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 or side hustle which is the new term branded around on the internet. Most of these part-time endeavors are started and operated from the comfort and privacy of the home.
The amount of people who are starting to make money from a home based business rather than solely from the traditional methods has increased in the last 5 years. Most of them People are making the extra money they need. Some have wisely and carefully built these extra income efforts into a full-time and 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!
Let us share with you the many options out there that you can get into to start your home based business in.
Mail Order And Multi Level Marketing
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 aren’t the only fields of endeavor you can start and operate from home, with little or no investment, and learn as you go. As I have mentioned in past post I myself have started a home based business in the mail order industry.
Home Based Service Agent
If you type, you can start a home-based typing service; if you have a truck or have access to a trailer, you can start a clean-up/hauling service. Simply collecting old newspapers from your neighbors can get you started in the paper recycling business. More than a few enterprising house wife’s have found success and fortune by starting home and/or apartment cleaning services. If you have a yard 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 personalized 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 money for it”. This is known as defining your market and pinpointing 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 toward 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. An example of a plan should show you your start-up investment needs, your advertising plan, your production costs and procedure, your sales program, and how your time will be allocated. Too often, enthusiastic and ambitious entrepreneur 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 for 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 itemized. 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 very 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.
I know that this is harder said than done. What I found that worked for me during my first year in business in helping me save the money that was coming into my business was to over aim. So if I Knew it was going to take 10 clients a month for me to make a profit or break even that month, then I would double that amount to 20 clients a month so hopefully there would be spare cash if I happen to have a bad personal month and cash was needed to help keep my personal life going.
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 for 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 organized, 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 you grow and expand.
Eventually, you’ll have other people helping you and taking some of your workload off from you, even maybe one day running your entire operation, while you can take some long earned holiday with family.
For more details on other aspects of home-based businesses, check our startup tool box for more information and help to get you started.