Home Based Business
Things To Know When Starting A Home Business
Starting a home based business has become very appealing for a number of reasons. The cost of overhead (electricity, storing materials, internal operations) is low; you have complete control over how big or small you want your business and customer base to be, and your profits are coming directly to you.
Why Start A Home Based Business?
In today’s economy, combined with the personal and mobile technology available to us, having a physical storefront is not necessary in order to generate income. People spanning all industries, from consultants to realtors, small batch distillers, and even some franchise owners run home based businesses. Running a home based business eliminates the overhead expense of having to purchase or lease a physical establishment, as well as the insurance, permits, and other expenses that come with running a brick and mortar business.
You Are Not Bound By Location
Many brick and mortar businesses rely on their locations to draw in customers. In a heavy traffic area, like Times Square, for example, this can help to ensure steady sales. Now, not every business is located in such a heavily trafficked area. In less populated areas that do not have the benefits of being centers for tourism and commerce, brick and mortar businesses rely on traffic from people who live in the immediate area or the convenience of being close to neighboring towns. A home based business is not restricted by location. Many home based businesses deal with customers on a national and even global scale. Not being bound by or reliant on location gives home based businesses a huge advantage over other business models.
You Decide Your Schedule
Running a home based business means you do not have to be available from nine in the morning until nine at night, seven days a week. Many home based business owners work on a schedule that fits their lifestyle. This means business owners do not have to schedule employees or find someone to fill in for them while they go to personal appointments. A home based business offers entrepreneurs the benefit of putting in a many or as few hours as they would like. Just remember that a business is not a license to slack off. You still need to generate revenue to be successful.
Hiring Employees Is Not Always Necessary
Most home based businesses only require a computer with an internet connection and a phone line. Those are really the only equipment expenses needed to communicate with customers and make sales. Some operations, like a cleaning service, for example, may require you to hire staff to perform duties for customers while you take care of the accounting and client contracts from your home office. If you launch a home-based business that can be run by one person, you do not have to allocate a portion of your revenue to payroll. All earnings can be reinvested into your business, take care of inventory and supplies (if necessary) or it can go right into the bank.
You Are In Control
When running a large operation, mistakes can happen. Most times, the mistakes occur due to a miscommunication or an improperly trained employee. With a home based business, the chances of those errors are greatly reduced, because usually the owner and the workforces are one and the same. There are no office politics. No chain of command. No human resources issues. No scheduling conflicts. The best thing about running a home based business is that no one else can take credit for your achievements. Your successes and the accolades that follow are all yours.
Your Office Can Be Anywhere
Just because you run a home based business does not mean you are chained to a desk in your house. We live the digital age, with smartphones, tablets, and laptops. You can take your office with you, and run the business from the local park, a cafe, or even from your car during a leisurely drive. A home run business offers entrepreneurs freedom that cannot be had with a brick and mortar company. There is no early morning commute with a home based business. There are no unproductive meetings or team projects that no nowhere. There is no circling the business trying to find a decent parking spot. There is no idle chatter. No jockeying for a promotion. A home based business takes all the downsides of working in a store or office with other people and removes them so you can focus on your work and meet your goals.
Where To Start
Even though many expenses are reduced or even eliminated when launching a home-based business, there are still a few conventional steps which must be taken to get off on the right foot.
Have A Business Plan
Register Your Business Name
Financing A Home Based Business
Check Federal, State, and Local Business Laws
Join a Network of Entrepreneurs
Vendors And Suppliers
What Are The Best Home Based Businesses?
There are no “best” home based businesses to launch. There are thousands of home based businesses in every industry. While it may seem overwhelming to settle on the best home based business for you, we can at least give you some direction.
Monetizing Your Hobbies
What if you could generate revenue by doing those activities you love to engage in without it turning into something that seems like “a job?” Because we live in the digital age, millions of people are turning their hobbies and passions into home based businesses. Some people make things like handmade jewelry, costuming, perfumes, and even musical instruments and sell them through their own websites. Others leverage their know-how in various fields to help others by offering advice and tips by starting home based businesses as consultants. Think about what you really enjoy doing in your personal time, and how you could turn it into a home based business.
Offering Help In Your Field Of Expertise
We mentioned consulting in the last section about monetizing your hobbies, but many people are using their prior work and life experiences to become consultants. People who know how to organize things make very lucrative careers as consultants. When we say “organizing,” we mean more than just removing clutter from people’s houses. Organization consultants help people to manage their personal schedules to maximize their free time, and how to not get overwhelmed by work and personal obligations. There are others who have given up life in the office IT pool to become a computer, network, and storage consultants. Some IT consultants may stick to their immediate neighborhoods, help people in their town set up home computers and troubleshoot the latest and greatest gadgets. Others get hired on through contracts to work for major corporations. The big difference is that consultants usually pull down much higher rates than in-house employees because employers do not have to worry about paying for personal time, health benefits, or unemployment. Then there are life coaches, financial advisers, efficiency experts, and myriad other home based business ideas which can be structured around your particular field of expertise.
As a whole, we have all become more environmentally aware over the past years. The government is offering a number of tax breaks to businesses that take the steps to move away from petroleum and coal as energy sources, and converting operations to handle alternatives, such as wind and solar. Unfortunately, not many businesses understand the tax incentives, nor do they know how to implement the required changes to “go green.” Environmentally conscious people can open a home based business to help entrepreneurs and homeowners make the big switch to save money while gaining goodwill with their customers by being globally conscientious.
If you have a penchant for words, starting a home based business as a writer can be a very lucrative career move. The field of writing has diversified greatly from the traditional options of becoming an author or a journalist. Websites are in great need of fresh and well-researched content. Some people generate a healthy revenue by monetizing their blogs. Others use their experience as editors to help other writers perfect their techniques. Which brings us to the next great home based business idea, tutoring.
If you have the knowledge to share in a specific field, you can launch a home based business as a tutor. You have the option of consulting with students at your home, at a cafe, in the park, or even online. With schools raising their own standards, and universities deploying higher knowledge requirements, as well as adults continuing their education, tutors are in very high demand.
Open A Franchise
Franchises have come a long way over the years, and there are hundreds available to people who want to run a home based business. The great thing about franchises is that they have all of the groundwork laid out for you. Franchises provide branding, marketing materials, as well as training on how to launch, run, and grow your home based business. Additionally, franchises have a built-in support network. Unlike starting a business from scratch and trying to navigate uncharted waters, the support network offered by a franchise can help you with overcoming any obstacles, logistics problems, or anything else you need. Franchises are some of the most “turn key” business models you start from home. The best thing is that franchises are also very diverse, spanning practically every industry imaginable. There are franchises for helping people file taxes, medical transcription, IT support, lawn care, cleaning, tutoring, health care, vehicle detailing, pest control, and hundreds of others. The best thing to do is research the various home based franchises available, and reach out to the top five choices and discuss making them a reality with a franchise representative.
Most home business owners need to know the ins and outs of commercial finance – from loan application to the myriad forms of conventional and alternative lending methods. The Commercial Capital Training Group (CCTG) will give you the training and tools you need to not only run your own successful business but also help out other business owners by getting them the financing they need to reach their goals. With training from CCTG, you can help businesses and investors where banks cannot, and the income you receive from making these deals happen will surpass anything you would have received from previous employers. You will be making money on your terms, and building a client base that will allow for steady income (potentially six figures annually) and the financial independence you have always wanted. The Commercial Capital Training Group provides built-in training, the ability to launch a business of your own, and around the clock support from our team of experts, with over 75 years of combined experience. The best part is that you can tap into this nearly unlimited earning potential right from the comfort of your own home, helping other people launch businesses by facilitating the financial solutions they need and generating a healthy stream of revenue in the process.
If you would like to break away from the daily grind and embrace true financial independence on your own terms, contact the Commercial Capital Training Group today.