There is no secret formula for starting your own home based business. Many old and established businesses and companies began as home based businesses with operations and functions starting out with small budgets, few people and the basics of office operations. You’ll be surprised to know that big corporates like Ford Motor Company and Hershey’s that have been around for decades and turned the idea of business on its head, started out as small outfits from an idea that generated into a wave.Today’s giants like Apple Computer and Facebook also had small origins and see where they have reached today. It is estimated that nearly half of all small and medium businesses in the US are home based; which fact is true of many global businesses in other countries too.Starting a home based business has more benefits than previously thought although the accompanying challenges can be quite frustrating. But it’s not surprising that in today’s technology dominated world, many academics and professionals are opting out of regular 9 to 5 jobs and careers to start their own home based businesses enjoying the freedom of pursuing their vocation and turning them into well paying careers.Anyone can start a home based business with little capital and work hard to make it big, but the fundamental thing to do is to start with the basics. A little brainstorming with family and friends and some serious introspection on the following points is absolutely necessary.• Is a home based business the best option – what are the factors involved?• Living and working in the same location – creating work space and infrastructure, cost of adjustments to living space, areas where family life will be impacted, issues with neighbors etc.• Listing out challenges and benefits – pros and cons of starting the business, sustainability, expenditure and profits, expansion plans etc.Obviously, an idea will already be in place for the type of business to start – self-made products and goods, marketing of services, dealership, home services, eatery and confectionery and so on. Any area where this is already some knowledge and expertise and additional people can be roped in to help is a great option to being with. In some areas, a home based franchise of an established business may also be good, but as always, there are hidden pitfalls that are to be examined seriously before signing contracts.Once the initial idea has been whetted completely, then starts the practical side of establishing a home based business. Here, some very crucial aspects are to be looked at.• Local government rules and regulations – legal issues, community or location regulations etc. have to be understood• Financing – some banks and agencies do not provide loans for small businesses; however personal loan options for smaller amounts can be examined. There are also start-up financing loan programs with low interests provided the business falls into one of the categories pre-approved.• Marketing – customers are the key to every business, big or small; hence, finding cost-effective and customer-centric strategies have to be worked out• Taxes – getting the right taxation brackets, filing annual returns and complying with sales and other tax heads are very essential• Maintaining accounts and records – if there is no experience in this area, getting the help of an accountant or a book-keeper is very necessary.
Choosing an Internet Home Based Business – 6 Questions to Ask Before Investing Your Money
Owning a successful internet home based business can be very rewarding and extremely lucrative. It offers flexibility to be your own boss, freedom from the traditional 9 to 5 rat race, and the ability to experience a level of financial freedom that only a handful of people will ever truly know. Despite the fact that many people dream about making millions of dollars with an internet home based business, this rarely comes to fruition. Not because it is impossible to accomplish but rather due to the fact that too many people choose the wrong type of home business or they don’t know how to implement the business once they have chosen it.The most important thing to remember when looking to start an internet home based business is to do your research. Learn everything you can about the business before investing in it, including the negatives. There are six questions that should be asked and answered prior to starting any home based business.1. Is this business a system?
A business system is a specific method or plan of procedure with an orderly manner of how things are to be done. Any legitimate home based business will have a solid system in place for new entrepreneurs offering support, encouragement, and advice. If the internet home based business you have chosen to pursue does not have an easy to use system in place, then move on and keep looking.2. Does this business fit your personal skill set? If not, can you realistically learn the skill set needed to succeed?
Countless amounts of home business opportunities claim that you don’t need any special skills to be successful. This just isn’t true. Conducting business on the internet takes a certain level of skill and finesse. You should determine upfront what skills are needed, if you already possess those skills, and if not, can you acquire these skills in a timely manner to ensure your success. A majority of home based businesses require some level of marketing, so it is imperative that you have a basic understanding of this concept.3. Is there a market for your business or product?
If the answer to this question is no, then stop wasting your time and move on to better things. If there is no one willing to buy your product, invest in your business, or use your services, then you are going to fail before you ever get started.4. Is there potential for a large return on your investment?
Nobody is going to invest the time or money into an internet home based business if there is no potential of getting a large return. After all, the goal is to make money.5. Is there a proven track record?
Learn what the pros and cons are from others who have firsthand experience. Do your research and talk to people who have had success and if possible some who have not. A word of caution on this though, when looking online for answers many people will blame their failure on the company, the leadership or something else never looking at themselves as the culprit. Success has tracks!6. Can the system be duplicated and therefore easily multiplied and built to run with minimal ongoing participation?
This is key to creating leverage for yourself that allows you to create the lifestyle you are looking for. The easiest, quickest way to make steady income online is to encourage other people to do what you do by having a system that is easily taught and duplicated. You must be able to teach people to start their own internet home based business under your direction and have them do the same. However, in order for this to work the business system must be easy to duplicate.
Choosing the Tools for Social Media for Small Business
The initial part of this series explored the need for small businesses to use social media and what were some of the critical steps in the process. Questions were raised to assist the small business owner to focus their efforts in the best way possible to achieve the desired results based upon the overall objectives and goals of the marketing plan. It gave a few tips on how to specifically identify the target audience and where they could be found on social media.
It is possible to compare the selection of the tools for social media to how a farmer selects the tools. First he/she surveys the land to determine the best type of crop to plant. This is similar to the owner reviewing the business website. The website for the small business is very much like the land for the farmer. It must be easy to use, provide content, contains various ways for people to interact with business and other ways to link with the business. As the farmer begins to make a choice of crop or crops to plant, he/she identifies who will be buying the crops. For the owner, it is the identification of the target audience. The farmer then makes the selection of the crop or crops that will produce the greatest results for them and develops a plan or process that will be used to plant the crops. This includes the review of the tools the farmer has on hand and the tools he/she needs to purchase or lease to complete the job of planting. Thus the farmer reviews each of their tools to ensure they are in good condition and able to perform effectively the tasks that need to be accomplished.
As the farmer makes the decisions about crops, the owner has to make the choice of the products or services he/she are going to provide to customers. The owner must review the website and began asking the questions that will assist in making the correct decisions on improvement.
For instance,
How effective has the website been in assisting creating more sales?
What kind of content are we providing that helps prospective customers?
What is on the site that keeps the customer captured in order for them to spend more time looking at other products?
Do I have links to other social media sites?
Do I have a place for them to sign up for something free I am giving them?
What other things can I offer to them to keep them on the site longer or have them buy a product or service?
The implements for the farmer are limited by the type of product they are going to produce and the overall size of the area to be planted. For the owner, the implements for social media are much more varied and are dependent on the target audience and the overall time that a small business owner plans to expand on social media. Presently, the major tools being used include: Facebook, Twitter; LinkedIn; You Tube; and Google+.
While the ones listed above are the most popular and used most often, they are not the only tools that are available for a small business. Some other tools being used are Tumblr, Slideshare, Instagram, Foursquare, Yelp, Pinterest, Gentlemint and Merchant Circle. Each one of these tools provides different formats and reaches different audiences.
So much as the farmer decides on the best tools for planting the crops, small business owners must do the same thing. As we review the popular tools, it is important for you as the small business owner to keep in mind your target audience; also, the amount of time you want to expend in using social media.
Social media tools discussed below have requirements that you create a profile. The profile will differ somewhat between social media platforms. It is important that the owner complete each of the profiles. This becomes the key for people to learn to know about the owner and the services or products that the company provides. Some of the requested information include: name, picture, professional headline, current title, web sites, public profile, summary, specialties, experience, education, interests, groups and associations, skills, personal information, contact settings, and companies.
The tool called Facebook is one of the most popular of the tools and is constantly growing. Businesses of all sizes are using this tool. Businesses create fan pages and business pages to promote their business. They ask people to like their pages in order to create greater number of followers. When they post updates people who have asked to get notifications and feeds will get them. This is a way for them to promote their brands, events, and coupons. Before selecting this as the place where you want your business listed as an owner must understand that just posting a page is not sufficient. It requires time to place status updates and respond to updates in a timely manner. It is about the relationship you are creating. Prior to select this tool the owner should check for the demographics of the website to ensure it fits the target audience.
LinkedIn as a tool is one of the most powerful tools for connecting with professionals. It is a tool that allows a person to develop a professional profile, upload a resume and join groups, create groups and follow individuals and companies. It is a good source to find information about a person or company. It is an excellent way to connect to other professionals across the nation and world as well as generate request for introductions to others. It allows a user to maintain a contact list of people they know and trust in business and can use to help connect with others. As with other tools, it must be used professionally and needs to have ongoing maintenance. Interactions are also important in establishing your creditability with this tool.
Twitter is another of the more popular tools in social media. It requires more attention than others because it is more like carrying on several conversations. It is used worldwide and can be considered a micro blogging site. It is a good tool to keep people posted as to what is occurring in your industry and information that as a business should be shared with others. It is a means of connecting with leaders in your industry and finding out their thoughts and how they influence people. As with the other tools, it requires a time commitment to maintain and respond to twits or updates from people.
YouTube is a video sharing social media site that is owned by Google. This site has grown considerably and is now the number two search engine. Business and individuals use this as a means of connecting with people using a visual mode. Studies show that people will watch a short video rather than read a large amount of data. It is also used as an educational platform and provides various types of self-development information. It is a great platform for delivering video-based testimonials, how to guides and commercials promoting products and/or services. As with other tools, a business can subscribe to other users and receive information when new posts are made. Before selecting this medium recognize that new videos will need to be developed and uploaded to be an effective tool.
Google+ (Google Plus) is a relative new tool as far as social media is concerned. It is used by both businesses and individuals. It provides a few more tools to use within the site than some of the others. Some of them include: Circles, Hangouts, Messenger, Instant Upload of Photos, Hashtags, Explore posts, Find People, Events, Find Local Businesses, Create Business Pages and more. The features make it easy for an individual to use. Since it is part of the Google product line one must have a Google Email account to use Google+. As a whole when viewed with the other Google product provides a great arsenal of tools to assist small business become more successful.
The tools we have briefly discussed are some of the most powerful being used presently, but they are only as good as the owner who selects to use them. The owner must remember that as a farmer selects the tools, the owner must do the same that are best for the designed marketing plan. The use of the tools themselves for owner is most important. Once the farmer prepares the field with the right tools and plants the seed, it is now important to water the seeds and plants until it is time to harvest. The owner has prepared his website, selected the social media tools based upon the marketing design, prepared each of the sites with the requested profiles and published each of the sites.
Now as the farmer waters the owner must use the status updates, tweets, messages, videos, slides. Responding to comments is also the way that a owner works with small business to establish the know, like and trust factors. This must be done with consistency overtime. As discussed in the previous article, social media is the developing of relationships with people and that does not happen quickly. Thus it is of utmost importance that a regular schedule be developed and implemented on a weekly basis.
The next segment of the series will review and look at social media sites that are up and coming and sites that are very powerful but have not gained in the overall popularity. As with the others, each has its strengths and weaknesses. Each therefore has different demographics and different targets. The business owner needs to have an understanding in order to select the best tool. A discussion of some of the sites that are better for international use will also be discussed. The subsequent articles will deal with tools to use to make using social media a little easier and ways to measure the return on investment of social media. The final part of the series will discuss other web-based tools that can assist small business become more effective in delivering services and products to customers.
As a owner, take the time to review each of the demographics for the sites. If you do not have a social media site, then select one that fits your demographics. Ask questions, raise concerns, review your goals, and talk to those who are using the sites, and then move forward with your plan.