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Business Ideas For Home – How to Turn Business Ideas For Home Into Working at Home Success

People are looking for business ideas for home. This is the toughest economy that many people have experienced in their life time with high gas prices. Don’t let it get you down because you can find a home business to get ahead. There are things that you can do to find a home business by knowing what to look for and how to market it. Once you take your financial future into your own hands then there is nothing that your old job or the government can do to bring you down.

Getting Ideas

Getting business ideas for home is pretty easy. Start by writing down the things that you like such as your hobbies, business skills, and any other type of skill that you think are marketable. Then go to Google and do a search for “home based businesses” and write down the ideas that pop at you. Also take a look at the paid results on the right side of the page. You might get lucky and find something right away. If not go over the list very carefully and start narrowing it down. Keep in mind that there are some things that you need to look for to find the right business for you.

Getting Started

Starting a home business is pretty easy but there are some things that you need to look for. Look to make sure that the company offering a business opportunity has a track record and a physical address with a working phone number. A lot of fly by night companies only have a bad web page asking for your credit card and do not offer any credible contact information. Also determine if you are going to have enough time to run your business. Many people get into business and think that it will make money by it self and it just doesn’t work that way. Once you find something then its time to see how you are going to run and market you business.

Effective Marketing Is A Must

 
Marketing your business will be the biggest ongoing challenge that you will find, because many people do not know how to properly market their businesses. Most think that “if you build it; they will come!” That might have been true at the movies but not true in real life. This is where most business owners fall short and their businesses fail. So when you are looking at an opportunity you must find out if there is any marketing training that comes with the business and how adequate it is.

Need Great Training

Lack of training is the biggest shortcoming on most online and home based businesses. Seriously think about it carefully. Would you join a business if they did not provide training? The sad truth is that many people do join programs or start a home business only thinking about how much money they are going to make. They press submit button after filling out the online form and feel like they are on business cloud nine but nothing has happened yet. But once their enthusiasm goes away they are left floundering around trying to figure out how to get started. Don’t let this happen you. If you feel like you need a lot of help getting started then think of a business that follows the franchise model.

Franchise Model Works

Franchises are not great business ideas for home but the franchise model is. Look for an opportunity that has the business model plus the marketing training. You can take advantage of this business model for your home based business and why not? Do you think that you could feel a lot better with your home business with an easy to follow step system to run your business? You bet you can. Drive down Main Street and count the number of franchises that you see. This model works on Main Street and it also works on your street.

How to Create a Business Plan That Works! Article 2 of 3

Article 2 – Business Planning

How to Write a Business Plan that Works!

If you are a new start up business operator then you should have already completed our Feasibility Study available on our website and you have determined that your new business idea is in fact a viable business venture…Congratulations! Now we carry what you have found throughout your Feasibility Study and move that information into a plan that is going to work for you, every day in helping your drive your business forward towards a profitable success.

If you are a current business owner and you feel you may have lost your direction or you are lacking the ability to drive your business forward, then our business plan is going to change all of that and hand you back the reigns to your business! You will take this plan and implement it and immediately notice results easing the pressure on you as a manager and helping you see the light at the end of that tunnel.

So why do we do a business plan? Usually if you require funding for your business you are going to need a business plan to prove that you are going to spend the banks money in a way that they see is planned, fair and organised. You must prove that you know where you are heading, in great detail. However the real reason every business owner must operate with a plan is because without one you are simply treading water. I know you are groaning at me right now because you believe all of your wonderful ideas are up there somewhere in your head and you believe that you are somehow implementing those ideas into your business everyday. Chances are if you are reading this article, that you have realised that ideas in head = confused business operator who cannot grow and drive their business forward.

We do a business plan so that day in day out we have one very important thing; Clear Direction. Clear Direction = Profitable Business.

Simple.

Let’s take a look at what your plan should include. We will then discuss how to implement it. It’s dead simple.

Step 1 – What are the Primary Objectives of Your Business The Primary Objective Section is simply a short paragraph that outlines your overall intention for the business, or your mission statement. Do not fluff or overdo your mission statement. Keep it clear, short and concise. All you are doing here is stating exactly what it is you intend to do.

Step 2 – The Summary of Your Plan In a nutshell, describe each section of your business so that it is clear in your mind just how this business will run.

The Concept – Where has your idea come from and what do customer need do you intend to fill by starting this business?

The Product and Service – What do you intend to produce and supply and briefly how you to intend to do this?

Market Research – What has your market research revealed? Is there a dire need for your product and service and how will your product or service fulfil that need? What will you do that your competitors are not?

Marketing Strategy – What strategies are you going to outline in your plan that can demonstrate how you will reach your customers?

Funding - What will the initial funding be and where will it come from? What other funds do you have to pay for the first year of expenses and what earnings do you expect to see within the first 12 months of operation.

Step 3 – Brief Description of Your Business

This is where you:

Describe the core activities of your business?

Business name and details?

The current position of the business; new or established?

Where will the business be located/where is it already located?

Where the business will be in 2 and 5 years?

What Structure have you chosen and why?

Step 4 – SWOT Analysis Strengths, Weaknesses, Opportunities and Threats?

This is where you outline your strengths and weaknesses as a business and opportunities and threats outside the business. Under each heading, use bullet points to outline your advantages and disadvantages and be completely honest; especially when considering your weaknesses as a business or individual and what will threaten your business. Only by being honest in these areas can you identify which areas of your management ability and the business requires the most attention.

Step 5 – Analyse Your Market It is essential to show that there is a sound customer base for the business or that you get to know your customers better than they know themselves. Provide a description of the market in terms of the following:
o Who are the customers?
o What is their geographical location?
o How many customers are there in this location?
o What is their purchasing power?
o How are they accessed?
o What is the stability of the market and expected growth (or decline)?
o What are the seasonal trends?
o What influences the customers?
o What is the price sensitivity?
o What is the competitive edge? How have you determined this knowledge? What proof do you have to support your research? Be thorough here and provide proof of your findings.

Step 6 – Marketing Strategies How do you intend to market your business both offline and online? Break your marketing strategies into the following sections and bullet point your answers:

Customer Service

Promotional Literature

Advertising

Location

Website

Online Advertising

Unique Selling Position/Competitive Advantage

By completing the BusiWIzard ECourse you will master this field.

Step 7 – Sales and Production Targets/Working Capital In a dollar value and product amount, what do you intend to sell each month/year and how are you going to fund your working capital each week/month until you are paid? You must be able to outline where your funds are coming from to fund a service (if need be) until you are paid. Outline in words how you intend to do this by breaking down your estimated profit per month and your estimated working capital requirements. Also determine how you will pay for your operating and advertising costs until you begin to see profit. If your business is already operating, outline how you are doing this currently.

Step 8 – Business Growth and Development How do you intend to grow your business? How will you increase your sales, optimise the use of the business infrastructure that you have created? How will you improve and become more efficient? What management skills do you have to be able to do this and how do you intend to do it step by step? This is the most crucial part of your plan as this will determine whether your business grows with market trends and whether you have the ability to consistently give your customer what they want as your customer base grows and as you grow busier, prove how you are going to continue to drive your business forward whilst still running it each day? What systems and structure will you have in place to do this? Be very, very specific throughout this section and break it into the following areas:

Management Processes; what account and customer management processes will be in place to ensure the business runs smoothly?

Financial Position; how will you monitor your financial position? What percentage of your profits will you allow to grow the business? Products and Services; How will you continue to monitor your products and services compared to that of your competitors?

Marketing and Advertising; What marketing and advertising will you use to ensure your business grows?

Step 9 – Production Provide an outline of how the products and services will be produced:

o The skills, qualifications and experience of the proprietors

o The equipment required

o Sources of raw materials

o Subcontracting

o Technical requirements

o Personnel

Step 10 – Financial Requirements It is vital to assess total funds required to set up a business and cover its operating costs until it becomes profitable. At first glance, it may appear that all that is required is stock, basic fixtures and perhaps the first month’s rent. However, there are many other costs and expenses in starting a business and you should consider every possible expense. Above you have already outlined in words what kind of profit you intend to see, what type of funding you are going to acquire and how. Now you are simply going to pinpoint what your exact expenses will be and whether your funds will support your expenditure.

Our ‘Pull Out Business Template’ supplied with a video tutorial in our ECourse covers this section in great detail so be sure to grab yourself the course if you require further assistance fleshing out the following areas of expense.

- Pre Business Costs

- Initial Costs

- Capital Costs

- Possible Direct/Renovation Costs

- Possible Overhead Expenses for the First Year

Step 11 – Projected Profit and Loss/Cashflow Now that you have outlined your expenses, you can project your profit for each month of the year and establish your profit or loss… When estimating your profit, it is important to be realistic about what you are going to sell. Work on minimal figures to be safe. For example, if you are an electrician and you are starting a new business. You may estimate an average of two small jobs per week for the first 2 months and then build your job list from there. You would estimate the profit received from those jobs and this will become your profit projection for each month and for a whole year. To calculate your projected profit and loss simply add all outgoings for the first year to establish your required capital (this will include all direct or initial set up costs). Subtract your outgoings from your incomings and there you have your estimated profit or loss. When costing your products or services be sure to include your profit in the price so that the business is sure to stay afloat. To establish what your bottom line will be, simply take out the estimated profit and there you have the bottom line financials that you must make to stay afloat. It is possible that for the first year you will have a loss so you will need to determine how you are going to fund your business until you begin to see profit. Factor into your monthly profit or loss statement that your business will require cash flow. Cash flow shortages can arise from customers not paying on time or from an over order of stock etc so you must understand that your projection is simply that, a projection. Allow a certain amount of profit or funds to be available for business cash flow. Talk to your accountant or book keeper to certify what kind of cash flow you will require and to double check that your estimated figures are realistic estimates. To grab yourself a free profit and loss projection form Google Microsoft Templates and search for P and L forms.

Step 12 – Personnel The proprietors and staff are the most important resource of a small business and good arrangements between the business and its personnel is necessary to ensure the success of a business, especially in the long term. The following matters need to be considered:

o Arrangements between the proprietors?

o Involvement of family members?

o Assessment of staff and subcontractors’ performance?

o Contribution of staff to the development and implementation of business plans?

o Training programs?

Step 13 – Administration What records do you have to keep and how are you going to keep them? Some items to consider may be:

o Cash book

o Receipt book

o Invoices, received and sent

o Bank deposits and statements

o Petty cash expenditure

o Wage, WorkCover, superannuation, long service leave records, and employee details

o Capital assets register

o Materials purchased and allocated to each job or temporarily as floating stock

o Contact details of all enquirers, existing clients, suppliers and subcontractors

o Individual job records showing progress

o Job estimates Provide a detailed summary as to what type of account, customer relationship management and office organisation system you intend to use.

Outline your experience in using these types of systems and if none, outline personnel who will be hired to undertake the job for you or training that you will undertake to ensure you can manage the administration side of your business.

Wow, that is your plan complete! I know what you are thinking… You are cringing at the thought of putting a document like that together. But here’s the good news. It doesn’t have to be long and complicated, it can be 3 pages long if you stick to the important information and keep it clear and simple.

Now, how do we implement it into everyday business life? This is the really easy part. Gab a white board and a diary and plan ahead every month including everything from your plan you decided to work on for the whole year. Yes this requires effort, but once you begin to start using your plan everyday by taking what you set out to do and sticking it right under your own nose everyday it will become like second nature and yo will start to see your processes streamlined as your business continues to grow with ease. You have outlined in your plan your marketing principles, your projections for profit, your management and structural processes and much more. Now take that information and decide for the first 3 months what you are going to achieve. Tick it off as you go. Now for the next three months repeat the process ensuring that you are taking on more marketing and systemising your business as you go. This is how you drive yourself forward. Allow time to implement and take responsibility for your plan.

The only way to implement your plan is to do just that. Take it, read it, write it down on your weekly to do lists and actually start physically implementing it!

So off you go, right now write your plan and start implementing it immediately. Don’t forget our comprehensive ECourse that covers everything from planning to management and marketing for small business operators just like you. A Step By Step Guide that is absolutely packed with resources, useful information, templates, tutorials and more to walk you through your daily journey as a business manager. It will save you hours of time, oodles of cash and give you the freedom you deserve to have as a business owner. Best Wishes! Heidi Shannonwww.busiwizard.com

How to Find the Perfect Home Business For You

People throughout the USA, people are seeking work at home. There are some “jobs” available where the employee can work at home. It is difficult to find legitimate jobs, however, and there are limited positions available. So, a large percentage of the people who want to work from home are choosing to start their own home businesses. There are a variety of reasons for the increase in home businesses.

o Many want to supplement their income. They work an outside j-o-b, but they’re simply not earning enough to pay their bills in today’s economy.

o Stay-at-home moms and dads often want to contribute to the family income while they actually “parent” their children. More and more parent in the generation currently raising young children place a higher priority than their parents did on staying at home with their children, rather than having caregivers raise them. But they must sacrifice some of the “extras,” because a single-income family often does not earn enough money – particularly in the present economy. A good compromise for these parents is a home business.

o Many retirees either want to stay busy after a lifetime of working; and many others cannot get by on Social Security and whatever savings or pension they may have. Rather than getting a job where once again they must punch a time clock and fight traffic, for retirees, a home business is a great option.

o Those with disabilities may not be able to afford to live on disability income (SSDI) alone; and many do not qualify for it, although they are unable to hold a job.

Finding reputable companies with whom to work can be time consuming and challenging. There are hundreds, if not thousands of ads on the Internet that are scams, compared to the relatively few that are respectable companies with real products. Just spending an hour or two on the Internet seeking home businesses will result in discovering many that have no products and/or services. They are in existence simply to recruit others into their “business.” They often promise huge incomes, while in reality, only a very few will truly earn any income at all. And, of course, there are the companies that tell you that your computer will do all the work while you sleep! Unfortunately, there are people who will believe this and invest money into these businesses, only to learn they were “ripped off.”

Most home businesses are network or multi-level marketing. Many well-known financial “gurus” recommend network marketing. Unlike the “pyramids” of the past, with network marketing and a good product or service, nearly anyone who works hard can be successful. With multi-level marketing companies, at some point, if not at the very beginning, business owners can earn additional income from the sales of those who they bring into the business, their “downline.” With some network marketing companies, you will earn from only those who you personally enrolled, while others pay for two, three or unlimited levels in your downline.

So, how do you determine which home businesses are reputable and which one is a good fit for you? There are many excellent companies, but no one business is right for everyone looking for work at home.

Research is extremely important when starting your own home business. If you have heard of the company and used their product or service, it will simplify your decision. Through the Internet, it is not difficult to thoroughly check out a company before investing any money.

o How many and what kinds of complaints are listed on the Better Business Bureau website regarding the company you are researching? How did the company handle the complaints? Were problems resolved satisfactorily? Many excellent companies have complaints filed against them for various reasons. A former home business owner who was not successful may blame the company for their failure, when they simply did not work their business or did not take advantage of the training available through their company.

o Is the company a member in good standing of any well-known associations or organizations?

o Work-at-home forums often reveal information about various home businesses. You have to be careful here though, because again, a disgruntled former business owner may not tell the entire truth.

o Ask many questions. Determine the true cost of working the home business you are researching. Is there a start-up cost? Is there a monthly fee? If there is a monthly fee, do you receive benefits in exchange? Is there adequate training and support? What is the cost of the training, and how is it provided? There are companies that tell you there is no start-up cost, but then they charge hundreds of dollars for the training – and you may have to travel great distances for training. The better companies will offer unlimited training by phone, Internet and email.

o Learn about the product or service being offered. Would you buy it? What is the cost of the product? No matter how great the product, if it is expensive, you may not be able to sell it, particularly in today’s economy. If there are similar products available at stores – even if it is not as good a product – at a lower price, it likely will be difficult to market.

o Does the company provide leads, or do you have to acquire them yourself? If you have to acquire them, how and where does the company recommend you do so?

o Ask about advertising policies. Can you advertise on the Internet, in newspapers, in the phone book, radio or TV? Will the recruiter teach you how and where to advertise?

o Determine whether the company pays a one-time commission or residual income. With residual commission, you will earn money from each customer/client as long as they keep paying. This generally applies to businesses that sell memberships or services, not products. For instance, the client pays a monthly membership fee, and you earn a percentage of that fee each month.

Once you have researched the company itself, it is a good idea to get to know the person that is recruiting you. In most situations, that is the person who will be training you. Are you comfortable speaking with the recruiter? Is he/she easy to understand (accent, slurred words, talks too fast)? Do you feel as though they are pressuring you to sign with them? Do they sound desperate or as though they are rushing you to make a decision? Are they flattering you too much, sounding as though it’s what they tell every prospect? Have they trained others, or will you be their first? Do you feel as though they are providing honest answers to your questions, or do they hesitate too long before answering? Ask them about their availability for support and training.

Once you feel comfortable with the recruiter, the product and the company, it’s time to take a good look at yourself. Will you, and can you, apply yourself to your home business? Are you able to work the required minimum hours necessary to succeed? If you plan to work the business part-time, ten hours a week is the minimum number of hours you need to actually work. If you want to earn a full-time income, expect to work at least 25 hours a week.

Are you comfortable talking – either in person or by phone – to strangers? Although you may begin your business talking with your own network of friends, family or neighbors, but eventually you’ll have to approach strangers. Will you take it personally if a prospect says “no?” It takes many “no’s” to get just one “yes,” so you must be prepared to be told “no” many times without your feelings being hurt.

Are you going to just give the business “a try?” If so, you will likely fail. If, after you’ve completed your research, you do not truly believe you can be successful, you probably will not. If you do not really believe in the product or service you will be marketing, you will have a difficult time doing so.

Do you expect to be earning a living with your business in six months? It is highly unlikely. All real businesses take time to build. If you are unwilling to commit to at least one year working and building your business, you are wasting your time and money starting a home business. If you consider other businesses outside the home, rarely are they successful immediately. Think of an independent restaurant (not a chain with a built-in reputation), a hair salon or a privately-owned retail store. They all take time to build their clientele or customer base, and business advisors often tell new business owners to expect to make no profit for the first year! Most home businesses can be earning a profit sooner, but don’t expect it to happen within your first few weeks. Although it happens occasionally, for most it does not.

Finally, are you “coachable?” Can you and will you follow the instructions of your recruiter, or are you a person who likes to find a “new way” to do everything, trying to “reinvent the wheel?” In most established home businesses, there is a “system” in place that has proven to be successful. If you cannot duplicate that system into your own business, you may have a difficult time growing your own business.

The best way to become a successful business owner is by being patient, with your research of the prospective company and your business once you start it, and by constantly learning from people within your own company and the many motivational speakers and authors who teach how to succeed. If you truly commit yourself to your business after you have thoroughly researched it, you will succeed as long as you don’t quit at the first hurdle.