If you are a mom looking for the best home based business ideas low start up costs, you are welcome. Here, we have explained in detail the best home based business ideals with low & no start up cost as well as how to start based home business. We will show you how to start a home business with no money and list the most successful home based businesses opportunities available today online.
Planning to be an entrepreneur is one of the basics things that cross one’s mind whenever he/she starts having a numb feeling with salary earning or working hours for an employer without receiving a satisfying reward. There’s always a way out and one of the ways we will be detailed about is starting a business of your own from the scratch.
The topic we will be concentrating on for this article is all about ways to build a business from your home (home-based business). When traced, you’d observe that majority of the business that are blooming today did begin under the roof of someone’s home. There have been numerous tales and myths about how an individual will start up a small scale business running from the garage or basement of their house and it keeps growing till it becomes a multi-billion dollar business. Sometimes, not all home-based business ends up to becoming large scale business or successful business like Microsoft, therefore, you can decide to have more businesses that can generate income as you develop the home-based business. Nevertheless, there may come a time when you will make the home-based business your sole business. It is necessary to make a decision as to the kind of business you would want to venture in when you want to start any home-based business. Some people now take the advantage of the internet and blogs to advertise and start up e-commerce business, thereby helping them to earn little income at the end of each month. But you should note that some home-based businesses must not be on the internet nor be known worldwide. Example, you can start up bookkeeping services when you are good in it and it must not home-based.
Among the major disadvantage of this home-based business is always limited to deal with local clients because the business is operated from your home and it may seem unprofessional. And the end result will be to deliver home services to your customers especially business such as bookkeeping as earlier mentioned. Therefore it is advised that you think of renting a mini office as time goes on give your business a professional look and make your business look improved.
Also, note that it is difficult to get loans or financial assistance from financial bodies when starting a home-based business. This is because these small business administrations have no room for home-based businesses. They are mostly built for built for traditional business where there will be need for infrastructural development and services of individuals. This could be a reason (having traditional facilities of your own) to qualify for loans and financial assistance from these administrative bodies. Nevertheless, you may still be privileged to be funded using other financial policies such as having your own personal savings/loan, using your IRA or 401(K) accounts, credit cards or being lucky enough to have an investor who can provide you with the necessary funding to start-up a business. There’s no particular methodology/format to financing/operating your business, there are more than a thousand way to cross the ocean. To make use of your personal savings or credit cards may cost you a lot and will be a lot more costly if you are to borrow loans from banks because the interest rates may be higher (between 9-20% annually with respect to your credit score total)and also they may require any tangible owned property as collateral for the loan. Therefore, it is not advised to go for the loan rather you can make use of the credit card or personal saving. You may as well look out for other financing establishments and seek for their assistance as time goes on.
Once you have concluded on the nature of the home-based business you wish, the next step to take is to map out your business plan. The business plan should include information like;
- The type of services that will be rendered to the public and ways to achieve it.
- How to incorporate these services to go together with your daily activities.
- An ideal financial plan with regards to the cash flow analysis, balance sheet, profit and loss status, your marketing strategy and general company analysis.
As previously stated, the internet may serve as a powerful marketing tool to business and many now make use of some popular social networks like twitter, tumbler, Facebook, Flickr and so on to get their business known to friends and public at large. These social networks do help a great deal when it comes to people stating the kind of services they may require from you, then you may have to either contact them directly or send them an e-mail in other to render these services. Among the most basic things to do when using these social media to promote your business is to create a business page on the social media, especially Facebook where you will provide a detailed description of your business. For e-commerce business, it is important that you put in maximum attention and also make use of other online promoting strategies such as pay per click marketing or search engine optimization to promote your business. This will draw the attention of people to your business, thereby, producing higher income rate. You may also wish to get affiliated to some online trading sites like eBay or Amazon as this will also add to the increment of your turn over when you succeed in selling with these sites. Most times, selling your products using these e-commerce sites will turn out to be the best profitable options for you. One thing to note down about these e-commerce sites is that they usually request some percentage of your sold merchandise as their compensation for allowing you sell your merchandise through their site.Never forget to have a well-structured marketing strategy for your e-commerce business as this will help determine how well you will be patronized.
Still on the topic financing your business, once you have it running, you now know exactly how the flow of income goes. Then you can deliberate on whether to take credit cards or not. For e-commerce business, you can anticipate taking credit cards taking the receivable credit card you get into consideration. Example, let’s assume your monthly income produced from your website is around $12,000, then, you should be estimating taking credit cards between $10,000-$20,000 although it is all determined by your lender. This process is usually referred to as merchant financing and it is one of the good ways to keep account of your monthly cash flow when you have your home-based business in mind. When compared to the SBA loan, this merchant financing with respect to receiving credit card is considered extremely costly.It will therefore be wise of you to economize this merchant finance when you finally obtain it.Note that the interest rate of work in financing is almost equal to that of credit card or personal loan.
Another thing to consider when building a home-based business is its management. You should be able to decide whether you will manage it personally or have a limited liability company manage for you. When you bring in the limited liability company to manage for you, try opening a bank account using the name of that company but don’t use that company’s name when you operate your business. That company should operate solely on the third party basis. Note that incorporating other company may add more tax benefits to you and this should help promote your business operations. Since the IRS has become extensively vigilante on individuals running a home-based business, it is wise to ensure that your business is fully legit and if possible, is being run out of your home. Always ensure that your tax record is up to date and you employ the services of the tax attorney or public accountant to enable you keep a good record of your expenses as partakes to the home-based business. You must not get affiliated with large business corporations or limited liability companies before your business can grow bigger. You may choose to run your business alone but that will put all the risk associated with that business on your shoulders, and will be time consuming for you because you will partake in every business operations going on. When having problems, like getting filled in a law suit puts a great deal of pressure and risk on you.
Dealing with any kind of illegal business puts you at the risks of losing everything you will ever own including your savings, house, car, among other properties. So, one needs to be extremely careful when engaging in any form of business, because no one will love the idea of ending up in the law court. Don’t ever forget to employ the services of an attorney when it comes to making certain decisions or seeking advice.
You may end up really enjoying doing this business bearing in mind that it may someday be your full-time job but enjoy the secondary income you earn with it for the time being.
List of home based business ideals for moms:
To be continued…
To summarize the whole article, opening a home-based business for the right purposes will be of your own good, so always bear it in mind. Because, not doing it for the right purposes like paid tax deduction as we said earlier is not a good reason to start this business. You should be able to make your passion your business as you intend to make it a full-time business so that you will enjoy it in future and it will become profitable.
It is also advised that you maintain your integrity and sensible business pattern as you start your home-based business so that you can attract loyal customers to yourself. Avoid any kind of unlawful dealings to avoid the risk of losing both your business and whole assets.