What’s the big deal about starting up a home-based business? Isn’t it enough that you’ve put up a website, are passionate about your product, and been on Oprah? In short, no. There is an art and science to business success that’s critical for home-based business owners to know, understand, and utilize if they want to achieve sustainable, long-term results.
Where do you begin? With so much information out there on starting up a home-based business, how can you possibly know whom to trust or what to believe? Can you expect to see a profit in the first year or not? Do you market to the masses or narrow your field? Do banks lend money for start-ups or don’t they?
Before you go out and spend hundreds of dollars on product development and get all starry-eyed about bringing in the big bucks, you need to know the facts. Here are four popular Internet-based start-up myths to ignore and four to pay attention to:
Debunking Four Popular Home-Based Start-up Myths
- You’ll make a profit in your first year.
Debunked: Starting-up business will not make you rich, quick.
Truth: It can take up to three years before your business sees a profit. That’s three years of hard work and sustained effort. The start-up stage is not for the timid. “It takes years of working hard,” according to Leslie Haywood of Grill Charms, “telling people about your company and your product before you can claim any sort of foothold on your market share.”
- I love it, so will you.
Debunked: You think you have the next big “it.” You love it. Your family and friends love it. Therefore, the everyone will think it’s the best thing since sliced bread, too.
Truth: It’s not about wanting everyone to love your product. It’s about wanting your specific niche group to love your product and for them to tell all their friends about it. Create a unique product, get clear about your niche, and market directly to them. Don’t make it personal. Make it business.
- A professionally done website will drive traffic to your site.
Debunked: Not unless it’s optimized with your niche market in mind and for how they are searching for your product or service on the Internet.
Truth: Figure out what keyword phrases your niche market is using when searching for your product. If you don’t know how to write copy for the web, hire a professional copywriter to do it for you, making your home page and product pages keyword rich. Once traffic is on your site, make it easy for them to take action by giving them buy-in options at several price points.
- Being interviewed by CNBC, Martha Stewart, or Oprah means you’ve made it.
Debunked: Sure, this kind of exposure will net you an increase in sales. However, it doesn’t mean you’ve made it.
Truth: Home-based business owners who have had national coverage cannot afford the luxury of being lulled into the kind of false security that national attention brings. “John Q Public has a very short memory and attention span,” says Haywood. “You’re one big hit might generate great sales in the short term, but you can never sit back and rest. It is your job to constantly stay in the minds of your target market.”
Four Myths to Buy Into
- Banks will lend money to start-ups. While it is true that banks won’t give you a business loan without a business plan, you can take out a personal loan using your house or existing business for collateral. Market research goes hand-on-hand with writing a business plan. So, do the research, write your plan, and take it to the bank.
- Being your own boss is a good thing. Indeed it certainly can be if your boss is organized, has good communication skills, and knows how to prioritize. Don’t become your own worst boss. To create an ideal boss relationship with yourself, learn from all the things you didn’t like about people you’ve previously worked for.
- You can save money by starting-up from home. While this is indeed true, don’t skimp on the essentials for home-based business success. Make sure you have an actual office in you home for your business, preferably with a door. Decide what your business hours will be and stick to them. No one starts up alone; so hire a mentor, business coach or consultant to guide you through the start-up process and beyond.
- You’ll be able to live and work anywhere around the globe. Yep. Just about. As long as your business is not dependent on location. And you have a good wireless laptop, a full-set of power-plug adaptors, use Internet banking, PayPal, and Skype for your Internet phone.
You never really know if a new home-based business will succeed or fail. Even with very promising starts, many fail within the first three years. Avoid the seductive lure of making money fast. Don’t be swayed into thinking that everyone will love and want your product, or be seduced by national attention. Instead, research your market, make a name for yourself withing your market niche and then dominate it.
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Help answer the question about home based business
Ending a home based business – what are the tax implications?I've been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes?
Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off?
I see lots of information on how/what to write-off for a home based business, but can't seem to find anything on what to do when that ends.
I love the home business I got involved with 7 months ago and it's been great for me because I can stay home with my 2 1/2 year old. We don't have "startup" cost but we do pay a monthly overhead fee of only $50.00, which covers everything we receive from the Company. If you like, please take a look at our website http://www.freedomathometeam.com/2workathome and request an interview if you would like additional information.
JoAnn
I have a home based business with Market America. Some of their products are endorsed by Oprah,Rachel Ray, Allure.com, Latina Magazine, and Jennifer Lopez (J.Lo). Google requested partnership with Market America which they agreed to in August of this year. They are now larger than Amazon.com.
There are 2,500 exclusive products, 3,000+ partner stores and 35 million products you can offer to customers. They can price compare the items they're looking for which means they can save money.
We work as a team sharing business volume.
There are various ways you can make money from home. In most cases, however, you will probably need to invest some cash. I cannot think of many businesses that you can start without spending something to get up and going.
However, as someone else said, there are many scams. Be very careful. It if sounds too good to be true, it usually is.
I have a couple of suggestons. First, join the Work at Home Forum (free). Read the posts there, You will find a lot of information about working from home, business opportunities that are worthwhile, etc. Ask questions and other members will respond with their advice and experiences.
Secondly, if you are interested in selling products on the Internet as an affiliate, you might want to get the free report available at the other link below. The report was written by an Internet marketer to give to his friend. It outlines a 22 step plan for making money online. You will not need to spend anything to get started.
I love when he has kidney stones. I would of freaked out.
Thanks for posting this. I’m always playing the famous Wu scene in Al’s office for people, and “The Tit Licker” needs to be explained.
Thanks for posting the explanation!
Histrory as it should be taught
Al Swearengen was murdered near his home in Denver. He was not found dead in a box car like people think.
Al Swearengen for 2012
yes, God bless that!
Congrats on your passion for your business venture. The best way to attract people to your business is through target marketing techniques. I would be happy to share more about this topic if you would like. I personally enjoy using the techniques taught through the Renegade System found at http://www.renegademlmtools.com
Best Regards!
Seriously, when the next edition of Webster’s Dictionary comes out, next to the definition of “Man”, there should be a picture of Al Swearengen. . .
You would have to find out what the zoning laws are in that city, however, why don't you rent a commercial piece of property?
Passion Party!
Your home kitchen will have to pass inspection and be approved before you can sell products for consumption. You need to contact your county health department to start the process for approval and licensing. Don't bother applying for and paying for a city license until you find out if you pass inspection.
@lovejen01 you got my ballad cocksucker!
3:21 – 3:52 epic
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You will not be assessed any interest or penalties for filing late since you are due a refund, and you will not be paid any interest on the refund either.
As to tax shelters, most have to be registered with the IRS. Estates and trusts are a unique animal and are usually only in demand from high income individuals. I find it hard to believe that a CPA would not understand the home-based business rules since that type of enterprise has been popular for many years. You didn't state what part of the country you are in, and many states (and counties) have funky rules regarding these businesses. You should contact the home office of the company you represent to request referrals of accountants in your area. Good luck