8 Tips You Need to Read Before Starting a Home Based Business

Have you been thinking about starting your own home based business?

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Every day, thousands of people are looking into alternative business opportunities. With the jobless rate high, the future uncertain, and traditional businesses like franchises and retail shops priced way out of a budding entrepreneurs budget; home based businesses are becoming increasingly popular.

Starting a home business is attractive on many fronts – low start-up costs, low overheads, no office leases or extra utilities, you can also write off a portion of your home expenses in your tax return.

In order to make your business truly successful you have to understand that it is a long term commitment and not something that is going to happen over night. Most people will burn out long before they reach success if they spend every waking minute trying to achieve that success.

Having a home business can easily take all of your extra time, and although it is important to spend time building your business, it’s just as important to sit back and think about why you are doing this in the first place – to have a fun and happy life with the people you love.

If you create an organized, consistent plan of action it becomes easier to to get in to a routine which ultimately cuts the amount of time needed to spend on your business, giving you more time to do the things you want to do.

If you are thinking about starting a home based business, here are some tips to help you get started:

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1. On Your Own or With Support?

Decide if you are going to start a business from scratch (larger investment of time and money), or if you’ll start a business under an existing company with a proven business model to follow .

2. What Kind of Business?

Are you interested in consulting, sales, virtual administrative support, creative products? Online or offline? There are many things you can do to make money that does not involve working for a boss or commuting..

Decide what you’re most interested in doing and most importantly, investigate whether or not you will be able to reach your income goals with your business. There is absolutely NO POINT in starting a business that you can not leverage to reach your desired income goals.

Knitting booties for babies and selling them online may be rewarding but is it going to pay the bills?

3. Does it Suit Your Personality and Lifestyle?

When we made the mind switch to not be employees anymore, we spent some time researching different home business models and companies. We knew what we wanted but also knew it was going to be a huge learning curve for us both. Our initial checklist of do’s and don’ts got thrown out the window when we realised we HAD to leave our comfort zone behind if we wanted to get ahead.

2 powerful quotes by Anthony RObbins come to mind:

If you do what you’ve always done, you’ll get what you’ve always gotten.”

You are now at a crossroads. This is your opportunity to make the most important decision you will ever make. Forget your past. Who are you now? Who have you decided you really are now? Don’t think about who you have been. Who are you now? Who have you decided to become? Make this decision consciously. Make it carefully. Make it powerfully.”

No, our chosen businesses certainly do not fit our old personality and lifestyle, however, we have looked and listened and learned from leaders in our industry and MADE it fit us. As I look back on our initial checklist I cannot believe how naive we were.

For example, this is what we were not willing to do:

Face to Face Selling/Home Parties/Catalogues, Offline Networking, Cold Calling, Employing staff, Selling to our Immediate Network, Pre-ordering stock.

Looking back now, these methods of selling are not as scary as they first did over a year ago. In fact these methods have been very successful for us and we STRONGLY BELIEVE that if you are not willing to embrace one or all of these marketing methods, you will struggle with your home based business.

Think carefully before you dismiss particular marketing methods, think about the success person you will be 1 year from now and what they would do.

4. How Much Will I Need to Invest?

Be sure you understand the costs involved in starting a business. Start-up costs typically involve purchasing the right equipment or software to get started – for example a good quality headset and Skype number if you will be making a lot of calls, or a supply of materials or ingredients if you are creating products.

You will also need to put aside money for marketing and advertising. This could be for a website, branding, online or offline advertising. Network marketing and direct sales businesses normally charge a fee to have access to their training and support system and you may be more successful if you are using the products yourself.

Do you have the money right now, and are you able to earn your initial investment back quickly?

Not many first time entrepreneurs have their initial investment to get started, and their very first job as an entrepreneur is to go find their start-up money!

5. Do your Research!

Research the type of business you want to start.

  • Who has been successful in this type of business?
  • How much time is required?
  • Will you need to learn any new skills to be successful?
  • Is training and support provided?
  • What is the income potential?
  • Who is your competition?
  • Who is your target audience?

Get your questions answered.

Talk to others who are running successful businesses in the field you wish to join. What makes them successful? What mistakes did they make at the start? Study them and learn their methods.

Call up somebody other than your initial contact person to get their honest opinion of the company and products. They have nothing to gain by ‘selling’ you on the company.

6. Be Wary of Online Reviews.

If you are looking into a Network Marketing, MLM or Direct Sales business you will find plenty of online reviews and rants about your chosen business.

You will ALWAYS find bad reviews about specific companies, and the people who have had a bad experience often speak louder online than those who have been successful.

Take into consideration the personality of the person who was unsuccessful – did they really give the business 100% of their effort before they gave up and failed?

Ensure you listen to your gut feelings about the company and products.

There are many people making lucrative incomes from online businesses, often by just following a simple business system. If you pick the right company and products, are motivated and work hard, there is no reason why you can’t be successful too.

What are the exact steps you need to follow to become successful?

7. Tap Your Warm Market.

Talk to your friends and family about the business you are thinking about starting.

Are any of them potential customers? Would they do business with you?

It’s great to get a feel for your “warm market” prior to starting your business, as this can be a great foundation from which to start.

It is important to get honest feedback from your network without them feeling like you are using your friendship to sell to them.

8. Read Any Legal Contracts Carefully.

When you start your business, you will likely need to sign agreements or other contracts. Be sure you read these carefully, so you know exactly what terms you are agreeing to. When in doubt, seek legal advice before you commit to anything you are unsure of, especially if it involves recurring fees or compulsory sales targets.

If possible, ensure that any membership or products you purchase have a money back time frame.

In Summary:

Above all else, be sure you choose a business that will allow you to live your dream life. At first you may find it so hard you will want to give up, but believe me, once you start to see the money flowing you will enjoy it so much more!

Once you have settled into a routine and the initial fear and excitement of doing something new has subsided, every week, push your boundaries and attempt a different marketing method, a different presentation, learn something new. This way you will never be bored.

Every first time entrepreneur or business owner will experience some kind of fear in the beginning – fear to call back a potential customer, fear of publicly failing, fear of debt and lots of self doubt. But you most likely will not move forward in life unless you move out of your comfort zone – which you will not enjoy at first!

If you are ready for a change in your life – perhaps you are sick of commuting or answering to a boss; owning your own business can be a fun and profitable experience. You will develop new skills, meet new people and gain enormous amounts of self confidence when you are successfully running your own home business.

It can be hard for some people to visualize the skills and confidence you will gain, the success you will achieve and the different person you will become after your first year in business. To ensure you are developing the right mindset for success, start reading timeless business books – Jim Rohn, Stephen Covey, Napoleon Hill, Anthony Robbins and Robert Kiyosaki are excellent Authors to start with.

Start visualizing your success now!

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