Why Start a Home Based Business?

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Average people are attracted to the many benefits a home business can provide, including, but not limited to very low start-up costs, flexible hours and massive use of the internet. The use of technology, the Internet, etc., allows home-based businesses to work in concert with other entities without the need for daily face-to-face interaction.

The home-based business sector is growing in importance and diversity, and offers opportunities for entrepreneurs and at-home professionals in every demographic and ethnic group. Today, 1 out of every 12 households in America run a home business. So…. Here are some common reasons:

1) Cost. Many opportunities require very little start-up capital (under $100) to start your business. Compare this to a brick-and-mortar storefront which can cost tens of thousands of dollars.

2) Set your own hours. Want to work in your pajamas? Go ahead….nobody’s watching.

3) You’re the boss! You decide what income you want, not your boss. You can work part-time and expand into full-time as it pays enough to quit your job. Building an Internet business allows you to adapt it to your lifestyle instead of the other way around.

4) You will love what you do. It has been said that if you love what you do, you will never work a day in your life.

5) Ease of promoting your business. Technology and the internet have made marketing a breeze for the average home business owner. The Internet now allows anyone to reach potential customers around the globe with virtually the click of a button.

6) Residual Income. Building an Internet business means once you reach a certain level, you can walk away for days but still your Website works for you. You can automate repetitive tasks to the computer so you still earn money through advertising, selling products and others while you sleep.

7) Family. Aren’t they the most important? Use your business to build it to the point that you can back off and spend time with those you love. Your JOB will not ever allow that.

Take charge of your life……not the other way around. There a many opportunities out there. Find them and study them. Then make the decision to do something about it.

How to Start a New Business Without a Bank Loan or Credit

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Entrepreneurs have seen bank credit and bank loans dry up. Without these traditional tools for starting a business available most entrepreneurs think that they can not start a business but the truth is that you do not need a banks credit or loan if you understand what you can do to kick start your business.

The most important part of doing this is understanding what you are going to need in order to launch your business. You will need customers and sales. If you had 10,000 people visit your business and only 10 percent bought from your site you would be able to create a profit margin for your business and begin your entrepreneurial journey.

The question is where do you find these new customers without spending money on marketing, advertising, lists or leads? What would you be willing to do to get your competitors customer list? What if your competitor gave you his list with his blessing to use it? You are saying,

Any Computer Consultant Can Start a Small Business of His or Her Own

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There has never been a better time than now for a talented Computer Consultant to start a small business of his or her own. Operating as an Independent Computer Consultant can provide a level of job security, growth opportunities and income potential that simply aren’t very easy to come by in any other available IT Jobs.

When a small business is looking for a an efficient way to maintain their computer systems, they have several options to choose from. They can have a technically proficient employee pull double-duty as their in-house support technician. They can employ a dedicated in-house IT administrator. Or they can outsource their support needs to an IT Support Provider, a Managed Service Provider or to an Independent Computer Consultant. In today’s market, the Independent Computer Consultant represents the best available support model for serving the needs of the small business client. And I firmly believe that any computer professional with the skill set to maintain a small business network should strongly consider starting a small business of his or her own. In the early days of Computer Consulting, (and still to this day for many consultants) the break/fix, hourly rate support model was the standard way of doing business.

Wait for the computer to break, call the computer guy to come out and fix it, he sends an invoice… repeat. It’s obvious how this design puts the needs of the computer consultant directly at odds with the needs of the customer.

The customer typically sees the computer consultant as an undesired expense. If the consultant is required to make an office visit to the client’s site, it’s probably because a system has failed, which is costing the client money – both in lost productivity and for the service fees. Under the hourly support model, it’s natural for the customer to want to see the consultant as little as possible. This unfortunately works directly against the needs of the computer consultant, who’s simply trying to bill enough hours each day to meet expenses. If the hourly support model is a lose-win proposition (the more pain the customer experiences, the more money the consultant makes), how can we create a business model where everybody wins? For us to do this, let’s take a look at what each party wants.The Computer Consultant Wants:

The Customer Wants:

When looking at the list of what the customer wants, it’s clear to see what the consultant needs to provide:System Monitoring

How Much Money Do You Need to Start a Business?

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A question I get asked frequently is how much money is required to start a business.  It’s probably on e of the toughest questions to answer because there are so many variables involved.   My usual answer is that it takes anywhere from a couple hundred dollars to several million.  Why such a wide margin?  Well if you are interested in opening a manufacturing plant such as a solar manufacturing company, it’s going to take millions of dollars.  On the other hand, if you are planning to open a pool cleaning service it might only take a few hundred.  Let’s take a look at some of the variables of starting a business.

 Technology

Business Licenses

Depending on how you structure your business the cost of setting up your business structure and getting your licenses is inexpensive.  You can create an LLC for less than one hundred dollars.  Your Federal and State tax ID’s are also really inexpensive, usually under $20. 

Marketing

Marketing can range from zero dollar marketing tactics, such as free classifieds to very expensive advertising such as Television.  Marketing is one area, in the initial stages of your business where you can substitute money for time and energy.  For example, you can easily produce a video market it free on your website or videocast directories.  The major expense will be your time and energy in creating the video.  This includes all of your ads.  It’s easy to let a graphics design person create all of your content for you, but will be very expensive in the long run. 

Marketing is one area where you need to do some research to find the best tactics and strategies.  Overall, if you are on a shoestring budget, you can initially do it for free regardless of whether you operate an offline or online business.  If you want to produce all of your ads yourself, you may want to invest in a desktop publishing program such as Microsoft Publisher as a tool to help you create your ads.  These applications cost anywhere from $75 to $500.  On the other hand, you could always get by initially with PowerPoint to create your ads. 

Training

You may want to consider ordering some training materials to help you along in the areas where you are weak.  You can expect to pay anywhere from $10 to a couple hundred dollars for some great introductory training. 

Insurance

In a lot of cases you don’t need to order business insurance.  I definitely recommend insurance in cases where the public can get injured from your product or service.   The cost of insurance is dependent on your industry.  I owned a sports bar once where I had to pay $24,000 per year in property and casualty insurance.  I know of some surgeons that pay up to $100,000 per year in malpractice insurance.  Those industries are more of the extreme examples because of the liability involved, but you need to do some research for your industry.

Fixed Overhead

If at all possible, in the early stages of your business work out of your home so you can avoid making big monthly payments for your lease and utilities.  There is enough going on in the early stages of your business than to deal with the worry of making these payments.  If your business requires leased retail or office space, you usually are required to come up with first and last month lease payment as well as a security deposit.  You will also be required to pay a utility deposit to your electric and gas companies.  You will definitely be required to carry a minimum amount of property insurance as well.  You can see that it starts getting expensive fast and if you’re in the start up phase, it’s a lot of added pressure

7 Ways to Get Money to Start Your Business

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You have a clear vision of the perfect business. You have the drive and motivation. You have the knowledge and skills. However, you have no money to make it a reality. You are not alone. Many great business people and entrepreneurs had no money when they started, but they set out to find it. They had a dream, and they knew it was worth it. And you can do it too! Here’s a list of ways to get money for your business venture; these have proven successful over and over again and are recommended by business coaches all over the country:

1. Credit line

You may obtain a credit line with a bank through some valuable asset you possess, like your home or another business. A credit line can give you the opportunity to access up to $100,000; however, you only pay interests over the amount you use.

2. Personal loan

You may apply for a loan from a bank in line with your credit history, or the assets that you own. In this case, you get the full amount and must pay back the interests and principal within an established period of time. If you fail to pay the loan, you may lose what you used to secure it, so keep this very important point in mind.

3. Credit card Today

Many credit card companies offer 0% financing opportunities. If you can pay back quickly, this is a fantastic way for you to get money for free, however, be cautious, because interest rates may go up unexpectedly.

4. SBA loan (only in the US)

Commercial loan This doesn’t mean the SBA will lend you money, but that they will guarantee your commercial loan for the bank. In order to apply for this kind of loan, the bank will demand a business plan as well as your personal financial information.

5. Grants In the United States

The NIH awards grants for Small Business Innovation Research (SBIR) as well as Small Business Technology Transfer (STTR) grants. For further information, visit the Office of Extramural Research, there you may find other grants related to your industry. You may also research within your industry’s association.

6. Micro loans

These loans are given by nonprofits or government agencies that work with weak communities and marginal groups. They are normally for small amounts, typically under $25,000.

7. Venture capitalist

These are funding groups that are prepared to take on bigger risks, like on new technology, and expect to earn a lot of money. This option works best for a business that is already well-established rather than for one that is just starting out. The venture capitalist invests a lot of money in the business, and thus, owns a big part of it. It expects to sell the business fast, probably through an IPO (Initial Public Offering).