Starting Your own Home Business Opportunity
A Home Business Article Contributed by Sharon Hill
Making a Profit from Your Home Business Opportunity
A large percentage of sole proprietorships, and home based opportunity firms, fail in the first year due to poor planning - failure to write an organized business plan, to market prior to starting the business and to secure enough money up front to pay for advertising and other expenses.
You must assume that you are going to need to survive unpaid during your home business opportunity's first year, or at least the first six months.
Step by Step Home Business Opportunity Start up Process
After you decide on the product or service you are going to offer you must determine your market area and then find out if your idea is indeed marketable. Are there enough folks out there that want, or need, your product or service? How much competition is there? Your best help with the marketing of your home business opportunity idea is the Small Business Administration. Go to www.sba.gov on the Internet and either enter your zip code or click on your state, to find the closest SBA office.
You'll probably be pleasantly suprised at how nearby a location you'll find. Some of their services are free.
If, after completion of your marketing you feel you have a workable home business opportunity product or service, the next thing you must do is write a business plan. Again, the SBA can help you. They can also direct you to a SCORE (Service Corps of Retired Executives)center or counselor that can help with this. They can also guide you on local license and tax guidelines and restrictions.
Generally, home business opportunities - the ones that require no walk-in traffic to your home - will find no resistance to the issuance of a business license. Usually there is a minimal $20-$40 fee, a one page form, and you're licensed for business.
A Bit of Home Business Opportunity Caution
Do not start your home business expecting the money to come rolling in right away. And don't go crazy and spend your first client payment. At least the first six months, and preferably the first year you must be prepared to live off of other resources than the business proceeds. Any income you derive from business clients should go back into the business - equipment, supplies and advertising. Don't skip on advertising.
Rule of thumb is that ten percent of all expenses should be some form of advertising. Nor should you expect that placing one ad in your local Sunday paper will bring in the customers by droves. It may be that that publication doesn't work for you. But you should at least be prepared to try it for 3-4 consecutive weeks. Readers may glance at your ad the first time, re-visit it a second time, thinking, "I saw that ad before. I should call them to work on my computer some time."
And perhaps it's not until the next time that computer really breaks down that that consumer will call. But she or he will call you because she remembered your ad, or because she cut it out and saved it. Name recognition and consistency are very important factors in advertising response.
Business success may be partly luck, but it's mostly based on preparation and hard work. Plan ahead, reap later.
