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Basics of Starting a Home Based Business!

Sunday, January 17th, 2016

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.

CRM and Your Home Based Business

Wednesday, July 22nd, 2015

Whether your business is content creation of some sort, blogging, selling products online, etc., you are marketing yourself and what you are doing to others. And it is all about building longer and lasting relationships.

A corporation sells its product to a consumer and then supports it. Why? So the consumer remains happy with the product and the corporation; knowing that this leads to that consumer becoming an ambassador for the company, the brand and the product. Also, so that consumer will purchase again. It is much easier to build future sales with people that have already purchased your product and like it than to spend your capital and energy enticing others who have never bought from you at all to make a purchase with you. A happy consumer buys from you again, again and again.

And isn’t that just what we do as we are building our social networks? We are working to build long lasting relationships with those we come in contact with. If we succeed, they really follow us – they don’t just hit a follow button once in the hopes we will follow them back and their “follower” number goes up. It really isn’t about numbers although that does somewhat increase our exposure. It really is about building the relationships with those that have followed us – because then, instead of being just a number, it becomes a person interested in our content who will then view it, think about it, communicate about it with others, and possibly even contribute to our financial success and survival in some way.

This is the part that takes the real work out there. Not just building your numbers, but building your relationships. Be looking to build these relationships as they are your lifeblood.

So here is some advice on things you need to be cognizant of as you go through your Content Creation or Blogging day.

  • If someone sends you a note of any kind, take the few seconds or minutes it requires to respond back to them. Let them know you hear them and care.
  • If you feel you can help them with something – which might take going the extra mile and actually checking out their blog or website or video; then do it. Provide the help, the tip, a link to somewhere useful to them, etc. Do what you can.
  • If someone follows you, follow them back. And not only that, if over time you notice them creating or publishing content of their own, check it out and “Like” it or “+1” it or “Pin” it if it is worthy of some form of affirmation. Guess what happens: They notice. Next time around when you are putting something out there, they will remember you and will stop a moment to see what you have created and maybe some good things will happen for you as well.

By doing the above things, at the next level of interaction, what starts to happen is that you make friends out there in cyberspace. These friends help build your day as you help build theirs and it’s not so lonely a world any more – you all look forward to connecting with each other again at some time in the near future. Collaborations start and you all start helping each other grow and succeed. Your life and their lives are enriched. The world becomes a better place.

So enjoy your social media experience and business. This is where the rewards really are. The friendships you build.