is a very important because it helps separate file from business which increases productivity. In your office, generally you'll need a computer, printer, internet access, fax, telephone, business cards and a conducive work environment. Keep in mind that sometimes you'll be working long hours, especially in the beginning, so your work space needs to be comfortable. A suitable desk, comfortable chair and appropriate lighting are very important and often taken for granted. Allocate some money towards setting up a working environment conducive to productivity and you’ll enjoy your time in the office much more! Capital Money to cover capital outlay and running costs is an important even if you're starting out on a shoestring budget it would require some form of investment, and you’ll need to know how much you have, and how much investments and ongoing marketing your business will need to stay afloat until it begins to generate a solid income. Support system This can be a coach, mentor, someone with a similar business, or simply your family and friends. You need to have people close to you who will encourage you and give you any support you need. You can also join your local Chamber of Commerce, online communities and forums of people in the same industry as your own. A good support network is a very important home business resource. Customers Business leads and clients are a crucial home business resource. Making and creating contacts and networking is very important, because no customers equals no income. You need to start building your potential client base before you launch your business. Start marketing your business by giving away some products and services. By creating a relationship with your potential customers, you build trust with them, and when you launch your business, it will be easy for them to buy from you. Be professional The way you run your business and relate to your customers is very important. Be prepared to ‘go the extra mile’ with your customers. Care about your customers, and provide all the information they may need. Get help Hire any professional help you may need. Treat your business professionally, and if you need the services of a lawyer or accountant, hire one. It’s more productive and effective to hire skilled professionals to do what you don't have the time or skills to do it yourself. If you want your business to be successful, it's important not to overload yourself with time consuming tasks or projects that can be easily outsourced. It’s also more cost effective in the end, because it leaves you free to focus on growing your business.
Taking your home business online is an extremely important step in today's digital world that's also a great way to increase your profits and it's not as difficult as you may think. Understandably, many people are a little nervous when it comes to the idea of building an online presence for their home business, especially if they don’t consider themselves internet savvy. However, building an online presence doesn’t have to be difficult. With a little bit of enthusiasm, the dedication to learn, and the persistence to continue, almost anyone could build a solid online presence for their business. Here are a few common sense suggestions for those who may be a little wary of building an online presence. It goes without saying that taking your business online means you’ll need a reliable computer. This can be a desktop PC, laptop or these days even a tablet will do. You’ll need a reliable Internet connection. When building your online presence, one of the first things you want to do thing you’ll is register your own domain name, so that your business will have its own URL address. This is the first basic step and the cost of this is minimal, usually around $15 will get you started. Of course, there are ways that you can set up your business without having your own domain name, but they aren't as effective or professional. You'll want to choose a name that screams out what your business does. For instance if your handyman and your name is Mike, then the domain www.handymanmike.com would be an excellent option. If you want to target local businesses, you can add state into the domain name, which will help local customers find you for instance www.albanyhandyman.com The next step will be to get a hosting account and create your actual website. To establish a very professional looking website for your online presence, you may want to hire someone to design the site for you. However, if you are on a tight budget, it’s definitely something you can do yourself, it will just take a little bit more time while you learn the basics. Most of the time the hosting service you choose will have built-in site editors and wide variety of website templates that you can customize to make the job easier. There are many tutorials and sites available, which allow you to create your site without extensive knowledge of web design and development, html code, etc. However, it probably doesn’t hurt to learn all that you can, because knowledge in this area may prove useful at any stage of building your online presence. After your site is up and running to your satisfaction, the next thing you’ll want to do is find ways to drive traffic to your site. Simply put, the best way to make sales or find clients is to get people to your site. The costs of advertising should be factored in as a business expense. However, there are many inexpensive ways to advertise online especially with a little creativity pointed in the right direction. The key to building a successful online presence depends largely on a strategy. Decide who your target audience is, and then find the best places to advertise to these types of people. Of course, once people begin to visit your site, your online presence will be well on its way to being firmly established. But don’t stop there, it’s important to continue looking for effective ways to advertise so that you can grow your customer base. As your business grows and your online presence expands, it’s important to remember that ongoing knowledge, strategy, dedication and a positive attitude can consistently propel your business to new heights.
Once you have a course planned for success, there are going to be a million things that need your time and attention. It’s not that these things haven’t been there before now, it’s just that now you have to direct your focus specifically on the tasks that will help grow your business. It's also important to prioritize and not let less important tasks pull you off-track. So how do you stay on-task? One of the best ways I’ve found, is to keep a log of tasks (like a to-do list) of things that must be accomplished as you move towards your goal. Remember to break the big tasks in to a series of small ones and to give yourself a reward-system as you do it. As you go through the list, cross off tasks as you complete them, so you can keep track of your progress. Motivation Whatever motivates you is your key to success. Always set your goals and down organized in a way that is simple and attainable. Remember if the carrot is too far in front of the horse, the horse will give up. If it’s just close enough to smell and see but just out of reach, the horse will keep moving towards the incentive. Often times home business owners forget to reward themselves when they achieve the goals are attained a new customer but small, incremental rewards will help you move faster towards your goal. Time management Good time management skills are especially for when you are your own boss. You must define the parameters of your business. What days and hours will you work? When will you market? When will you provide services or products to clients? How will you keep all of this straight? By defining, a list of necessary tasks you need to accomplish to make your business run smoothly you can set up a certain time each day or week to accomplish them. Automation Automate your business as much as possible. Granted, you are just one person (right now) and might have a lot of extra time to take care of all the details. This might work for now, but won't work into the future as you get busier and busier. It's best to set up automatic systems and processes right from the start to free up your time to concentrate on the most profitable activities. You may be surprised to discover how many things that you can automate, once you set your mind to it. For instance, you can automate the online ordering process and email correspondence, so that your customers receive receipts directly after purchase. Staying motivated and organizing your day-to-day tasks is one of the best ways that you can stay on track and ensure your home business a huge success.
As we have discussed before when it comes to advertising the Internet is a great way to develop a solid business presence. It is one of the largest mediums of communication and holds a lot of opportunities for growing businesses. However, you shouldn't limit yourself to only online marketing methods. There is a huge potential to promote your home based business with cost effective offline marketing strategies as well. Let's go over a few: Word of mouth in your circle of influence Word of mouth is one of the best free advertising channels. We all have people we interact with on a daily basis, and these are potential customers. Make a list of all the people you know or interact with and how can you best tell them about your internet business. Be passionate about your internet business and always be prepared to tell someone about it when an opportunity to do so presents itself! Mail-out newsletters and flyers Mail-out newsletter or flyers can be effective if you target it to a specific 'group'. You could create one to distribute to local day care centers just as an example - and in your newsletter or flyer, highlight the benefits of an online business to the targeted group, for example earning money at home for stay at home moms or dads. Posting your home based business URL on bulletin boards can also be effective. Gifts You can promote your business by having your URL on all your stationery, all written communication and other items you can give away for free. If you want to get a lot of people to know about your home based business, you will need to come up with some creative ways of promoting your URL. You’re limited only by your imagination. Have your business cards with your home based business URL. Give them out to people you meet, leave them about where you can, such as in your local coffee shop. Newspapers and magazines Local newspapers are good for advertising your online business. Most local papers have ‘home business opportunities’ section, so you run a regular classified advert. In addition, contact your local newspaper or business-oriented magazine and let the business editor know you have a new business and web site and what you offer. Local newspapers are frequently interested in featuring local business people and their accomplishments. This is free advertising and should always be used. You can also contact your local magazine and offer to write a monthly or weekly guest column for them, and include your ‘author bio’ and home based business URL. Joint ventures with offline business You can get into a joint venture partnership with an offline business, which sells a complementary product or service to your home based business. If you can identify a partner that best fit your business, this is an important offline marketing strategy that can help you succeed in your home based business by enabling you to reach potential customers that you could not reach before. As an example, if you have a website selling fitness/health products or tips, you could prepare a leaflet and make a deal with an offline local fitness/health shop where they giveaway your leaflet to their shoppers with each purchase. By employing these simple, yet effective offline marketing strategies you can help you grow your home based business as big as you want.
Exploring unique ways to make money from home can be a daunting task. The appeal of working from home is widespread and holds a world of possibilities for anyone brave enough to make the leap from traditional employment to working from home. Generally, when you mention working from home people jumped to the conclusion that they will have to either sell products door-to-door or host home parties. However, there are many unique ways to make money from home knocking on doors. Telecommuting Telecommuting is often a great option. A telecommuting job is a job in which the employer allows the employee to work from home. Many of the most sought after jobs of this type tend to be in the areas of data entry or internet research, but there are many more. Often times this is one of the easiest ways to make the transition from a traditional job to working from home, especially if your current employer is open to the possibility. Writing Another great way to make money from home is freelance writing. This does require a fair amount of skill, but if you have a talent for writing, there are ways to turn this into a work at home business idea. Many websites are looking for article content from freelance writers for websites, blogs and e-zines, and it can be very profitable for people with top-notch writing skills.
Billing and transcription Medical billing or transcription can be a great opportunity for anyone with a few basic data entry skills. But buyer beware in this case, because there are quite a few scammers in this arena. So approach carefully. If you are interested in medical billing or transcription as a work at home idea, the best place to check is with your local college and see if there are any classes offered. Freelancing Writing is the only type of freelance work available. Depending on your skill set there are many different types of jobs that other companies will be happy to pay you to do for them. You can post your resume online at one of the many freelance directories available and allow when prospective employers to bid for your services. When it comes to exploring different work at home opportunities there is a never-ending lie of great business ideas available. Until you find the one that's right for you it's a good idea to dedicate a few hours a day devoted to your search. This way, you’ll be able to take your time, sort through any potentially fraudulent opportunities, and find the one that's right for you.
Many people are drawn to the idea of starting a home business, and not having to work for a boss. They dream of the freedom that comes along with being self-employed. Far too often they discover the freedom was just a dream and they are actually working long, hard hours for at least in the beginning as they try to get their business off the ground. What is the most effective way to deal with the stress and anxiety that can often come along with running a home business? The quick answer is to realize that this is part of being a business owner. This stress doesn't go away overnight and there will be times when it seems like it will never end. There will also be times when everything is running smoothly. The trick is to find the proper balance between work and home. It's important to look for ways to effectively manage your stress when it occurs. Being self-employed means that the most part everything rests on your shoulders. When you’re working for someone else, you have to deal with things but you probably didn’t have the financial success of the company to worry about. When you run your own business you have to make sure there is enough operating capital to keep going, enough profit to invest in inventory, supplies, vendors, employees and to pay your bills. Motivation A small amount of stress can be great motivator. The fear of failing or falling behind is what makes many home business owners get up and face the day, even when times get tough. Remember, simply because you are feeling stress doesn’t mean your business is going to fail. It simply means you’re the boss and it's up to you to make it a success. Procrastination Procrastination leads to unnecessary stress, especially when you are the one in charge. To help alleviate this type of stress practice good time management skills and put time limits on the tasks you need to accomplish for your business to operate smoothly. Having a deadline to meet can help motivate you to get your project done in time, but ignoring it or putting it off till later will only cause undue stress. When planning a schedule to accomplish both large and small tasks it's important to set realistic goals that you feel can be met on time. Fun Many home business owners get so stressed out and wrapped up in routine tasks they forget the reasons why they decided to become self-employed. It's important to remember to enjoy the fact that you are your own boss. Learning to enjoy yourself while you work keeps you enthusiastic and motivated Yes, it's important to be professional and get the job done, but when it comes to coping with stress it's also a good idea not to take yourself too seriously. Maintaining a good sense of humor helps keep your stress levels under control, especially on those tough days when it seems like everything goes wrong. Remember to laugh, it’s the best medicine and one of the best ways to make it through any stressful situation.
As we have discussed before, a solid online presence is important your overall success. These days the first place your customer goes to find a business is the Internet. Even if they do decide to use the Yellow Pages, it's usually the online version, so if you want your customers to find you it's extremely important to have a website. It doesn't have to cost a fortune, include hundreds of pages or be loaded down with fancy interactive graphics and HD video. While those can be fun and entertaining often, a simple one or two page site will do the trick. However, you do want it to look professional and provide consumers with the necessary information they need to find your business. There are a few different ways you can your website up and running. - If you're a little tech savvy and have some solid computer skills chances are you can build your own with a little hard work in extra time. - Use a free template or paid for template. Often the hosting company you choose will have some available for you to install from inside your control panel. They will also provide you with a WYSIWYG editor so that you can edit your webpages. Tip: a WYSIWYG editor allows you to edit the text and graphics of your website in an environment that displays them very close to how they will actually will appear online. This makes it easy for you to see how your site will look to visitors before it's visible on the web. - Pay someone to build your web site for you. Look around, basic websites are often priced very reasonably and most of the time you can find web designers that will work for a flat fee or make changes on a cost per action basis. Whichever way you decide to go it's important that your site has a consistent layout and consumers can quickly access the information they need to find your business. Keep in mind that most visitors will only taking a few seconds to decide whether or not your services are right for them. The difference between a well laid out and informational site and a bad looking site can make all the difference. E-commerce If you plan on taking payments for processing orders from your website you will need a merchant account or third party processor like PayPal. When you're first starting out a merchant account can be very costly, but a payment processor like PayPal charges a fee which is usually a small percentage of every sale. Here is a quick break down of the two: A merchant account is a bank account that gives your business the ability to receive payments from your customers through their credit or debit cards. You must apply and be approved for a merchant before you can begin accepting credit card payments. If you feel a merchant account is best for your business the best place to start is with your local bank. A payment processor is a company that already has a merchant account that he uses to process credit card transactions. They are often very good option because they provide all of the same security and anti-fraud protection as a merchant account without the application process and (large) set up fees. Many processors like the ones I’ve listed below, act as both the merchant account as the payment gateway, making it accepting payments online my easier.
PayPal
Checkout
Authorize.Net
Amazon Payments
There are many more available and you can find them by doing a simple search online for payment processors. A good processor will take care of your data protection requirements, so both you and your customers can feel safe and secure or processing payments online.
As we well know, one of the main attractions of working at home is the freedom that comes with it. When you’re self-employed the dream is that there will be no time clock, no time sheets, and no one but yourself to be accountable to. It’s an attractive proposition, but like so many wonderful dreams there is a downside, especially if you find yourself falling short of reaching your goals. If you are constantly running behind then you are likely wasting time on tasks that are unnecessary or could be accomplished more efficiently with proper time management. If you want your home business to be successful, it's important to set a schedule and do your best to stick to it. This way you can avoid wasting time, stay on track and accomplish your goals more efficiently. Here are a few good reason you should set up a schedule and stick to it: - It makes it easier to prioritize - It helps avoid wasting time on non-priority tasks - It keeps you from getting sidetracked or distracted - It helps you stay organized and on track - It prevents work from bleeding into family time and vice a versa - It increases concentration and productivity As I've mentioned before a simple to do list will often do the trick, but if you have a lot of projects on the table and tasks that need to be completed creating a spreadsheet will work even better. Having an agenda to follow can help improve your productivity and reduced your stress greatly. If you don't want to use a spreadsheet or aren't sure how to set one up, look online. You'll find plenty of examples and even ready-made timesheets and schedules that you can print and use yourself. When it comes to proper time management, the best way to get something done is by keeping it simple. This holds true for creating your daily and weekly schedule as well. Breakdown larger projects into smaller, easily accomplished tasks and allow plenty of time to complete them. Putting a simple plan in motion will help the work that needs to be done go smoothly and more efficiently. If you find it, difficult setting up your schedule and sticking to it, don't be afraid to ask for help. By recruiting a coworker, family member or friend to gently nudge forward you when you're falling behind, it can make sticking to your schedule and staying on track much easier.
Fact: Not all people are natural-born sellers! Not feeling comfortable selling things is a big fear that many business owners face. However, when it comes to running a successful home business chances are there will be some type of selling involved. This fear of selling can literally cripple a business before it begins. The first thing you have to remember is, not everyone has natural sales ability. The fears associated with selling often come in several forms. We worry about being perceived as pushy, not being liked, that people won’t like what we have to offer or we struggle with the idea of rejection. Knowing the source of your fear is an important part of overcoming it. Take action Next, it is important to take action to address the problem, when you are taking action it is one-step closer to overcoming your fear. In some cases, this might as simple as improving your product or service or finding a way to share your marketing message that feels more comfortable to you and avoids direct selling. Rejection Learning how to handle rejection is also a great way to overcome your fears. When faced with rejection it's important not to take it too personally. Simply remind yourself that even though you offer a high quality product or service it will not be right for everyone. Instead of worrying about the people who won't make a purchase, focus your attention on finding customers that will be thrilled to have what you offer. Start small Very often, people tend to tackle projects much larger than they can comfortably handle. When you want to overcome, your fear you should start small. At first share your new business with a few trusted friends and then gradually find ways to expand your sharing to include a larger circle. The most successful business people are those who interact with others in an authentic, passionate way that feels comfortable to them. It is also important to stay focused on your desired outcome. Most successful people will tell you that they reach their goals because they stay focused on the benefits is that of worrying about the negatives. Reminding yourself of what you working for on a regular basis can help keep you motivated. Another technique for overcoming fear is to tap into your passion and enthusiasm for what you are offering. Start by making a list of all the benefits your customers will enjoy from your product or service. Then add comment and testimonials from past or current customers to the list and post it in a place where you can see it every day. This simple list will remind you of your successes, boost your confidence and help eliminate your fears. Most important of all don't let your fears stop you from moving forward! Face them head on and there will be no talking you from achieving the six that you deserve.
Running a home business can be fun, exciting and profitable. It can also be time-consuming, frustrating and stressful. That's why it's important to be armed with the right information to keep you on track and help get you over any rough patches you may encounter. Let’s go over a few thing every business owner should attend to: Always check to see what type of business insurance you need to operate legally. Some states require mandatory business insurance. It's important to incorporate the cost into your operating budget. This way you can be sure your business is protected and minimize your risks associated with conducting business. Keep moving forward. There's always room to grow and by conducting research into the latest trends in your industry and what your competition is up to, you'll stay a step ahead. With the right knowledge, you can potentially move your business into new areas when there are opportunities. Try to keep regular work hours when working from home. The freedom of a home business can be very convenient, but your body's clock can take a beating if you change your routine too frequently. Try to keep regular work hours and sleep routines in order to keep your mind and body working at its best! Know your marketplace. If most of your customers are moms who work at home, then emphasize that you are a home business. They may appreciate that you are similar to them and not a great big corporation. A home business is preferable to many customers and clients. Get a Post Office box. You never want to post your home address online, even in connection to your business. Getting a Post Office box can help to keep your family safe and secure, while also preventing your mail carrier from having to lug around heavier than normal loads of post to your home. Try to find a place where you can buy your supplies wholesale. Wholesale supplies are sometimes only half as expensive as the products you find in a regular retailer. You may have to travel to do this, but the savings can quickly add up for your business. If you cannot travel, try looking online. When choosing a type of home business, make sure that your business will work with your family's needs. Your family will have a normal schedule that you will have to work around with a home business. If you have a newborn baby, you may be limited to the amount of time that you can spend working for your business. You should make it easy for customers to get in contact with you. Your business website should have an email link available on every page. This keeps communication front and center, and makes it look like you really take care to communicate with customers. It is a simple way to build trust with customers.
For most home business owners, tax deductions can help put a little extra cash back into their pocket. Tax deductions vary from business to business, but it’s worth your time to familiarize yourself with some of these common tax deductions. First, determine if you qualify for a home business deduction. A home office is generally defined as a place where you meet with clients, patients, or customers. It can also be part of your house that is used exclusively for business purposes.
Most people have a general image that comes to mind when they hear the words “home office”. In reality, tax deductions can apply to a variety of places. Your home office can be a garage, basement, or a studio. If you do qualify as a home business, it is crucial to keep all records, receipts, and paperwork that you have accumulated throughout the year. Tax time will be a much less stressful experience if you keep good records and don’t skip the small things. This can be as simple as keeping the receipts when you purchase paper, staples, or toner. Any item purchased for your business is usually considered a tax deduction. This may seem tedious and unimportant, but nothing could be further from the truth. You may be amazed when all these little things add up at the end of the year. Home business deductions can be separated into two categories. The first is for Direct Expenses. These are expenses that are needed for your actual home office. Direct expenses include office furniture, decorating costs, or equipment. Indirect Expenses are the expenses that must be paid the entire house. This includes heating, electricity, or mortgage interest payments. You can deduct the percentage of your business expenses from your utility costs. Another tax deduction to consider is telephone expenses. If you have one telephone line, the IRS is usually not going to believe that you use this only for your home business. The second phone line installed in your home is purely one hundred percent deductible. Another common deduction that is often missed is the lost distance charges incurred because of business calls. An overlooked tax deduction for some home business owners are the meal expenses when they entertain an employee, a customer, or a client. Save all your receipts from these business dinners. It is possible to deduct fifty percent of meal expenses.
Education expenses can also be a tax deduction if it is required by law to update your skills or if you are trying to enhance your skills for your current position. Most home business owners use a vehicle as a means of transportation for their business. This vehicle can be used for running to the post office, or meeting with a client. Keep a log book in the vehicle to keep track of the mileage on these errands. Vehicles can be vital to run your home business, and overtime these kinds of charges can hurt your profits. There are many valuable tax deductions for vehicles, such as car repairs and car insurance.
Airline fare can be another costly, but necessary aspect for home business owners. The IRS does allow your trip expense as another tax deduction. As you can see, as a home business owner you have a variety of options, when it comes to tax deductions. Remember to keep records of all your home business activities and consult with a tax advisor to get the best deductions for your home business.