10 Tips to Having a Profitable Home Based Business

My years of practice and experience have directed me to these 10 top tips to having a profitable Home Based Business:
Make sure that having a home based business is the right thing for you. If you have the option of running your business from home or from an outside office space, base your decision as much as possible on what make sense for the overall business and keep your customers in mind.
I started my coaching business at home, but it got to the point where I had to meet clients all the time in person, so I decided to get an office. Of course I could still take calls from clients outside my area from my home, but now I can offer either phone coaching or in person coaching to my local clients.

Run a Business like a Business. One of the biggest mistakes entrepreneurs make in regards starting a home based business, is to forget they are running a business. This hint will make things clear for you. Businesses are meant to be profitable; Hobbies are not!
If you are letting the daily household chores come first, well… you are not treating your business like a business. Time Management skills come very handy, especially for an entrepreneur home business.

Make it Legal. Not be a fool thinking that because you are working from home, you can skip the legal steps of starting a home based business. You still need to choose the right entity for you business, have your bookkeeping records up to date, pay your taxes, etc. If you don’t you will pay the price later, when you are successful.

Get insurance. Because we live in the land of lawsuits, you should make sure you protect your business, but most importantly, your family and your personal assests. Consider some business liability protection, or an add-on to your homeowner’s insurance to cover personal liability.

Look Professional. You only have one chance to make a good first impression, and that impression should be professional.

Here are few pointers that you could follow to make your home based business look more professional:

Your office should be separated from the house, at least with a door that you should be able to close.
Try to have a dedicated phone line for your business, but if not, just make sure whomever answers the phone during business hours know it could be a customer calling for you.
Get an answer machine and/or voice mail, a toll free number will be ideal, a fax, set yourself with an email dedicated only for your business
Order business cards and don’t scrimp on them. A good quality and well designed business card, is a better marketing tool than many ads in the newspaper.
Stay up to date with technology. As scary as it sounds, you should make sure you have:
A computer, where you can have software for word processing, customer service, time management, finances, etc.
Printer, fax, modem, answering machine, calculator, etc.

Develop a Marketing Plan. This is the most feared task of any entrepreneur (besides financial tasks). People, including us women, are afraid of marketing their businesses.

In today’s world, word of mouth isn’t enough to have a profitable home based business. You need to use networking, and the internet in order to get more clients with less marketing dollars spent.

Time Management. This is a key element for profitability. Click here to read more about time management.

Include your family. Without your family’s support it’ll be almost impossible to have a successful and profitable home based business; so make sure everyone is on board with the rules, schedules, and goals.

Stay in the loop. Join some of your local business organizations and some other ones using the internet.

Get a Coach. There are so many obstacles and roadblocks, that any entrepreneur has to face in order to become successful and accomplish a profitable home based business, let alone us; women entrepreneurs. We have to balance work – family – house- us; every hour of the day. This can be very stressful, which makes more difficult to do effective problem solving and brainstorming.

Having an extra pair of eyes that can help us visualize the problem from another angle, is most of the time just what we were missing in order to achieve our goals.

Internet Home Based Business – The Information Overload Trap

One of the big advantages of running an internet home based business is the level of access you have to online information that is free or low cost which can really help you to make crucial decisions about your online business.On the other hand one of the potential drawbacks is also the tremendous amount of information that is available for evaluation.So what is someone hoping to make a success of their internet home based business to do to make sure that this abundance of information does not in fact turn out to be a disadvantage and hurt how they run their business?First, it is extremely important that you realize that this is a real problem online. The internet has been touted in many ways as giving you the capacity to bootstrap a business given the available free or low cost resources.However, in many ways this same availability, this same ease of access to a tremendous amount of information can turn out to being very costly in the long run.How so?Well progress is made by first and foremost making decisions that will move your plans for your online business forward.The longer you take to make decisions the less likely you will make any real progress in running your internet home based business. And given the amount of information coming at you without a strategy to deal with this, you are likely to be caught in the information overload trap.So what do you do to avoid information overload when running your home based online business?Look there is always going to be another piece of information related to your niche that you will be tempted to evaluate. You just cannot do it all.So here is how to best get out of this information overload trap that can undermine how effective you can be in running your internet home based business.Define your requirements clearly. Make sure that your requirements answer the following:- What are the tools and resources you will need?- What capabilities should each tool and resource have?- How much time will you allocate towards evaluation and selection of each resource or tool?- At what time will you need these tools and resources?- What resources do you have to secure these?- How important is each tool or resource to the success of your internet home based business?By clearly spelling out your business requirements along these lines you force yourself to focus on what is really important to the success of your online business.Because you also have allocated a reasonable time frame for evaluation and selection, you are motivated to get on with the business of execution rather than spending too much time on these.Your internet home based business can only be successful if you strategically put in place the elements that will get it and keep it running to achieve its goals. Overcoming the information overload is one big step towards that objective.

Top 5 Home Based Businesses For 2011

Being that many people tried and failed with their home based business attempts in recent years I want to help you out by giving you 5 of the top business for 2011. If you think that you aren’t cut out for this then you are wrong, it is very easy to make a decent living by simply starting one of these 5 home based businesses on the side.Top 5 Home Based Businesses For 2011Freelance writer – One of the most common things people are doing these days is becoming a freelance writer and rightfully so. With so many new websites popping up all over the place there will be more and more need for a freelance writer to put posts on the sites and get traffic to them.Blogger – Just like I said before, there are many new sites popping up online day after day and that could be you. If you want to make decent money then start blogging about something you are passionate about and as soon as people see your passion they will keep coming back time after time.Craft sales – Another great business that you can easily start is a craft business. All you will do is make the crafts and sell them online. The best places to sell crafts online are on eBay.com and Etsy.com. This business is a huge business that could make you a lot of money very quickly, so if you are good with crafts then try it.Affiliate marketer – Affiliate marketing is a huge online business that makes people well over 6 figures per year. If you would like to get into this business then you need to start today because there is money to be lost each day you wait. Something most people think about when it comes to affiliate marketing is they will make a lot of money very easily but honestly you won’t unless you put in the work.House cleaner – Cleaning houses is a very good business to get into. Just think about it, don’t you hate cleaning your house and wouldn’t you rather pay somebody to do it for you? If you would pay somebody don’t you think that others would pay you to do the same thing?If you think that you are ready to start a home based business of your own then now is the time. The only thing you need to know is that it is up to you to make the amount of money you want.