by The Happy WAHM
You have a business and you have the necessary permits to operate. What you need next are customers. You may feel disappointed at how long it could take for people to come to you. And it’s not going to help if you will just patiently wait and do nothing. You have to organize a marketing plan that best suits your type of business. You also have to consider your budget for such marketing plan.
Here are some ways you can promote your business:
Business Cards: These are things that you can create yourself. Attach them to all your correspondences, distribute them to everyone you know, give them extra to share with everyone they know, post them on community bulletin boards. There are a lot of ways you can distribute your cards, just remember to make them look professional. They will create the initial impression a prospective client will have on you.
Send Announcements: You can do this via e-mail (send an e-mail to everyone in your address book) or to specific people who belong to your target market. If you are opening a bookkeeping service, send announcements to small businesses in your community.
Press Release: This is different from an advertisement. A press release should come in the form of a news item. Some ideas for a press release are articles to announce a grand opening, introduction of a new product or service, a milestone like reaching the 100th customer, etc.
Network: Join organizations online or offline to exchange information and referrals. Develop relationships with people in your target market and let them know how you can help.
Community Service: Joining in community activities make for a great press release. It will also make people choose your service over competitors if you are with them in serving the community. Some may even refer you to their social networks.
Write An Article: Getting yourself published in a traditional newspaper or magazine can take long, but there are websites who will gladly publish your work for free publicity. Just try to create a unique content and distribute them widely.
Seminars: If you are confident about your field, you can consider offering a course related to your business. Say you are getting into a soap making business; you can coordinate with your local community education center to set up a workshop in soap making. This will create a positive impression that you are an expert in your field.
Create A Cyber Presence: Majority of home business owners now are taking advantage of technology. Websites, blogs, e-mails, forums or discussion groups can get information out about your products or services in no time. And the best thing about it is the minimal cost involved.
Great Customer Service: Aim to meet, if not exceed, your client’s expectations. Don’t offer more than you can deliver. Be upfront about your limitations. Use feedback surveys to know how your customers feel about your products or services, and use them to further improve your business.
by The Happy WAHM
Your home business’ start up cost will depend on what business you’re starting and what are the logistics you need. If it is a hobby that you’re turning into a business, then chances are, you already have materials to get you started, so you will only need to add a little bit more for packaging (if it’s a tangible product you are selling) and the cost of securing the necessary licenses and permits. Understand that a business will not be a lifestyle-sustaining venture overnight. It takes about 6 months to a year before you can start to make a profit, or at least recoup your investment.
There are ways you can raise your needed capital, and support the business until it starts to earn.
Take on a part-time job: Consider taking on a part-time job while working on your new venture for the rest of your time.
Turn your employer into a client: This offers a great advantage to your employer, as they already know how you perform and they will continue to have your productivity, minus the benefits that they have been giving you. Just make sure that you will not be competing for your employer’s clients, as this puts your integrity in question.
Live on a single salary: If you are married and both of you are working, start to budget and live on a single salary for a period of time. That will help you build a nest egg you can take from for the business’ capitalization.
Use your savings: If you don’t have one yet, start saving now. If you already have one, consider using it to finance your venture.
Borrow from family or friends: This can go two ways… Either your friends or family are not supportive of you, in which case you can forget about asking them for a loan, or they will just be as excited as you with your venture and will be enthusiastic about helping you achieve your goal.
Credit: This is not something that I will personally recommend, but if you think you have an achievable business plan, then by all means, go for it. Just factor in the high interest rates you will incur in your financial plan so you know how to use your credit wisely.
Loan: There are banks and institutions that offer loans for small business start ups, but there are requirements that you need to comply with. Your business plan will come in handy if you intend to take out a loan to finance your venture.
Investors: You can consider taking in capitalists, just make sure that you have everything covered. Consult a professional about this because your investors will become part owners of your business, so it is important that you are legally protected.
Before you even consider putting up money for your business, be sure that you have a business plan that includes all the financial aspects of starting and running a business.
by The Happy WAHM
A home business plan is the most important thing that you could ever write when starting a home business. It will provide you with direction and focus that will lead to your success. Whether you are writing a complex plan, like the ones used to secure funding, or a simple one to be used merely as a guide for action, business plans should contain these basic parts:
Overview Summary: This encompasses the business model that you are setting up, from the general idea of the business, to the specifics of the products and the advantages that you will be offering.
Mission Statement: This is the written statement of the purpose of your business from which your strategies will be formulated and guide your actions in managing your business.
Company Information: This should include information about when and where your business was registered, its legal structure, how it functions, etc.
Product or Service: Describe what you are offering, its advantages over the competition, how it is different from the competition, etc.
Market: Who is your target market, what are the demographics, how are they geographically spread, how will you reach them, how do you plan to market your business?
Competition: Who else are offering the same product or service that you are offering, how are you different from them, what part of the pie are you targeting, why do you think you can still have a piece of that pie?
Liability / Opportunity: What are the risks that you see and how you plan to overcome them? What are the opportunities that you can take advantage of?
Management: How do you plan to manage your business and who are the people involved? What are the skills and experiences that these people, including you, have?
Capital Requirements: Are you taking out a loan to finance your business, or do you have a nest egg you can take out from?
Financial Plan: Your projections on revenues and expenses. How profitable do you believe the business will be. Should include an income statement, a balance sheet and cash flow.
Appendices: All supplemental information are on this part.
Remember that the more organized you are in setting up your business, the better are your chances of succeeding. So make a plan, try to stick to it when all is well, and do modifications or adjustments when it isn’t.
by The Happy WAHM
Once you’ve decided what home business to engage in, you need to secure a license to operate legally. Sometimes, a license is all you will need, but depending on what your locality requires, you have to exercise due diligence in securing other needed permits, should there be any.
Business Structure: Before heading to the licensing office, you have to decide on how you are going to structure your business. It can either be a sole proprietorship, or a partnership. In a sole proprietorship, you have the business all to yourself, and so are the risks that go with it. In a partnership, you share the business and all the risks with a partner. This also offers some tax advantages. Your paperwork should be prepared, or at least reviewed, by a lawyer. The business will have its own tax identification and social security number since it will be a separate entity. If you have questions about taxes and legalities, I’d recommend that you talk to a tax advisor or a lawyer.
Business License: Not all localities require small home-based businesses to secure a business license or permit. In areas that do, a license or permit fee will depend on the size of the business, or in case of a renewal, it will depend on the revenue of the business. The local government office will issue a permit or certificate that you are required to display in your office. To find out more about business licenses and permits in your locality, try calling your local government office, the Chamber of Commerce or your local Small Business Administration.
Sales Tax Permits: A sales tax permit has to be obtained if you are planning to sell goods. It allows you to legally make tax exempt sales. If you are going to engage as a reseller, a sales tax permit is necessary so you can buy products at wholesale without having to pay sales or retail tax. For more information about obtaining this permit, you can contact your local sales tax office.
Property/Business Tax: There are areas where a business or personal property tax is required by the government. In this case, you may need to pay tax for your business equipment. Your personal property tax office should be able to help you.
Zoning: This is really important because there are laws that say you cannot operate a business in a residential area. You should check with your community or local government office if the business you are planning to set up may be allowed. Usually, if you are not planning to see customers at your place (that traffic may be disrupted in your neighborhood), or offer toxic or dangerous products, or put up a big sign on your front yard, the community will grant you permission to operate your home business.
Also, if you are renting a house, you should check your rental or lease agreement about restrictions on setting up a home business. If a restriction exists, but you believe that your business will not have a negative impact on your place, consider talking to your landlord about securing permission to run your business from home.
Additional Permits: There may be other permits that I have not covered here, depending on your business plan. Services like therapy and other similar industry may require special permits, so be sure to check this out before you launch your home business.
by The Happy WAHM
Choosing a path, and what to do once that path has been chosen, is, and will always be, a challenge. Having a home business begins with a decision to have one, and that is the easy part. More often than not, people get stuck with the dilemma of identifying a business that best suits them.
For some people, opportunities simply present themselves; but for some, these have to be created. You can either buy into an existing business, like franchising or MLM, or you can create your own based on your passion or interest, experience and available capital.
Following are the steps that can help you find your niche in the work-at-home field:
- Make a list of your interests, skills, experiences and passions.
- From the list, think about the possibilities of converting each one into a profitable business. It is important that you start with something that you already know, really love and enjoy doing. If for example, you love cooking, think of how you can turn that passion into a food business, taking into consideration the time that you have to allot to it, the resources that you already have like space and equipment, and the capitalization that you will need to get it going. Or if you are a person who enjoy surfing the internet, then you can explore the possibility of earning while surfing as a researcher. You can get ideas from the internet itself by looking at what other people are doing.
- Research the market that you will target. Find out if there are people who will be willing to pay for what you want to offer. Just make sure that whatever you decide to do, it should be something that you are willing to spend a great deal of time working on. If you have listed graphic design as one of your talents, but you are sick of doing it, then don’t get into it.
- Write a business and marketing plan, starting with your business name. Think of a name that is relevant to your chosen business. It will greatly help create a recall. Be specific with your objectives. It will help you stay focused. Commit to your plan and commit to your business.
- Find resources (people, books and websites) that will help you stay motivated and confident in yourself and about your venture.
Starting a business and making a success of it requires hard work and dedication. You may find something that’s really profitable, but if it’s not something that you enjoy doing, then you are bound to fail, too.
An example is getting into a franchise. You may find something that is highly profitable, but what if you don’t even like the product? How are you going market a product that you don’t even like? I cannot reiterate it enough that you have to choose a business that you can believe in and stick with for the long haul.
Lastly, choose a business that you already know. It shortens the learning curve and the time it takes to make money. Choosing a business that you know nothing about means you will have to learn it along with everything else, like acquiring a permit and marketing strategies.
To help you start with your brainstorming, look at some of these home business ideas.
