Posts tagged Home Based Business

Converting Hobbies and Skills into a Home-Based Business

Converting Hobbies and Skills into a Home-Based Business

Everyone is good at something. What if that “something” could make you money? If you have a hobby with that potential, you could be making more money. Converting Hobbies and Skills into a Home-Based Business

You might wonder how people come up with some of the ideas they have for businesses. Mostly, it comes from a love of a certain hobby or a skill that a person possesses. There are several hobbies that can be turned into money generators – just look at eBay. 

If you have been looking to start a home-based business, consider your skills and any hobbies that keep you busy on a regular basis. Here are a few questions to ask when considering a hobby for your business enterprise:

 

1. Is my product unique?

New products peak people’s interests. Is the product you have in mind unique. Would it catch people’s attention and peak their interests?

 

2. Is there a market for my product?

Some markets are saturated with certain items so it’s important to do some market research to see if your idea is viable.

 

3. Do I have the time to devote to the business?

Since you already do what you do as a hobby, the answer to this question is usually going to be “yes.” So why make money while spending that time on something you love doing?

 

4. Can I meet the demand?

Making crafts, if that’s your hobby, takes time. It is possible to get a large demand and go out of business because you can’t fill your orders in a reasonable amount of time.

 

Now that the wheels have started turning in your brain, you are probably wondering what types of hobbies or skills make good home-based business ideas.

 

Here is a short list of some common ones:

* Crafts

* Tax preparers

* Consultants

* Selling surplus items (on eBay)

* Sewing (clothing, wedding dresses)

* Writing

* Health products

 

These are just a few. Service businesses do well if you have a space in your home to conduct business. Other businesses can be run from home with customer contact done through telephone, email, or fax.

 

If you want to turn your hobby into a home-based business, here are a couple of more things to work out before you get started. These pertain to running the business.

 

1. Register your business.

Choose a business name and register it with the city or town where you live.

 

2. Create a business plan.

This is just a road map to get you started in the direction that you want to go with the business.

 

3. Check out the tax implications of a home-business.

The IRS website has tons of information about tax requirements and deductions for the small business owner and the freelancer.

 

4. Work out your method of product delivery.

With crafts that are delicate, you don’t want anything to get broken in shipment. You can package the items yourself or pay a shipping company to do it.

 

Hobbies are good ways to start a business at home. You have the advantage of being familiar with the product and in control of advertising, with low overhead. So build a business around something you love doing already. Why not make money while doing what you want to be doing anyway?

 

Here’s to your Success!

Jerry D Ross

 

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Free free to contact me with questions or suggestions.

Tips for Starting your Home-Based Service Business

Tips for Starting your Home-Based Service Business

The current trend is towards more home-based businesses. They require lower overhead and startup money making them easier for entrepreneurs with limited fund. If you are thinking about starting a home-based service business, here are a few tips for getting started on the right foot.

Tips for Starting your Home-Based Service Business

What is a service business?

Service businesses are those that provide help to others. This can be anything from mowing the lawn to managing business accounts. The basis of a successful service business is one that supplies a need. In your area, it may take some research to discover the top service needs and then figure out which one you can provide.

Benefits of a home-based service business

There are several benefits to running a home-based service business. First of all, you can run the business from your home. Since you already pay a mortgage, utilities and car payments, the only thing you need spend money on now is the equipment for your business. And, running a service that began as a hobby means you already own most of the needed equipment.

Secondly, a home-based service business requires low overhead and startup costs. We alluded to the startup costs above and the low overhead means no employees but you. The key to keeping the overhead low is taking on only as many projects as you can safely and efficiently handle by yourself.

 

Home-based service business options

As we mentioned, you can usually run these service businesses out of your home. Establishing a website for selling your services lowers the overhead even more and maximizes your profit. With the Internet as your potential customer base, the opportunities are endless for marketing and finding clients. Here are some home-based service options.

Virtual assisting has taken off in a big way in the last ten years. Using a computer, fax machine, telephone, and Internet access, you can perform various administrative duties for large and small companies. You are paid for the work that you do so there is no extra charge for the company. Virtual assisting skills run from transcription to accounting to managing email and company websites.

Transcription by itself can be a profitable venture. Medical offices and businesspeople are always in need of someone to transcribe their audio or video files. It is far easier and less time consuming to record an interview or dictate a medical procedure. Your job will be to turn that file into a document for patient charts and online use by various businesses.

Ghostwriting is the process of writing articles, novels, eBooks and more for an individual or a company. Using your writing talent, you can make a lot of money creating literary works (print and electronic) for others who need them.

 

Getting started tips

There are considerations before beginning any type of business even a home-based one.

1. Check out the local laws for registering and zoning a home business.

Most home businesses require no zoning issues unless you will be meeting clients in your home and posting signs in the yard.

 

2. Small business tax laws.

Now that you are a business, you are subject to different tax exemptions, deductions and payments. Sites like www.irs.gov can give you the information you need.

 

3. Set up a separate work space at home.

This could be as simple as using a spare bedroom or den with a door to keep your work separate. If you rely on the telephone a separate phone line can be added. When a workshop is needed, consider using a garage or purchasing a large outbuilding.

 

4. Use on and offline marketing methods to find clients.

This includes: viral marketing, newspaper and Yellow Pages ads, flyers and direct mailings, email marketing, article marketing, setting up a website and etcetera.

 

5. Create a schedule to divide time between work and family.

Balancing both is hard. Scheduling time and sticking to it means more gets done and no one is slighted.

 

A home-based service business is an alternative for people who want to know entrepreneurship without spending a lot in upfront costs. If you have a talent and can meet a need, consider a home-based business.

 

Here’s to Your Success!

Jerry D Ross

 

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