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Starting A Home Based Business

Starting a Home Based Business is no longer a dream for a lot of people, instead, for some, it has become a necessity.

Money is tight for a lot of folks nowadays but due to the shifting of family dynamics taking a second job isn’t always practical. Child care alone can easily eat up any gains made from a second job.

The alternative of creating a secondary income through starting a Home Business is a much more lucrative and satisfying venture than working part-time for someone else.

However without the proper knowledge and equipment you can waste a lot of time and money trying to get things right and if you are already strapped for time or money then wasting either resource is not an option.

What type of business should I start?

That is often the first question people ask themselves after deciding on taking the step to create a Home Based Business. Problem is though that’s not quite the right question. I have seen people totally stuck at this point, going round and round researching “opportunities” trying to weigh up the value of effort to return.

The question that really needs to be asked is “what do I want to do?” There is absolutely no reason not to do what you want and like/love to do. No reason at all. Look around your town/city there are people and businesses thriving in all kinds of markets.

I live in the country (as in countryside) and there are lots of small 1-2 man operations doing everything from blasting tree stumps to leading guided hikes. Now could you imagine doing either of those just because you heard the money’s good.

Personally I think it would be awful to do my regular paid job all week then have to go out blowing up tree stumps just because the money’s good. It simply wouldn’t work for me.

Really it’s not about what you are willing to do but what you want to do. It’ll keep you coming back.

There really is no such thing as the “right” business that just anyone can do and make money. If there was then too many people would be doing it and that would totally devalue the opportunity.

Successful businesses are so because the people running them have a passion, love or intense interest in what they are doing.

The next question, which I don’t think people ask a lot, is how will I structure my business so that I can have success with it?

This is actually a fairly important question since it will determine how you operate day to day.

Structure is the first S of the 3 S Method. The other two being Scalability and Self-Sufficiency, we’ll get to those later since we are now talking about the starting of a home business.

So, what are the structures?

Theseare the four basic structures we like to use when starting a new venture. Each one can be used standalone or you can use any and all together.

1. Middling

This is an easy one to figure out by the name. Basically it’s inserting oneself between the producer/manufacturer and the customer. A lot of first reactions are “that’s just being a salesman” and if you set things up that way you can indeed create yourself a job as asalesman. However, if you present yourself as the source then you would be that to the customer, you would control pricing and other terms.

An example: Let’s say that the neighbourhood you live in suddenly gets gripped with a new fitness fad that someone read about, it requires a special piece of equipment to do and no one sells it locally.

Some people will try to find the product on the Internet while a goodmajority will just wonder about it.

Let’s say you are one of the ones who go to the Web and find the product,the next step would be to find the manufacturer or major wholesaler and order from them directly, usually for better price.

You then promote and sell locally ordering through your contact as needed, no need to carry inventory.

2. Infopreneuring

Simply put Infopreneurs are people who build their businesses based on  selling information. The information can be their own proprietary or that of others they have curated from various sources.

This is a hugely popular model used on the Internet. It seems everyone hasan e-book or course for you to buy and people do buy the informationthey need this way.

The opportunities are almost endless, your special knowledge is your product. If you don’t actually have any“special” knowledge that’s not really a problem if you are willing to learn you can get the knowledge.

There are people online who make an income explaining how to use software other people have bought and don’t have a clue how to use. They simply took the time to learn the product.

3. Side Selling

Oneof the best ways I can explain this in a nut shell is to use a popular ad line: “would you like fries with that?”

Most people know the line, it’s from a McDonalds ad. McDonalds mostly identifies as a burger joint and the burgers are their main product line. The fries and other add-ons are side sales or up-sells.

Bringing it down to the home business level let’s say you decide to do a lawn maintenance business on the weekends, you go out and cut lawns maybe do some edging and clean up then leave.

But,what if, while your cutting the lawn you notice that the people have a dog, there’s poop all over the yard. Your side sell would be to offer a poop pick up service a couple afternoon/evenings a week that you can do after your day job.

4. Staging

Got big dreams, want to be a big brand name some day? If you’re starting offyour dream from the kitchen table then those goals may seem almost unreachable, but they don’t have to be if you build your business in steps, making sure as you move along each step that your next move is the right one.

This is not necessarily a hurried process, it can be if that is who you are but it doesn’t need to be.

As an example let’s say you’re a fashion designer, you conceive and create unique styles that your friends and family rave about, all of them encouraging you to pursue your designer dreams.

The fashion industry is notoriously difficult to break into with major brands dominating the retail scene. Department stores don’t just hand over shelf space to unknowns and even though the Internet is an easier marketplace to get established you need to be recognised to be found.

In this scenario to get going you could sell at community markets, host fashion parties with your friends or consign your designs to boutiques.

As you get established then you could look at approaching larger stores or open your own, maybe do Pop Up’s at festivals. From there you can grow in so many directions.

By breaking your growth down to stages you can get a really good feel for how you want to do things and not be channeled into one direction out of need.

Choosing a Structure is a starting point, a concept to build your business on. Whichever you choose to begin with will mostly likely end being blended with one or maybe all the others.

Next?

Next you put it together, take your idea and start thinking about how to get your first customer for what ever it is you are going to do.

If you are going to be doing something that is “real world” where you physically engage with people, as opposed to an online business, then you need to think about the rules of engagement such as time and place. That is, when will you be doing this business and where?

This is a big consideration for a lot of people starting out with a Home Business project since they will probably be looking to do something that can be worked around their regular employment.

If, like a lot of home business side gigs, you go into a service type business these factors can be make or break so be realistic when making your plans.

If your ‘day job’ schedule is restrictive (long hours, long commute) then you may want to take a serious look at starting something online where the time and place factor simply becomes wherever, whenever.

I won’t go into the whole Internet Marketing thing here in this piece as it is a broad field to cover. I will say though that the opportunities on the web are vast, there are just so many things you can do to create a good steady income and the need for special computer skills is gone. There are whole arrays of websites offering drag & drop site building tools or simple step by step lessons on building a site properly from scratch.

More on that later.

Ready Steady, Go?

As I said previously there is no such thing as the perfect business that anyone and everyone can do and be a success. So don’t get hung up looking for a Unicorn.

Take a good look at your passions and interests to see if there is something you can do from them. Do you have an interest that requires purchasing specialty items or requires specialty knowledge, people will pay for insider information or to learn how to do something.

A Little Inspiration

Craigslist, Google and Spanx were all started as Home Based Businesses. Go ahead Google it.

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