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How To Start a Home Based Business

Updated on February 13, 2012

Today we are going to talk about home business entrepreneurs, what they are, how they work, and what you can do if you want to become a successful one. We are going to discuss a number of different ways that you can see, if you are truly an entrepreneur or just someone who has a dream of one day becoming rich a living off an island. Yes! It can be done, but it is not that easy. So, let’s first identify the three different groups of entrepreneurs.

Wannabes

These are the folks that come into the game with a remarkably low financial investment and more or less randomly choose a program or book to sell. They then turn around and try to sell this book or start typing ads or using paid surveys to make a little extra money. Most of the programs that they come across are ones that usually cost less than $50, and if they don’t work they try something else. It is hard to believe that they will become successful, but at the other end they really didn’t risk anything either.

Scared

These folks look into the world and see the possibilities and the enormous amount of money apparently available in the market and they get spooked. They decide not to risk it because the failure would cost them. With this thought process it also makes them more of a skeptic, and before they give anything a shot they write everything off as a scam. They feel comfortable where they are in life and don’t want to make any changes to their current situation.

Committed Entrepreneurs

Entrepreneurs are people that understand that there are infinite possibilities can find unique and creative ways of making a living online. Just like you can, by doing your homework and staying committed in your endeavors, and maintain a positive attitude. Just like normal social situations you have to remove yourself from the negatives and only focus on the positives, sometimes easier said than done. Existing entrepreneurs are happy to assist others in there endeavors to be successful. Because, it helps to build strong relationships and strong community of support for the next genre.

Stop! Right there for a moment!! If, you are not willing to put in the work or the commitment that is required you might as well stop reading here. If, you feel that you are ready to make a commitment to a new way of thinking then continue, but it is not to be taken lightly.

If, you are committed then these steps will help you start your journey the first six are applicable to people who are new to home based business opportunities. In starting a home business no matter if it’s for your local community your expat genre or to make some extra income being your own boss. You have several main concerns to consider. First, the support network that is available is infinite no matter if you have a popular idea or not. Secondly, is that your attitude and mind set have to be set to think differently about your business. You have to be prepared to take personal accountability for your actions and learn multiple tasks. Be prepared to but in some extra time for additional education and training.

Experienced in Home Business?

If you have owned or been working out of your home in a business venture but are in the process of looking into something new or thinking of radically changing. The last 3 steps seen through nine are for you. You want to be sure that your current efforts to change direction will pay off and the best way about going upon making sure that happens. The biggest advantage is the shorted learning curve you have to accomplish your security.

Step 1 -- Choosing a company

There are many companies out there to choose from there are several key factors to consider before choosing a company that you want to work with

A. Look for companies that are real.. It sounds silly, but there are a lot of scams out there, so make sure you research the company you’re looking to get into before they disappear with your money.

B. Make sure they have been in business at least 5 years.. This helps to know they have been around the block a few times and know their niche. They have been able to prove themselves over the course of time. They have been through the filtration process of scrutinization BBB, government, and state regulators.

Step 2 -- Choosing a Product

A. It should be a real and marketable product. Pyramid schemes where only money is passed around are 100% illegal. Just be aware of scams and run if you see them coming.

B. Test the product yourself, if possible. A product that you have tested and can relate with will get you more sales. Which will increase motivation and make you more sales in the long run.

Step 3 -- Training

A. A lot of home based business that you can find have training programs with people who have taken the leap before you. Make use of these contacts and always ask questions even if you think it’s dumb.

B. You can take extra classes at your local college or trade school to learn more about what type of business you want to get into.

C. Following the experts has a couple advantages

1. Most likely have a legitimate business plan for you to follow

2. That have already proved to work

3. training should help you overcome those small obstacles with confidence.

Will you be starting a home Based Business This Year??

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Step 4 -- Choose a Challenge Business

The first reason to choose a challenging business is one that you will constantly have to learn something new. Filling in questionnaires or surveys can be automated at a lower cost and anyone can do it. You will not be as motivated after a couple of months with an ever repeating routine.

Step 5 -- Choose a Business for Longevity

You want to choose something to base your business off that will continue to pay off your efforts. If, you succumb to something that has a baseless attribute like current pop culture it is only viable for the short term. Short term opportunities are just that short term you will have to go back and train on something new. To, allowyour business to halt while you do these things is no good for you because there is no forward progress.

Step 6 -- Teamwork

Having a Team of dedicated professionals that are behind that works professionally will help you accomplish several things. It will support you in times of change or product releases as well as motivate you to do your best. It will help you learn the business, faster than you would starting a new business on your own. It could be a team via forums online or in person but having that extra padding of support will help you succeed.

Step 7 -- Choosing how much to invest

A extremely common question I hear from many different people is how much should I invest in my business. There is no easy answer to this question because it depends on the business and individual. Some people can invest thousands of dollars for office and office equipment. While others run everything from a laptop on the kitchen table. But, these are questions you will have to learn to answer. Being your own boss gives you the flexibility to take everything into account and then run with it.

Step 8 – Choosing a MLM

One type of business, that a lot of people seem to be getting into is, Multi-Level marketing. I am unable to do this, because it does require you to hard sell. But, I have known people who have done quite well. You will have to be a persuasive sales person, for this type of business. It also has its ups and downs and be aware of scams.

Step 9 – Compensation

A. Of course, what has probably been on your mind this entire time revolves around money why else would you be reading this article. In running your own business, there is a balancing act between your profit and overhead cost for your product. Then you have taxes in some states and not in others. This is a small learning curve that will hit your bottom line. So spend enough research on the product and choose one that has a reasonable income but allows you flexibility. But, you can also experiment with many different types of products so don’t limit yourself.

Once you have chosen you business, you have come a longer way more than most. Take your business by the hand and charge full steam ahead. Don’t hold back on your endeavor, otherwise you may crash. Just stay straight and narrow and don’t mind the little bumps and you will succeed!!!

Comments

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  • Nan Mynatt profile image

    Nan Mynatt 

    7 years ago from Illinois

    Good advice on home based business. I have started one right at home on my internet, called internet marketing and it is coming right along. Check it out on:

    http://NanMynatt.OneGreatMovie.com/?SOURCE=NMM

  • businessforsaleau profile image

    businessforsaleau 

    7 years ago from Sydney

    Thanks for your input :) its good to read some good content that we engages the reader. Unlike most articles out there that simply bore you :).

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