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How To Start a Home Business and Make Massive Profits

How would you like to have a dynamite home business that experienced massive profits? I am here to tell you it is possible. Starting a successful and profitable home based business is easy as pie. That is if you follow a 2 simple precautions.

1. Choose the right business. This might sound silly. However, this is the biggest mistake that people make. And, it is the number one reason home businesses fail. Thousands of home based businesses go out of business simply because of this one issue.

2. It is critical that the would-be business owner complete a Business Plan. Starting a new business without one is placing the entire investment on a crab table. Believe it or not many people honestly believe that a 90 day plan or some quick start outlined summary along with a few how-to’s is somehow a business plan. Forget that. Without a well written Business Plan a new business is doomed be it at home or not. And, again this is the one of the biggest reasons home based businesses fail.

Considering starting a new home based business? Get in line and join the ranks of hundreds of thousands who are turning to this work alternative. However, instead of turning into a depressing shirt losing statistic, it’s time to begin taking the steps necessary to get these 2 major steps completed.

Getting started: How to select the correct business? A business that will be a pleasure to work and provide a generous income? And, how to write a good effective business plan? A plan that will launch the new enterprise into a profit making success?

There are literally hundreds of simple work-at-home businesses just pick one. They can be divided into 2 categories. 1. Your very own business with your own product or service 2. Work as in independent contractor for a MLM Network Marketing company and sell the company’s product or service. Each has advantages and disadvantages.

Go with your very own, simply select a business that is your passion, something that you really enjoy. For example, if you’re an exercise nut and you love to workout. Start a personal trainer service. That might be your cup of tea. If you’re a computer whiz/ geek, a computer service (the geek squad) or a web designer might be just the thing. Or, if you like animals consider a doggie daycare, grooming or walking service? Each one of these businesses can be run from home successfully.

Other businesses include: child daycare service, floral/plant service for offices and hospitals, pooper-scooper service, answering service, vending machine service, homemade soap, lotions and potion, mobile windshield/tire repair service, dress maker, alterations, researcher, freelance writer, business card and letterhead designer, courier, shut-in/shuttle service, landscaping service, carpenter, pool cleaning service, garage sale and flea market vendor, private investigator, typing service, interior decorator/designer, wedding consultant, hot lunch/snack vendor, pet grooming service, catering service, media production, flower arrangements, graphic artist, mobile nail technician/ hair stylist, mobile message technician, advertising consultant, companion service. And the list goes on.

Then there is Multi-level-Marketing (MLM) often called Social Networking? There are literally hundreds of MLMs and they are growing. MLMs offer the work-at-home entrepreneur ready made products and/or services. No need to manufacture, test market, develop or invent. No need for company branding. However, on the down side, MLMs have been shrouded in negativity. Many people tend to think MLMs are pyramid schemes or something totally negative. And, rightly so.

Many illegal pyramid schemes have hidden behind the mask of of being an MLM. This charade has confused and robbed thousands of unsuspecting investors and consumers. Today MLMs are legal and they are truly and honestly the best way to earn a fantastic (residual) income. However, you should still be on your guard.

How do you tell the difference between a legitimate MLM and a rip off Pyramid Scheme? Exactly what should you look for? Do your homework. It is important that you know how to tell a good deal from a hook. Honestly, there are hundreds of excellent, powerful and legal MLMs with quality products and services out there.

Now that you have an idea of what you would like to do. It is also very important to complete a business plan. A bona fide business plan. A plan that you could take to a Bank or an accountant. That would not be a 90 day plan/Quick start outline. It is a well thought out and well prepared document.

A good Business Plans considers operating costs, ‘target market’, investment, rate of return, schedules etc. Are there actually people out there who need what it is you want to sell or provide (service(s)?. Where are they and how will you find them?

For example, your passion is making baby booties. You decide to go into your home business making baby booties, let’s call it the Baby Bootie Bonanza. Exactly how much is it going to cost to start up and run your business for one year?. I mean all costs, EVERYTHING (SUPPLIES, MARKETING, SHIPPING, PHONE SERVICE, STORAGE, ETC.)! What is your target market and how are you going to find them. And more importantly how much will that cost? Without a target market your new business will not be around long. And let’s not forget your rate of return. What is your rate of return going to be? When will you realize it? HOW MANY BOOTIES DO YOU HAVE TO SELL to realize a profit? A Business Plan will include all of this information and then some.

This is where the rubber meets the road.

What Is a Business Broker and What Can They Do for You?

Business Brokers specialize in helping people buy and sell privately owned businesses. They are experts in their field and have invaluable knowledge and experience when it comes to buying and selling a business. They will have local market knowledge and can protect you from making costly mistakes.

A common misconception is that Buying or Selling a Business is like buying or selling real estate. It is not. These are two very different animals.

How a can Business Broker help someone SELL a business?

The decision to sell your business is a huge step. Perhaps it has come about because you are retiring or you simply want a change. Maybe the decision came about due to health reasons. Never the less, in all likelihood, your business is your baby and as a result you are very protective of it.

Business brokers understand this and recognize that it’s more than just about selling the business. It’s about getting to know you, the seller, so that they can then find you a like minded buyer who can take that business to the next level.

Based on initial meetings with a seller, and after reviewing pertinent documentation such as lease and or franchise agreements, the first step to having a successful sale is to correctly “valuate” the business. (An evaluation does not typically have a monetary component whereas a valuation does). A Business Broker is likely the best person to do this. They can then advertise your business for sale, (without disclosing its name or location), handle potential buyer inquiries, handle negotiations, and finally assist in the closing process.

The process of selling a business is complex and time consuming, so using a Business Broker will allow you to continue focusing on the operation of the business and in turn maintain the value of that business.

How a can Business Broker help someone looking to BUY a Business?

A Business Broker has a thorough understanding of several core areas of business and based on their experience can identify any area of the sale that could be a potential concern to a buyer. For example, do the financial statements look reasonable for this particular type of business? Are there concerns with the lease or franchise agreements? What financing options are available for purchasing that type of business?

It is important to recognize that emotions can cloud ones judgement, distort reality or distract an individuals perception of an opportunity. It’s where glowing issues can be missed or assumed to be not of any particular concern. Likely, due to the buyers overwhelming thoughts of money pouring into their bank account, a Business Broker will at least help ground you and offer you a more objective opinion on the situation.

In Summary

The intent of this article is to paint a clear picture as to how Business Brokers can help both Buyers and Sellers.

Ideas For A Business To Start – Stop Day Dreaming And Focus On These 7 Items

Many times I hear people asking for ideas for a business to start. My response is always the same. What do you want from your business? It’s not the idea that is going to make you wealthy or create your dream life. I’ve seen many of my friends invest in some incredible “ideas” that have a huge market and would be widely used. After hundreds of thousands of dollars and lots of bickering the business failed everyone lost out. So instead of looking for ideas for a business to start here are some time-tested ideas that will lead you to being a happy business owner. Now forget thinking about ideas for a business to start and start focusing on these 7 items.

  1. It doesn’t matter what business you get into. Fortunes have been made and lost in just about every business you can think of. There are millionaires who made their money selling shoelaces. Do your research and find a business that fits your needs. No need to think about ideas for a business to start.
  2. Consider buying an already established business. This throws out ideas for a business to start, however you will get to see a lot of businesses you may never have considered before. Not only that you will get the chance to see how the business is performing before spending your hard earned money and precious time.
  3. Focus on management, systems and strategy the average small business will make the owner a living, at the end of the day the owner just owns a job. Like I mentioned above any viable business can make an exorbitant amount of money.
  4. Everyone needs a coach and or mentor. Everyone who is at the top of their field has a mentor, coach or both. Often times it’s a formal relationship where there is financial compensation and sometimes profit sharing. Other times it’s a more informal relationship. In the beginning look for someone who is semi-retired and was in the same industry you are thinking about getting into. Also look at people who are successful business owners. The fundamentals of a successful business are the same across industries. Hire specialists for your current challenge or struggle.
  5. Very few people have actually built the type of business that people are thinking about when they think about ideas for a business to start. In my experience one of the things most commonly overlooked and generally laughed at is having formal corporate governance. Both LLCs and Corporations need to have a formal corporate governance structure. I’ve found working with my clients over the years that taking the time to hold and document board meetings and annual owners meetings makes a dramatic difference in the way the business grows and how fulfilling the ownership experience is.
  6. Attend seminars. Even if you haven’t started a business yet attending a business seminar can be a very useful way to spend your time and money. Seminars can range from free to tens of thousands of dollars. Start with a free to a few hundred dollars. Don’t let the price fool you. I’ve attending some seminars that were less than $100 and gotten great value.
  7. Start networking. If you haven’t started or bought your business yet don’t be afraid to start networking, your local chamber of commerce is a great place to start. Don’t be afraid to go up to people and start a conversation sometime when you’re a new face it can be intimidating. Go and introduce yourself and ask a bunch of questions. People love to talk about themselves and their businesses. Use this to your advantage. Just please don’t ask them for ideas for a business to start! Ask them questions about marketing, management, taxes, and the local marketplace. If you find one or two people who seem to be a wealth of knowledge ask if you can treat them to lunch sometime and pick their brain some more. One caution though. Beware that there are some people who will talk the talk but don’t walk the walk. Also be wary of people who want you to invest your money with them. I’ve seen some horror stories where people have been taken advantage of.

Hopefully you are no longer looking for ideas for a business to start and searching for what will be fulfilling to you as an owner. Do them a favor and tell them to throw away searching for ideas for a business to start.