In these days, it's becoming increasingly
difficult to make ends
meet with just one source of
income.
Thus, more and more people are
investigating the possibilities of
starting their own extra-income
business.
Most of these part-time endeavours are
started and operated from
the comfort and privacy of the
home.
Most of these people are making the
extra money they need. Some
have wisely and carefully built these
extra income efforts into
full time, very profitable
businesses. Others are just keeping
busy, having fun, and enjoying life as
never before.
The important thing is that they are
doing something other than
waiting for the government to give
them a handout; they are
improving their lot in life, and you
can do it, too!
The fields of mail order selling,
multi level marketing, and in
home party sales have never been more
popular.
If any of these kinds of extra income
producing ideas appeal to
you, then you owe it to yourself to
check them out.
But these areas aren't the only fields
of endeavour you can start
and operate from home, with little or
no investment, and learn as
you go.
If you type, you can start a home
based typing service; if you
have a van or access to a trailer, you
can start a delivery
service.
Simply collecting old newspapers from
your neighbours can get you
started in the paper recycling
business.
More than a few enterprising
housewives have found success and
fortune by starting home and/or
apartment cleaning services.
If you have a garden full of flowers,
you can make good extra
money by supplying fresh cut flowers
to restaurants and offices in
your area on a regular basis.
You might turn a ceramics hobby into a
lucrative personalised
coffee mug business.
What I'm saying is that in reality,
there's literally no end to
the ways you can start and operate a
profitable extra income
business from your home.
The first thing you must do, however,
is some basic market
research.
Find out for yourself, first hand,
just how many people there are
in your area who are interested in
your proposed product or
service, and would be willing to stand
in line and pay for it.
This is known as defining your market,
and pin-pointing your
customers.
If after checking around, talking
about your idea with a whole lot
of people over a period of one to
three months, you get the idea
that these people would be paying
customers, your next effort
should be directed towards the
"detailing" of your business plan.
The more precise and detailed your
plan - covering all the bases
relating to how you'll do everything
that needs to be done - the
easier it's going to be for you to
attain success.
Such a plan should show your start-up
investment needs, your
advertising plan, your production
costs and procedures, your sales
programme and how your time will be
allocated.
Too often, enthusiastic and ambitious
entrepreneurs jump in on an
extra income project and suddenly find
that the costs are beyond
their abilities, and the time
requirements more than they can
meet; it pays to lay it all out on
paper before you get involved,
and the clearer you can
"see" everything before you start, the
better your chances of success.
Now, assuming you've got your market
targeted, you know who your
customers are going to be and how
you're going to reach them with
your product or service.
And you have all your costs as well as
time requirements itemised.
The next step is to set your plan in
motion and start making
money.
Here is the most important
"secret" of all, relating to starting
and building a profitable home based
business, so read carefully.
Regardless of what kind of business
you start, you must have the
capital and the available time to
sustain your business through
the first six months of operation.
Specifically, you must not count on
receiving or spending any
money coming in from your business on
yourself or for your bills
during those first six months.
All the income from your business
during those first six months
should be reinvested in your business
in order for it to grow and
reach your planned first year
potential.
Once you've passed that first six
months milestone, you can set up
a small monthly salary for yourself,
and begin enjoying the fruits
of your labour.
But the first six months of operation
of any business are
critical, so do not plan to use any of
the money your business
generates for yourself during that
period.
If you've got your business plan
properly organised, and have
implemented the plan, you should at
the end of your first year be
able to begin thinking about hiring
other people to alleviate some
of your workload.
Remember this: Starting a successful
business is not a means
towards either a job for yourself or a
way to keep busy.
It should be regarded as the beginning
of an enterprise that will
grow and prosper, with you as the top
dog.
Eventually, you'll have other people
doing all the work for you,
even running the entire operation,
while you holiday in the
Bahamas or Hawaii and collect or
receive regular income from your
initial efforts.
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