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Starting A
Profitable Home Based Business
copyright, 2004 ...by Sonia Colon
Now a days, its getting
extremly hard to make ends meet with just one income. Therefore, more and
more people are looking into the
possibilities of starting their own home
based businesses to
generate that extra income. However, you will have to
evaluate for
yourself whether a home-based business is the ideal situation
for
your needs, becuase working from home is not for everyone. There are
many advantages to working from home, the main ones being:
* Low overhead
*
Home-office tax deductions
* Flexibility of hours
* Safety in inclement
weather
* Security, peace and quiet
A home-based office
eliminates much of the overhead expense of a business. Your home office
incurs expensive operating cost just like any business. The beauty of a
home-based office is that a portion of these costs can be claimed on your
income taxes. The flexibility gained in a home-based business makes them
very attractive to parents of young children. If you are too ill to work,
you rely on your voicemail or take the portable phone to bed and rest. You
can burn the midnight oil if you lose time during the day. You can
continue working through rough weather conditions outside without having
to take one step into the danger zone.
The important thing is
that people are doing something to make it
happen.
There are many
opportunities you need to be careful about. Start by doing the
following:
Research - Find out for
yourself, first-hand, just how many people
there are in your area who are
interested in your proposed product
or service, and would be "willing to
stand in line and pay money for
it." Also, find out if what you want to base
your business on has
any competitors. This is known as defining your market
and
pinpointing your customers. This will also allow you to find out
what others are charging for their product/service.
Business Plan
-Regardless of what kind of business you start, you must have the capital
and the available time to sustain your
business through the first six months
of operation. Specifically,
you must not count on receiving or spending any
money coming in from your business on yourself or for your bills during
those first six months. All the income from your business during those first
six
months should be reinvested in your business in order for it to grow
and reach your planned first year potential. If you plan to fail, then
you fail to plan.
Does your idea have
market potential?- The key to a successful and innovative idea is to
identify a niche and a need in the
marketplace. They are what successful
marketing is all about. Take a small slice, become an expert in that area
and discover if there is a need for your business.
Once you've passed that
first six months milestone, you can set up a small monthly salary for
yourself, and begin enjoying the fruits of your labor. But the first six
months of operation for any business are critical, so do not plan to use any
of the money your business
generates for yourself during that period.
There are many
accounting programs that can make it alot easier for your planning stages.
Market/Advertise - Get
the word out about your new business. Sent out flyers, include a business
card into your bill payments, post flyers in your neighborhood supermarkets,
put all business info on every stationary including your web site address.
Tell a friend about your business and ask them to spread the word. Word of
mouth
is key. Network and communictate for your business
success!
About the
Author:
Sonia Colon is owner of
Jimson Products a specialty affordable online gift store at http://www.jimsonproducts.com. She is also a successful publisher of "My
Jimson Products Ezine", you can subscribe by submitting: your email address
too: mailto:myjimson_ezine@bellsouth.net. Sonia Colon is an Independent
Candle Consultant for Affordable Luxuries. Please Visit her site at http://www.shopaffordableluxuries.us/scolon
for a
display of Beautiful candles for your home décor!
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