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7 Things You Should Learn to Do Before You Start an Online Home Based Business

The internet makes it possible for anyone with a good idea, energy and a positive attitude to launch a home-base business. There are 7 things you might want to know before you decide on going online to promote a business.

(1) You need to have some computer skills

You don’t have to be a computer genius or an internet expert to work online but you better have the basic knowledge. You should learn how to navigate and browse the internet using your tool bar and other useful programs. You may have to learn how to manipulate your computer, using the control panel to install software and some hardware. You can get a specialist to upgrade your system so it operates without any cliches. You might have to learn such things as setting email account, copy and paste. Online business requires a lot of interaction with computers; therefore, you should learn the basics ahead of time before you launch any website business.

(2) You need to learn how to do niche market research

Researching the market-place to promote a business is an ultimate decision in the marketing process and if you are going to operate any business whatsoever, you will have to know how to do some market research. The researching stage is where you decide if there is a demand for a specific product or idea for a business. You may have to determine whether or not you are going to make this a long-term or short goal. Some products are just seasonal; therefore, at this stage, you may want to make some useful decision to maintain a business structured on your market research.

(3) You need to understand how to choose your market

There are two ways you can choose to set-up business online and that are creating your own product or choose to sell those that are already in the market place. The latter is definitely the easiest and possible the lowest cost. You will have to choose products that have high sales volume and the merchant must have a reputable business. You can always get this information via any merchant sales stats. Creating your own product takes time and can be costly. Therefore, you may decide to choose a profitable niche from an existing market.

(4) You should prepare a budget for your business

You need a budget plan that outlines the marketing methods and how you will foster those costs. Your business budget should take into considering how much you are willing to invest. You will need to focus some of your budget on advertising, software tools, website registration and hosting expense. You need to have a short term as well as long-term budgeted plan. You will have to maintain a business budget so that you can know when to make changes to your spending. You can keep your home base budget in a bank account or a treasurer box. This kind of safe keeping should be tag for specific marketing purpose and must at all time replenish according to market expectations.

(5) You should know what it takes to promote online

The success of a business rest on the promotion strategy and you should focus your full attention on getting good business exposure. You should search for some free and in-expensive method in the early stages, but has the business begin to expand; you should have a larger scale promoting techniques that will involve some additional cost. Some of the most use method to promote is content marketing, banner and text ads. You need to research every method you decide on using to promote. There are other methods to promote and you will have to find those that work best and maintain a track record. You can use software tracking tools to monitor all your promoting links online. There is no perfect promotion strategy, just the ones that works. Therefore, you might decide to implement good methods that will enable you to make business leads and some sales.

(6) You should keep a business schedule

Every programs or businesses that you sign with, you will need to keep a schedule to make sure you are on track with your task. You should make sure you keep an update on your contact and support information so that you can be sure of how to get answers when you need them and make sure you are still in their system. If you get involve with more than one business, you may want to keep a separate sheets of information for each one because this will allow you clear and easy access when needed. The human mind can never always keep track of all the different site or places we visited so, to maintain a steady business transaction and a keen flow of business interaction, always keep an organize folder with all valid and relevant information.

(7) You should know how to keep your business in a safe-zone

There is no perfect situation online and you need to take full responsibility for your business and making sure you are protected from scams, identity and commission theft. There are few mishaps and misguided situation on the internet but for the most part business online is secure. The net is considered to be pretty safe place to conduct business. There are few people who conduct some devious practice online but apart from that the internet is consider to be a good business platform. You can’t afford to let your guard down and you have to be on the lookout for in-consistency within the system. There is no one holding you ransom online and you can get out of any online business when you decide. Online you are not bound to any specific market; if you encounter any unfair situations, there are places online to report spam fraud etc. You may want to use caution to keep all your id, password and links hidden. There are some free tools that you can use to disguise how your links might look to others, so as to prevent commission theft.

Evaluating a Business Opportunity

In these tough economic times many people are looking at starting a business. In a previous article I addressed the traits an entrepreneur needs to have to be successful. Let’s assume that you have read the previous article and that you have decided that you have what it takes to start your own business. The next step is for you to decide what kind of business you want to start.

You can break down your options into 5 broad industry categories:

  • Service
  • Manufacturing
  • Retail
  • Restaurant or Fast Food
  • Internet Marketing

The following 7 principles will help you in your decision making process and ensure that you are not setting yourself up for failure and disappointment.

1. Do Not Rush the Decision.

Do not rush into anything without having done a proper evaluation of the business, the market, your personal skills and experience.

2. Choose What You Enjoy.

This is probably the most important factor in deciding whether to start your own business. There will undoubtedly be tough times and if you were to own a business that does not give you any satisfaction then you are probably not going to make it when things get tough.

3. Consider Your Partner.

Consider your partner’s wishes and include them in the decision making process, even if he/she will not be involved with the business. Running your own business has an effect on more people than you alone. It will affect everyone around you, especially your spouse/partner, family and friends.

4. Know the Business.

Know the business that you are going to start or at least be sure that you are able to learn the ins and outs of the business. If possible, start a business with which you are somewhat familiar. For instance, it could be in an industry that you worked in on a previous project.

5. Be at Ease with the Business.

Do not start a business that stretches you to your limit. Be it money, technically, time wise or emotionally. You should be able to get the business of the ground feeling comfortable about what needs to be done. The business needs “to fit” you.

6. Long Term Viability.

Choose a business that has long term profit potential. Stay away from a businesses with a product that is already, or soon will be, obsolete. If you sell a technology product, make sure it is, and stays, leading edge. Look ahead and stay ahead.

7. Be Rational

Be rational in your evaluation of the business opportunity. Look for opportunities nearby and now, instead of far away in time and distance. The greatest opportunities are sometimes right in front of our eyes and we miss to see them. Be careful not to look at everything through rose-colored glasses. Be realistic in assessing your own abilities and be conservative in predicting the potential of the business opportunity. Excitement often gets in the way of rational decisions.

When you have considered all these facets of your future business, there is one more choice to make. You need to decide whether you want to start the business full time or part time. More on the pros and cons of that decision in a future article or you can order our eBook Starting Your Own Business. The 2 volume eBook gives you all the information you need to choose the right business and what you should do to get it started. If you are still not sure whether owning a business is for you and need some assurance before you take the plunge, download our FREE eBook “Want to Start a Business?” from our website.

Small Business Bookkeeping to Boost the Business

Small business bookkeeping is a daunting task for business owners. It is not the reason why they started a business in the first place. While it is not the most exciting aspect of starting a business, it is an integral part of any business operation. But if the business’ records are properly organized, it ought to be easy and simple.

Importance of Having Orderly Records

Having properly organized financial records for small business bookkeeping may be instrumental in leading the business to success. These are some of the reasons why.

- Financial statements are easily prepared

- A business’s financial situation can easily be assessed

- Internal control is attained

- Ease of measuring the business’ actual performance against company projections and goals

- Problems or weaknesses, challenges, and opportunities are immediately recognized as they come up

- Closely monitor business operations, including the employee’s performance

- Make more informed and reasonable business decisions

- Instant access to pertinent financial information and reports

- Save time, money and effort on overhead costs

- Easily comply with financial and tax rules and regulations

Small business bookkeeping is fundamental bookkeeping. It is recording of the usual transactions, how much you owe from your creditors, and how much is owed to you. Record keeping of equipment and inventory is also maintained. Basically, small business bookkeeping encompasses recording of the accounts payable and accounts receivable; preparation of financial statements, income statement, balance sheet, and cash flow statement and bank reconciliation statement, too.

Importance

It is essential for the following reasons:

- Small business bookkeeping traces the business’s money, its inflow and outflow,

- Recording of the day-to-day transactions are essential in the assessment of the business’ daily, weekly and monthly accomplishment.

- Performance of the business is shown on the reports. Hence, it is one of the gauges whether or not the business is achieving its objectives, projections and goals. It is the yardstick of how well your business has performed and will tell you where your business is headed to.

Costs

Costs are at a range depending on the business’ needs. Some may charge a fixed monthly rate for the basic services. But as the bulk of work increases in volume, as transactions expand, reports are needed more often, the rate also escalates. In other cases, accountants charge an hourly rate initially until they are able to assess the business and amount of time to get the work done wherein they will now post a long-term fixed rate. Other factors that affect the cost of small business bookkeeping are geographic location, size of the business and the skill and experience of the accountant.

For most entrepreneurs, small business bookkeeping is a task that is endured to stay longer in the industry. It is greatly advantageous in making the business become profitable and successful. For businesses that have emerged new in the industry, getting the services of small business bookkeeping is greatly advantageous so that concentration is more focused on boosting the business.