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Building a Profitable Home Based Business
Whether you’re looking for part time income now or a full time exit strategy for the future, starting a part time home based business today is becoming more and more common. These small business operators abound, and according to CBS , 9.5% or 13.4 million Americans work from home.
So where are these business opportunities from home and how do you start one? The answer is easier than you think, but before I answer this question let’s talk about a concept my father in law used to call “the masses, not the classes.” He was referring to people who dress, eat, work, socialize and reside in exactly the same fashion as everyone else around them. “Jonathan,” he used to say, “if you’re in an average job, you’ll make poor money. You’ll get by, but in your golden years you will have little to show for it. If you’re in a “good job” you’ll make average money with a little savings, not much mind you but a little. If you’re in a great job you’ll make good money and retire comfortably and if you want to make the lion’s share of the money, you need an outstanding job. You must be irreplaceable or at the very least, hard to replace. This means designing a calling where you either a) have the best information of all of your competitors, or b) are in a job that looks ‘nichey’ and uninteresting from the outside, but is a money making machine from the inside.”
“That makes sense,” I thought, “the best information gets the best results.” People will beat a path to your door if you are the Oracle of just about anything. Perhaps you are so good at your job that the world knows you and only you as the master of the industry. If this is the case then you probably already know what to do with your home based business when the time comes. You simply close up shop at work, perhaps write a book or two, turn the lights on at home and you’re back in action.
The Other 95% of Us
Okay, let’s assume you are not Bill Gates. You don’t have the best inside, cutting edge knowledge of your industry and what you do is fine, but not “job at home” worthy when you retire. What now? Relax, I’ve got you covered. Let me rattle off some common known part time business opportunities from home and you tell me if these were what naturally sprang to mind when you started searching the internet looking for a way to make money from home:
- Mary Kay Cosmetics,
- Forever Living Products,
- Market America
Yes??? Of course this is what you were thinking! All but one of these (eBay) are multilevel marketing (MLM) companies whose very existence is to recruit the masses and to get them to start working at home, selling their products. These folks then get more masses and get them to start selling, and on and on it goes. If you’re like many people this avenue of employment scares the heck out of you (it does me!); you just know that you will not be good at it! Don’t get me wrong, some succeed brilliantly, but many, many of them fail.
At 101MoneyTalk.com were not about failing, were about success. Now look at my list and tell me what you think:
- Wine consultant
- Machine parts distributor
- Equestrian celebrity promoter (jockeys and horses)
- Educational material developer
- Liquidation sale organizer
- Paper merchant
- Driveway pavement services
- Wedding planner
- Photographer, and my favorite
- Mobile pet grooming
All but one of these (mobile pet grooming, which I just think is cool) can be built into a solid six-figure income within a few years (or faster if the small business owner develops the business at a full time pace) and the effort to enter and build the business is far less than the multi-level marketing jobs above. Do you need special skills and network? Yep, you couldn’t make “classes” income if anyone could do it, but you can develop these skills and build the network as fast (or faster) than many of the MLM opportunities on the top list, and the learning curve is probably not as steep. Also, none of these businesses require a college education and the competition with most is very limited. This goes back to my father in law’s point number two: “a job that looks ‘nichey’ and uninteresting from the outside, but is a money making machine from the inside.”
Most importantly, each is a home based business that requires very little in start up costs, usually a phone, a computer and an internet connection (you can rent the pavement equipment if you want to offer driveway pavement services).
Clearly some or all of the items on the list above may not be of interest you. You can easily come up with your own list. Spend a few hours on the internet in the next few days and search for a home based business that suits your interests, to be more precise spend time searching for a specialized job that you can work from home that:
a) Is in an industry that generates a lot of revenue (i.e. not typewriter repair),
b) is somewhat unexciting to many/most people, but you find very exciting.
To start your mental pistons firing go to out Entreprenuer.com’s online based business article entitled “Home Based Business,” Inc.com’s special report on Running a Home Based Business and the Empowernetwork.org article entitled Living the Home Based Business Lifestyle.
I also recommend spending time on the Small Business Association’s website, particularly on their page for Home Based Business Owners.
If done properly you will then have discovered your “job that looks ‘nichey’ and uninteresting from the outside, but is a money making machine from the inside.”
In our next post we’re going to do a deep dive into developing a specific plan for your home based business, so you know what steps to take.
Until Next Time