Maybe, you’re considering starting a home based business?
Wanting to work from home, earn a sustainable income, be self-sufficient, and not be answerable to anyone else?
This article gives some the best tips on business ideas and opportunities available today, plus how to get started straight away without spending a large sum of money. The idea is to get you out the rat-race and get back in charge of your life – whether you’re a student, an employee, a retiree, an unemployed person, an existing small business owner, or someone who needs another source of income.
We expect you’ll do other research too, but we wanted to give you a heads up of what we’ve learned since being laid off from our corporate jobs back in 2009. We’ve been ‘round the houses’ so to speak, so we’re able to share our in-depth knowledge with you here today.
Just so you know, starting a home based business working from home has its definite advantages, but there are also some draw backs, which we can advise you of.
You’re probably thinking of starting a home based business because you don’t want to have to commute anymore or because you’re fed up of working your fingers to the bone to line other people’s pockets instead of your own – so remain focused on that goal!
Now let’s discover what you need to think about and consider when starting a home based business:
1 Decide what kind of enterprise you can do when starting a home business
That said, you do need to start with what you know already, and be prepared to get educated on what you don’t know.
The lowest cost home based businesses to start are, without doubt, online home businesses – simply because you don’t have to lease premises, manage physical goods and buy stock. All you need is a laptop and a good internet connection.
Some profitable online home business ideas include contracting as an outsourcer, virtual assistant, tutoring, coaching – business and personal, accountancy or book keeping, web design, proofreading, translation, voice overs and resume writing, to name a few.
These are just some examples of online home based business ideas – all of them will require you to learn how to market – as every single business, either online or offline needs to be promoted in order to get customers.
We believe that the very best online home business to start is one which provides information to people in a digital format – that is, something that can be downloaded or viewed online. The reason why is, it allows you to leverage YOUR TIME (which is what you want more of) because you can provide information (which doesn’t have to be your information) on a one-to-many basis, rather than a one-to-one basis.
2 Who is your competition?
If you chose an offline business like child minding, domestic cleaning, puppy walking, baking cakes etc, you need to search online to see how many people in your local area are offering similar services. EG: search Google for ‘nanny in Richmond’. Always remember if you’re starting a home business of this type you’ll forever be exchanging your time for money, which means no leverage, and ultimately means no time freedom.
On the other hand, when starting an online home business, the whole world is your market, therefore competition is negligible. Yes, there are tens of thousands of people running online home businesses but the market is so huge there is more than enough business for everyone. Plus you’re able to outsource tasks you don’t like doing at a very low cost, so can leverage and organise your time, giving you that all important freedom to choose what you want to do, when you choose to do it.
In a nutshell, there is competition online, but no-one is like you or will market like you, so in essence, your competition is virtually non-existent. We know this first-hand from experience.
3 Understand what your market wants
Listen to what people think they want – or better still – survey them and ask them. If prospective customers mention something you’re good at it, definitely help them out by providing that information or service. If you don’t have that information, it’s an easy process of finding someone who does have it, then sell it for a commission of 50% or more on their behalf. This is called affiliate marketing – where you sell other people’s digitally downloadable products for a chunky commission. So there’s really no need to have in-depth knowledge of a subject yourself prior to starting a home based business in that arena.
Remember too that people buy on emotion and justify with logic – so you can to appeal to people’s sense of what they want rather than their sense of what they need. Consider that your information will save them time and energy so is of value to them. This is a pivotal point to understand when starting a home based business.
We recommend an affiliate marketing education platform to help get your online home based business launched today.
4 How much do you want to make?
Ask yourself two questions:
 How much will people pay for quality service?, and
 How many do you need to sell each week to make a decent living?
A good example is, if you make specialty cakes and have a fabulous picture gallery of previous cakes made, and have raving testimonials on the page, people will be prepared to pay you $350 per cake. However, there’s a lot of work that goes into producing such masterpieces, so you’re likely only going to make one a week which creates a profit of $1400 a month minus the costs of your supplies – assuming you find your customers and they’re prepared to pay $350 per cake!
That’s why we advise starting with affiliate marketing, because you can leverage your time, someone else’s product, and the entire internet, in order to create a sustainable, self-reliant income.
Consider if you received a commission of $1000 every time you made a sale, you won’t need many sales a month to create a decent living, will you?
5 What legal requirements should be considered?
Think about whether you need any business licences or need to be accredited like nannies and carers do? If you’re thinking of starting a home based business in your local area, do your research of what’s required before taking your ideas any further.
You should set up a business bank account as soon as possible, so you can make business payments made from the correct place which makes it a lot easier for accounting and recording purposes going forward, plus it makes you seem more professional. You will need to fund that account at the outset though.
Also consider speaking to an accountant so you can structure your business correctly from the beginning. And register your business with the appropriate local authorities for income tax purposes and for sales tax purposes.
Even though Fiona used to be an accountant, we still outsource our accounting work because it’s not worth our time to do the books ourselves. Remember – online home business is all about time freedom!
Also consider any special insurance cover you’ll need. Maybe some health and safety cover if working in other people’s homes or public liability cover if you’re offering services publicly.
When starting a home based business, you’re immediately exposing yourself, your family and your home to variety of risks which you’ll want to make sure you’re covered before it is too late – so check out a local insurance agent.
6 Create a business plan for your home based business
A business plan will ensure you’ve thought of every aspect of your business and will force you to focus on your numbers too – that is, your costs and overheads, and how many units you’ll have to sell each month to break even and to make a profit. This will also help you gauge the level of your start up costs and initial investment.
When you position yourself correctly with the Six Figure Mentors, an experienced Business Consultant will help you out with your business plan, which will set our you income forecast and will clarify what work you need to do to generate prospective customers online.
7 Invest in your home based business
Customers won’t come to you unless you advertise and market your business. If you have a local business you could advertise in the local paper and on the radio stations near your home, put cards on the notice board in local shops and local supermarkets. But consider your results are going to depend only on local customers.
If you had an online business, your customers are not limited by their location and you won’t be restricted to physically present anywhere in particular either (remember that time freedom is your goal). Your advertising will be online, using popular advertising platforms like Facebook, Bing and Youtube.
For your online business, you investment will be in a laptop and an internet connection (which you’d likely need for any business anyway), plus you’d be wise to invest in your affiliate marketing training and education so you spend your advertising budget wisely. It is a business and ALL businesses require investment – else they won’t get off the ground!
8 Launch your business
It’s also very wise to set up dedicated work space at home. Space where you know it ‘means business’, both to yourself and to your family, when you go to that space to work. It’s preferable to have your own room or office in your home, but if that’s not possible, at least set up a personal work space so other householders know not to disturb you there because you’re working on your business to change your life.
Likewise, only go to that space yourself when working on your business, so it reinforces to your subconscious you’re taking the business seriously. It’s also nice to have a space you can call your own.
To launch, it’s up to you how much fanfare you have. Most people just get started with no launch party or big promotional push.
When launching an online home business you simply need to start marketing to gather prospective customer leads to build your list – which forms the backbone of your online business.
Even when launching an affiliate marketing business, it’s essential you build a list of prospective customers within the niche or market you chose.
9 Remain motivated and on track
If you thought everything was straight forward up until now – this is where it may all come unstuck. When in business working from home, you must remain motivated and focused. There will be speed bumps – or events to derail your progress – but you simply need to persist and persevere.
Rome wasn’t built in a day, and hardly anyone is an overnight success (not even singers and actors – any success takes focused effort and commitment). So set big goals – annual goals – then break them down into monthly steps, then weekly steps.
Just like the old adage: “How do you eat an elephant?” One bite at a time!
This’ll give you an idea that a marathon effort is required – which is why you always need to remember why you’re starting a home business.
In a nutshell, it’s going to require consistent and dedicated effort and energy on your part, but if you want to set up an online home business to master affiliate marketing and earn upwards of $1000 per sale, leverage the internet and other people’s expertise, then click here to apply to the Six Figure Mentors – which will give you the opportunity to test drive the platform risk free.
The best part of the Six Figure Mentors is they provide all the training you need, all the tools you require, cover the online legal bits and pieces, and allow you to benefit from the positive community of like-minded people – which is a bumper bonus when you’re sat home by yourself wondering about something – because there’s always someone, somewhere, in the world to help out!
You won’t get that support in any other home business.
When you invest a simple $19.95 today, and complete the application questionnaire, not only will you be showing your commitment to starting a home based business to grab back control over your life, but you’ll also be in for a treat by mixing with like-minded people who support each other in business building.
Recall we said that there’s more than enough ‘internet pie’ for everyone, that’s how we know, because there’s a few thousand people in the Six Figure Mentors and everyone is in business for themselves but not by themselves and no-one is in competition with each other.
Think of the Six Figure Mentors like an online franchise – where the systems, infrastructure, training and support are all proven to work – after all people in the Six Figure Mentors have collectively generated in excess of $100 million in online revenue, working from home as their own boss.