Question – Just what is a “Home Based Business?”
Answer – Any business you can run from your home. You don’t need a storefront or office with a public address. You operate your business from your home (or where ever). But make no mistake – it is a business and must be treated like one.
Question – How does a “Home Based Business” operate?
Answer – The business sells the owners products or services – or promotes other people’s products or services, and gets paid a commission if the product or service is sold. You could sell a product you make yourself (crafts for instance), or you could sell products that you buy wholesale and sell retail on an internet store, or even on eBay. You could sell a service in which you have experience (bookkeeping for instance) to local businesses, or to a larger business audience using the internet (and Quickbooks, using the bookkeeping example) to deliver your service. Your business could be promoting other people’s products or services (known as Affiliate Marketing) and receiving a commission if the product or service is ultimately purchased. With the internet, almost anything you have some experience in can be turned into a business you can run from your home.
Question – How much does it cost to start a Home Based Business?
Answer – Very little. In fact, some Home Based Businesses can be started (but probably not grown) with absolutely no start-up cost. The typical Home Based Business can be started with the cost of business name registration (varies by state), cost of a domain name (about $10) a website host ($8 – $10 per month – usually including a do it yourself website development program), an autoresponder for email marketing ($19 per month for the best), and – if you are selling your own products – a full eCommerce website or store (usually about $30 A month) plus any program you might need to deliver a service (Quickbooks for Bookkeeping for example) which you might already have on your computer. Too much? – reduce costs by starting with a free autoresponder (like Mail Chimp) or free do-it-yourself website program like KompoZer.
Question – How much can I expect to make?
Answer – it’s up to you! But – keep in mind that despite the claims made by many internet “Gurus”, there is no such thing as a “get rich quick” or “three clicks to a $1,000. Dollar a week income” program. Realistically, plan this as a part time venture (keep your day job if you have one) until you master the learning curve, and build a list of potential customers. If you earn enough to pay the rent or mortgage in the first few months you are doing good. After you learn the ropes the sky is the limit – it all will depend on you!
Question – What does it take to be successful?
Answer – a Business Plan, built on a solid platform (yes, you will need a business plan, even for a Home Based Business). I like to compare the platform itself, to a three legged stool:
• The back leg (supporting most of the weight) is a broad curved leg that is your WHY or reason for being in business (why am I in business for myself? How will life be different and better when my business is successful?). Warning – if your WHY is not big and strong enough you will fail.
• The two front legs are one leg called Skills – and a second leg called Inspiration/Motivation. You will need some internet marketing skills (don’t worry – they can be learned for free) and also something that you can depend on to inspire and motivate you to keep going through what will be a long learning process, and probably a few failures along the way, on the road to a successful business.
We will discuss all this in more detail in future Articles on Home Based Businesses.
Source by Dick Bendtzen