GUIDE TO SETTING UP A “HOME” BUSINESS

Sunday, October 4th, 2009

Tens of thousands of people all across the world want to know how they can work at home and earn enough money to run a household.

Today the need for women to work out of the home is stronger than ever. According to recent surveys, almost 70% are married and contribute up to 50% and more to the family income. Because family responsibilities play such an important part in the lives of men and women, millions of individuals and couples are seeking ways to make money at home. In addition, the cost of after-care and travel costs (which are only going to get worse) are increasing to the extent where it is almost no longer viable for both married partners to hold down a paid job, unless both are earning substantial salaries.
In the past decade, money-making, home-based opportunities that match a person’s skills, interests, abilities, and ingenuity have become almost limitless. The purpose of this guide is to show you that it’s simple and easy to join the ranks of success-minded people by choosing a work-at-home program that suits your interests and needs. Business histories have shown over and over again that the rewards and advantages of working at home can go far beyond a person’s wildest dreams!
In fact, it’s perfectly possible to launch a small business in your garage, backyard, study, or a room in your home, and even eventually become a giant corporation!! (Jim Gentes began the company GIRO in this way.)

BECOME A GOAL SETTER!

If you expect any level of success you must set goals. If you expect to be successful, you must determine what that means to you and the best way to achieve it.
There are two basic steps you can take to convert goals into achievements:

  • You can decide on a specific Rand amount you want to achieve in terms of ultimate Investment; and
  • You can set a time frame for obtaining the Rand amount you want.

Your goal should be specific and indicate What, When, and Where. After making a list of every possible way you might accomplish a goal, select the method that best suits your situation, and your style.

IMPORTANT CONSIDERATIONS YOU MUST ASK YOURSELF

  • “How can I support my family while I build up my business?” This question must be worked out according to each individual’s circumstances. Many people start out on a part-time basis after their regular jobs each day, to see how much they can handle. Then when their incomes reach a certain level they will switch over and go full time.
  • “What are my abilities?” To determine your abilities you will have to take an inventory of yourself. Decide what you enjoy doing the most and what you “feel” you would be good at. Examine every possibility and include every skill you have no matter how slight. Get some trusted friends and family members to speak into this evaluation, to be as objective as possible.
  • “Is there a market for the product or service I have chosen?” Be cautious before you invest any money! Check it out by making inquiries directly to the company, competitors, or firms who are marketing a product similar to the one you are interested in. Test it on a small scale. Check it out thoroughly.
  • “How long will it take this business to reach the financial goal I must have?” It’s really a question of knowing how much time you can dedicate to your business, and what your profits are for that time.

From there, a little simple addition will tell you how long it might take to reach a particular financial goal.

SUCCESS IS HAVING THE COURAGE TO BEGIN!

Starting a business at home is an economical way to start a small business that can easily grow into a larger one. Many entrepreneurs have proven that you don’t need a huge manufacturing plant to develop a successful business. Some of the most successful businesses in existence today started in a spare room or garage. It isn’t how you start out that is important. What really matters is this: do you have the courage to begin.

SELECTING THE RIGHT PRODUCT OR SERVICE

Take a close look at your interests and abilities, and then decide what type of marketing you want to do. For example,

  • do you want to assemble items and sell them back to the manufacturer;
  • do you want to sell directly to people; or
  • Would you prefer selling wholesale to retail outlets?
  • If you prefer doing piecework or assembling items for manufacturers, make certain it’s something you enjoy working with.

If you enjoy one-on-one-sales, then test the product out on your friends, relatives and neighbors.

The object is to find out what has the most appeal.

DEVELOP A GOOD MARKETING TECHNIQUE

A good marketing technique is one part of a business plan that is absolutely essential to its success. In fact, the ability to properly market a product or service is actually more important than the product itself. Even an inferior product can be a financial success if marketed properly. Seek out the advice of everyone in your field. Explain your needs and ask them questions. Experience is the best teacher. With good advice and a saleable product, you should be able to develop a winning marketing plan.

FINANCING YOUR HOME-BUSINESS VENTURE

The first place to look for financing is right at home. Take an inventory of items you don’t need and have a garage sale. Most people are pleasantly surprised at how much cash they can raise in a single weekend. Next, turn to members of your family or close friends who have faith in you and want to see you succeed. Offer to repay them through profit-sharing. Go to individuals in your community who believe in your personal worth. If you have a good credit history, your banker should consider you a good financial risk. Two other excellent sources would be your local Chamber of Business. Your Chamber of Business can assist you with referrals and other helpful information.

WORK-AT-HOME OPPORTUNITIES ARE EVERYWHERE!

Anyone who is serious about work-at-home opportunities need only look around them. There are thousands of options everywhere! There are employment opportunities that involve

  • becoming an independent contractor;
  • working on a commission basis;
  • working for a salary;
  • freelancing for pay;
  • getting paid by the hour,
  • receiving pay for each piece assembled;
  • getting paid by the project, or

A combination of any of the above.

No doubt, what you finally decide on will depend on your particular needs and interests.

Remember, initiative breeds inspiration!