With affordable technology and home networking, many couples conduct two or more home-based businesses. Here is how they do it:
*Assess their individual strengths and skills an match them accordingly to their businesses' tasks.
*Integrate their businesses with their family, but do not permit them to interfere with the sheer enjoyment of their families' activities.
*Demonstrate respect and appreciation for each others' contributions to their businesses with positive comments and support instead of criticisms and rdiicule.
*Regularly plan business goals together.
*Share house-hold chores and child-raising.
An example of a successful entrepreneurial couple: Leisa and Mark Bates, Owners BellaSvago™ Enterprises www.Bellasvago.com; www.ZoomCreates.com; www.OrencoManor.com
Wednesday, June 1, 2011
Thursday, April 7, 2011
How Will Your Family Be Involved in Your Entrepreneurial Plans?
As a new business may demand even more time than a job outside the home, it may cause conflicts and build resentment between you and your spouse and other family members. Here are some guidelines to help you prevent this from happening.
Working with a Spouse
A husband-wife team who write historical romance novels under one pseudonym, share in raising their children and in developing their writing career. In working together they say, “We want our life relationship with one another to be distinctly separate from our work relationship. This is sometimes tough, but this is how we go about it.”
“We consider each novel that we write as a “product.” As collaborative writers, each of us is contributing to the process of creating that product. However, we force ourselves to remember that ‘we’ are not the same as the ‘product.” In separating ourselves (or at least distancing ourselves) from the product, we avoid investing all of our feelings of ‘self-worth in it. Sure, we produced it, but we also have other things more important in our lives. By thinking this way, we make ourselves less defensive about our contribution, and our relationship as a couple can continue to operate and develop (and maybe even flourish) on an entirely separate plane of existence.”
Before a couple enters into a business together, partners should ask one another the following questions:
*“Do you have the kind of relationship that thrives on plenty of time spent together?
*Does distance make the heart grow fonder, or do you prefer to spend as much time as possible with your mate?
*Do you each have unique skills and interests to contribute to the venture, and a shared passion for the product or type of business?
*Have you worked out a way to resolve conflict?
*Are you willing to share power and control with your spouse?
*Have you considered the financial risk of “putting all of your eggs in one basket?
“Remember this," says one entrepreneurial partner. "Rewards for entrepreneurial partners are enormous—and so are the risks. Be sure that you are coupling for the right reasons, and that you communicate up front about your concerns and fears. And then, keep the communication open as you proceed."
SIDEBAR: What Successful Entrepreneurial Couples Do...
*Assess their strengths and skills and match them accordingly to the business’ tasks.
*Integrate the business with the family but not allowing it to interfere with the sheer enjoyment of family life activities.
*Show appreciation for each person’s contribution to the business with positive comments and support instead of criticism and ridicule.
*Regularly plan their business’ goals together.
*Share household chores and child-rearing.
Next: Tips for Two Entrepreneurs Working Under One Roof
Working with a Spouse
A husband-wife team who write historical romance novels under one pseudonym, share in raising their children and in developing their writing career. In working together they say, “We want our life relationship with one another to be distinctly separate from our work relationship. This is sometimes tough, but this is how we go about it.”
“We consider each novel that we write as a “product.” As collaborative writers, each of us is contributing to the process of creating that product. However, we force ourselves to remember that ‘we’ are not the same as the ‘product.” In separating ourselves (or at least distancing ourselves) from the product, we avoid investing all of our feelings of ‘self-worth in it. Sure, we produced it, but we also have other things more important in our lives. By thinking this way, we make ourselves less defensive about our contribution, and our relationship as a couple can continue to operate and develop (and maybe even flourish) on an entirely separate plane of existence.”
Before a couple enters into a business together, partners should ask one another the following questions:
*“Do you have the kind of relationship that thrives on plenty of time spent together?
*Does distance make the heart grow fonder, or do you prefer to spend as much time as possible with your mate?
*Do you each have unique skills and interests to contribute to the venture, and a shared passion for the product or type of business?
*Have you worked out a way to resolve conflict?
*Are you willing to share power and control with your spouse?
*Have you considered the financial risk of “putting all of your eggs in one basket?
“Remember this," says one entrepreneurial partner. "Rewards for entrepreneurial partners are enormous—and so are the risks. Be sure that you are coupling for the right reasons, and that you communicate up front about your concerns and fears. And then, keep the communication open as you proceed."
SIDEBAR: What Successful Entrepreneurial Couples Do...
*Assess their strengths and skills and match them accordingly to the business’ tasks.
*Integrate the business with the family but not allowing it to interfere with the sheer enjoyment of family life activities.
*Show appreciation for each person’s contribution to the business with positive comments and support instead of criticism and ridicule.
*Regularly plan their business’ goals together.
*Share household chores and child-rearing.
Next: Tips for Two Entrepreneurs Working Under One Roof
Thursday, March 31, 2011
Timing Your Business' Launch Date
From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” she says. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. A woman home business expert said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
-30-
NEXT: CONSIDERING YOUR FAMILY'S INVOLVEMENT IN YOUR ENTREPRENEURSHIP PLANS
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” she says. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. A woman home business expert said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
-30-
NEXT: CONSIDERING YOUR FAMILY'S INVOLVEMENT IN YOUR ENTREPRENEURSHIP PLANS
Saturday, March 26, 2011
Options to Consider Before You Quit Your Day Job
Options to Consider Before You Quit Your Day Job
You may have dreamed of starting a home business for various reasons, but before you tell your boss off and quit your day job, consider these tips:
1. While at Your Present Job:
*If there are company benefit plans, see when they will increase in value and if and when you might receive money from them.
*Schedule routine physical, dental, or eye examinations covered by your company’s health insurance. Determine the cost of the health coverage if you had to pay for it.
*Update your references. If your boss commended you for doing a good job, ask if she would put in writing and placed into your file.
*Take courses, training sessions, etc., paid by your employer that could be used in a future business.
2. Develop a Financial Plan:
*Make sure you have good credit. If not, take the time to establish it—preferably while you are still employed.
*Save money. Try living on the bare minimum to see if you can get by on less money when you start your business. Put the savings toward your venture. Moonlight at a part-time job. Experts recommend you save two years’ living expenses—the average time for a business to become profitable—before quitting to start a full-time venture.
*See if you will be getting a severance or retirement package that could help finance a business or pay living expenses.
3. Self-Evaluation:
*Ask yourself and the honest opinion of others if you have what it takes to be a business owner. Setting goals, flexibility, self-discipline, confidence to take calculated risks, being willing to market yourself and your business, and others are all important characteristics of an entrepreneur.
*Evaluate your skills and/or education to decide if you need additional training for your venture.
4. Business Start-Up Preparation:
*Write a business plan you could take to a banker.
*Do thorough market research for your business idea. Use both primary research—asking persons directly for feedback—and secondary research—collecting data and demographic information from business organizations, legislators and government agencies to develop a customer profile and to discover if a market exists.
*Start your business part-time—2/3 of new business owners do.
*Develop a business network of experts and contacts in your industry and in the community in which you will be doing business. These will be invaluable in getting referrals and clients.
*Set goals—long range and short-term—to establish a plan of action.
5. Family Preparation
*Discuss with your partner and family the impact a business start-up could have on their lives. Their backing will be important to your business’ success.
You will need some sort of support until your business can sustain itself. By heeding practical tips like these, your business will be more likely to succeed when you do go out on your own.
Further Discussion:
When to go Solo
You can go full-time with your business if...
...you have set a commitment of time to dedicate to launching this business.
...you have the savings (six months to two years), a life partner’s income, or the financial backing you need to sustain your cost of living expenses until the business becomes profitable.
...you have the funds and/or financial backing of friends, acquaintances, bank loans to start and sustain your business until it makes a profit.
...you have written a business plan to guide your business.
...you have the customers who want or need your business service or product.
...you have a support team of mentors, business experts, and networking friend
Timing your Business’ Launch date
From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” says Kaiser. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. Phyllis Gillis, one of the first to write about this home business movement (Entrepreneurial Mothers), said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
For Further Information:
"This Is Your Life, Not A Dress Rehersal: Proven Pinciples for Creating The Life of Your
Dreams" by Jim Donovan - www.jimdonovan.com
-30-
You may have dreamed of starting a home business for various reasons, but before you tell your boss off and quit your day job, consider these tips:
1. While at Your Present Job:
*If there are company benefit plans, see when they will increase in value and if and when you might receive money from them.
*Schedule routine physical, dental, or eye examinations covered by your company’s health insurance. Determine the cost of the health coverage if you had to pay for it.
*Update your references. If your boss commended you for doing a good job, ask if she would put in writing and placed into your file.
*Take courses, training sessions, etc., paid by your employer that could be used in a future business.
2. Develop a Financial Plan:
*Make sure you have good credit. If not, take the time to establish it—preferably while you are still employed.
*Save money. Try living on the bare minimum to see if you can get by on less money when you start your business. Put the savings toward your venture. Moonlight at a part-time job. Experts recommend you save two years’ living expenses—the average time for a business to become profitable—before quitting to start a full-time venture.
*See if you will be getting a severance or retirement package that could help finance a business or pay living expenses.
3. Self-Evaluation:
*Ask yourself and the honest opinion of others if you have what it takes to be a business owner. Setting goals, flexibility, self-discipline, confidence to take calculated risks, being willing to market yourself and your business, and others are all important characteristics of an entrepreneur.
*Evaluate your skills and/or education to decide if you need additional training for your venture.
4. Business Start-Up Preparation:
*Write a business plan you could take to a banker.
*Do thorough market research for your business idea. Use both primary research—asking persons directly for feedback—and secondary research—collecting data and demographic information from business organizations, legislators and government agencies to develop a customer profile and to discover if a market exists.
*Start your business part-time—2/3 of new business owners do.
*Develop a business network of experts and contacts in your industry and in the community in which you will be doing business. These will be invaluable in getting referrals and clients.
*Set goals—long range and short-term—to establish a plan of action.
5. Family Preparation
*Discuss with your partner and family the impact a business start-up could have on their lives. Their backing will be important to your business’ success.
You will need some sort of support until your business can sustain itself. By heeding practical tips like these, your business will be more likely to succeed when you do go out on your own.
Further Discussion:
When to go Solo
You can go full-time with your business if...
...you have set a commitment of time to dedicate to launching this business.
...you have the savings (six months to two years), a life partner’s income, or the financial backing you need to sustain your cost of living expenses until the business becomes profitable.
...you have the funds and/or financial backing of friends, acquaintances, bank loans to start and sustain your business until it makes a profit.
...you have written a business plan to guide your business.
...you have the customers who want or need your business service or product.
...you have a support team of mentors, business experts, and networking friend
Timing your Business’ Launch date
From Part-Time to Full-Time does not happen overnight—it is a process.
When Joanne was divorced twelve years ago, she realized she needed to get a job to help support herself and her children. Joanne was skilled in quilting, but it was too labor intensive and she needed to bring in cash to meet expenses. She took a job selling wallpaper in a home decorating store where she became familiar with wallpapers and paints.
When one of the customers asked Joann to paper her walls, she decided to give it a try. This first customer was a dean of a women’s college and encouraged Joann to go into business for herself and advised her to attend the business seminars held at a nearby Small Business Development Center. “They gave invaluable advice about beginning a business,” says Kaiser. In the meantime others began to ask Joann if she would paper and paint their houses.
For six months Joann worked at one job and her papering and painting business until it became just too much. “Working two jobs, and being a mother was more than I could handle,” she says. “I liked my business, so I stepped out in faith, and went full-time.”
Overcome Your Apprehension with Adequate Preparation
The better-prepared you are, the more you will know the risks of your undertaking. Take the time to research and prepare for going full-time. Phyllis Gillis, one of the first to write about this home business movement (Entrepreneurial Mothers), said at a talk I attended, “If you are going to sell apple pies to restaurants, try baking 100 pies in a week, to see if this is something you really want to do, full-time.”
Be Self-Confident
You will have “nay-sayers” who may try to discourage you, but if you believe in yourself, you will be more likely than someone who is overwhelmed by self-doubts.
For Further Information:
"This Is Your Life, Not A Dress Rehersal: Proven Pinciples for Creating The Life of Your
Dreams" by Jim Donovan - www.jimdonovan.com
-30-
Thursday, March 10, 2011
How to Do Market Research for Your Home-Small Business Idea
SUCCESS SECRET #13: Learn how to market research for your home business idea to determine if there are potential customers.
Finding Your Customers; Your Niche
No matter what business idea you consider, if you do not have customers for your service or products, your business cannot succeed. To determine this you have to identify your target market—the customers most likely to patronize your business—and if there is a “niche”—some service or product that is not yet being provided to your target customers.
Establish parameters of your Target Market by asking the following:
1) What are their demographics?
2) What are their needs and requirements?
3) What benefits do they want?
4) What are their concerns about your type of product or service?
5) Who is your competition?
Knowing your Target Audience will minimize the risks of doing business. It will uncover and identify potential problems. It will help you recognize opportunities in the marketplace that otherwise would be missed. It can save you time and money by focusing your energy on the potential BUYERS.”
How To Analyze Your Competitors
In your quest to find Target Customers, you need to analyze your competitors and what they are and are not providing their customers. Here are some suggestions:
1) Study their advertisements to see which services or products they are pushing. Get copies of their promotional materials. Then see if there is a service or product they do not provide.
2) Do informal surveys of your target customers at business trade shows or events, or via the telephone, flyers, word-of-mouth, ads in the newspapers or direct mailings with response cards.
3) Test a product and or service similar to your competitor’s by offering a free consultation or sample and then ask for feedback about its quality.
4) Be bold and honest and contact your competitors directly and ask them if there are customers’ jobs that they cannot or prefer not to handle. My husband and I who did lawn care on the side a couple of years ago discovered a niche of mowing the tiny lawns of townhouse owners. We received the tip from an owner of a large lawn and tree care business. He told us it was not worth his time to mow small lawns and preferred to mow business sites. We had more business than we could handle mowing these little lawns!
Call your competitors, and tell them you will be grateful for any smaller referrals and that you are worthy of their recommendations.
How Be Smarter Than Your Competitors
No matter what business you start you are likely to have competition from other businesses for some (or all) of the same customers. Here are some tips to help you get an advantage:
*Be available more hours or at times when your competitors are not. For example, a child care business has hours on weekends or some evenings for parents who are students or work evening shifts.
*Surprise your customer with little extras. Provide free estimates with no obligation. Send them thank you notes or congratulatory cards on special occasions. Offer them special sales. Sue, who has a home-based salon offers refreshments and free handmade ornaments to all customers during holiday seasons.
*Be honest with your customers. If you made a mistake, take steps to rectify it. Tell them immediately if you cannot handle a certain request and have a list of others they can call. When we did the lawn care, we also had requests to rototill gardens or trim trees. We did not have the equipment to do that, but we did have a list of other recommended business owners who performed those services.
*Treat all customers with respect. You do not have to like every customer, but you do have treat them as persons and with professionalism and common courtesy.
*Communicate! Be available for your customers and be sure to get back to them promptly if they have a question. A lawyer with a home office says, “I often answer my own business telephone even though I have a secretary. My clients are surprised and pleased that they can often talk directly to me.”
*Let them know if you are having a problem completing a project. Make sure you understand exactly what the customer wants—do not assume anything! Send out “customer report cards” for their feedback.
-30-
***
Next: "Before You Quit Your Day Job"
Finding Your Customers; Your Niche
No matter what business idea you consider, if you do not have customers for your service or products, your business cannot succeed. To determine this you have to identify your target market—the customers most likely to patronize your business—and if there is a “niche”—some service or product that is not yet being provided to your target customers.
Establish parameters of your Target Market by asking the following:
1) What are their demographics?
2) What are their needs and requirements?
3) What benefits do they want?
4) What are their concerns about your type of product or service?
5) Who is your competition?
Knowing your Target Audience will minimize the risks of doing business. It will uncover and identify potential problems. It will help you recognize opportunities in the marketplace that otherwise would be missed. It can save you time and money by focusing your energy on the potential BUYERS.”
How To Analyze Your Competitors
In your quest to find Target Customers, you need to analyze your competitors and what they are and are not providing their customers. Here are some suggestions:
1) Study their advertisements to see which services or products they are pushing. Get copies of their promotional materials. Then see if there is a service or product they do not provide.
2) Do informal surveys of your target customers at business trade shows or events, or via the telephone, flyers, word-of-mouth, ads in the newspapers or direct mailings with response cards.
3) Test a product and or service similar to your competitor’s by offering a free consultation or sample and then ask for feedback about its quality.
4) Be bold and honest and contact your competitors directly and ask them if there are customers’ jobs that they cannot or prefer not to handle. My husband and I who did lawn care on the side a couple of years ago discovered a niche of mowing the tiny lawns of townhouse owners. We received the tip from an owner of a large lawn and tree care business. He told us it was not worth his time to mow small lawns and preferred to mow business sites. We had more business than we could handle mowing these little lawns!
Call your competitors, and tell them you will be grateful for any smaller referrals and that you are worthy of their recommendations.
How Be Smarter Than Your Competitors
No matter what business you start you are likely to have competition from other businesses for some (or all) of the same customers. Here are some tips to help you get an advantage:
*Be available more hours or at times when your competitors are not. For example, a child care business has hours on weekends or some evenings for parents who are students or work evening shifts.
*Surprise your customer with little extras. Provide free estimates with no obligation. Send them thank you notes or congratulatory cards on special occasions. Offer them special sales. Sue, who has a home-based salon offers refreshments and free handmade ornaments to all customers during holiday seasons.
*Be honest with your customers. If you made a mistake, take steps to rectify it. Tell them immediately if you cannot handle a certain request and have a list of others they can call. When we did the lawn care, we also had requests to rototill gardens or trim trees. We did not have the equipment to do that, but we did have a list of other recommended business owners who performed those services.
*Treat all customers with respect. You do not have to like every customer, but you do have treat them as persons and with professionalism and common courtesy.
*Communicate! Be available for your customers and be sure to get back to them promptly if they have a question. A lawyer with a home office says, “I often answer my own business telephone even though I have a secretary. My clients are surprised and pleased that they can often talk directly to me.”
*Let them know if you are having a problem completing a project. Make sure you understand exactly what the customer wants—do not assume anything! Send out “customer report cards” for their feedback.
-30-
***
Next: "Before You Quit Your Day Job"
Tuesday, February 15, 2011
Avoiding Work-at-Home & Other Business Opportunity Scams
SUCCESS SECRET #11: Learn how to avoid home business scams.
You know the old adage: “If it sounds too good to be true...it usually is!” However, many persons frustrated with their present jobs and who would love to stay at home and work, fall victim to the increasing number of work-at-home scams that appear on the Internet, newspapers, magazines, and other media. The National Consumer League estimates more than $200 billion is lost to home business scams and fraud each year!
Be suspect of all ads like the ones saying they pay persons to “stuff envelopes, assemble crafts at home,” or those full-page ads that never tell you exactly what work the person in the picture is doing on their kitchen table (where else?) but that she has made millions doing this simple and easy job and all you need to do is send them $49.95 and you can know how to do it too!
Here are some tell-tale signs of a home business opportunity scam:
1. Promises of huge profits running this business in your spare time.
2. Asks you for money before they send you any of the business details.
3. Refuses to give the names (addresses, telephone numbers, etc.) of others who have invested in this business opportunity.
4. Requests money for work-at-home sources.
5. Very willing to negotiate the price of the home business opportunity if you complain about the high prices—these scam artists want to get whatever money you are willing to spend!
6. Refuses to send you a demo disk if they are selling business software.
7. Wants to sell you the business opportunity but offer no advice how you will market this business in your community.
8. Pressures you to sign a contract without giving you time to check out the company.
9. SENDS YOU E-MAIL SOLICITATIONS IN CAPITAL LETTERS!
One older couple in my community took a second mortgage on their home to invest $15,000 in a business opportunity which included a computer and software for three different business packages (all out-of-date). They were promised free support in their business start-up. This couple even flew out to the company and interviewed the owners and observe their headquarters.
Unfortunately, this couple had no experience or training in any of the business packages they purchased or knew anything about business start-up and marketing. They also had not done any market research in their community to see if such business services were needed. It would have been much better if they had taken that $15,000 and invested in their own business venture—one they knew and one that had a market existing for it! (Note: this company was finally charged with false advertising and ordered to pay back the money it took, but the victims only received a small percentage of their investments.)
You may be anxious—even desperate to start a business, but take the time to thoroughly research your business ideas and do not spend a single penny until you are satisfied with the credentials of the company with whom you are dealing. Better yet—avoid them altogether! Better to “invest in yourself,” and start a business based on your own expertise and strengths. Chambers of Commerce, home-based business groups, U. S. Small Business Administration’s small business development and women’s business development centers, etc., all can help you get information you need to start a successful (and legitimate) venture in your own community!
Suggested Resources
"Scam-Proof Your Life" by Sid Kirchheimer (book)
*www.ftc.gov/bcp/edu/microsites/bizopps/ - FTC info about business opportunity scams
*www.BBB.org - check out opportunities
-30-
Next topic: How to conduct market research for your home-business idea.
You know the old adage: “If it sounds too good to be true...it usually is!” However, many persons frustrated with their present jobs and who would love to stay at home and work, fall victim to the increasing number of work-at-home scams that appear on the Internet, newspapers, magazines, and other media. The National Consumer League estimates more than $200 billion is lost to home business scams and fraud each year!
Be suspect of all ads like the ones saying they pay persons to “stuff envelopes, assemble crafts at home,” or those full-page ads that never tell you exactly what work the person in the picture is doing on their kitchen table (where else?) but that she has made millions doing this simple and easy job and all you need to do is send them $49.95 and you can know how to do it too!
Here are some tell-tale signs of a home business opportunity scam:
1. Promises of huge profits running this business in your spare time.
2. Asks you for money before they send you any of the business details.
3. Refuses to give the names (addresses, telephone numbers, etc.) of others who have invested in this business opportunity.
4. Requests money for work-at-home sources.
5. Very willing to negotiate the price of the home business opportunity if you complain about the high prices—these scam artists want to get whatever money you are willing to spend!
6. Refuses to send you a demo disk if they are selling business software.
7. Wants to sell you the business opportunity but offer no advice how you will market this business in your community.
8. Pressures you to sign a contract without giving you time to check out the company.
9. SENDS YOU E-MAIL SOLICITATIONS IN CAPITAL LETTERS!
One older couple in my community took a second mortgage on their home to invest $15,000 in a business opportunity which included a computer and software for three different business packages (all out-of-date). They were promised free support in their business start-up. This couple even flew out to the company and interviewed the owners and observe their headquarters.
Unfortunately, this couple had no experience or training in any of the business packages they purchased or knew anything about business start-up and marketing. They also had not done any market research in their community to see if such business services were needed. It would have been much better if they had taken that $15,000 and invested in their own business venture—one they knew and one that had a market existing for it! (Note: this company was finally charged with false advertising and ordered to pay back the money it took, but the victims only received a small percentage of their investments.)
You may be anxious—even desperate to start a business, but take the time to thoroughly research your business ideas and do not spend a single penny until you are satisfied with the credentials of the company with whom you are dealing. Better yet—avoid them altogether! Better to “invest in yourself,” and start a business based on your own expertise and strengths. Chambers of Commerce, home-based business groups, U. S. Small Business Administration’s small business development and women’s business development centers, etc., all can help you get information you need to start a successful (and legitimate) venture in your own community!
Suggested Resources
"Scam-Proof Your Life" by Sid Kirchheimer (book)
*www.ftc.gov/bcp/edu/microsites/bizopps/ - FTC info about business opportunity scams
*www.BBB.org - check out opportunities
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Next topic: How to conduct market research for your home-business idea.
Saturday, February 5, 2011
Finding Spin-Offs to Your Business
Do not limit yourself to just one product, service, or business.
Sometimes a home business can offer more opportunities than just one business.
Options for you to consider.
Spin-offs: Polly made different brands of potpourri mixes to be sold in various sewn items. She loved the
fragrances so much that she decide to incorporate them into creating handmade soaps which she sells to various craft and gift shops.
One for profit, One for Your Passion: Regina uses one home business to help her fund another. She cleans homes during the
week and on the weekends sells her own specially-designed jewelry at artisan shows and specialty shops which fulfills her creative outlets.
Seasonal: One woman featured in a business magazine has three businesses based on her area: She is a ski instructor in the winter months; grows fresh herbs to sell to restaurants; and makes flavored vinegars which she sells to gourmet cooking shops.
Here are some tips in handling multiple ventures:
*Keep each business completely separate (even if they are related) especially with your records, advertising, accounts, etc. Consult regularly with your accountant to monitor your financial statements.
*Have a separate business plan for each venture including short-and-long-range goals, market research and planning, and review them regularly.
*Contract with a home-based, virtual assistant for a few hours a week to help you keep up-to-date with correspondence so you can concentrate on the business’ services, production and marketing.
*Use customer feedback and market research to (1) improve and expand each business and (2) possibly find lucrative spin-offs in these businesses, also.
As I tell women in my business workshops, one man in my community has eighteen businesses, so why not you someday?
SIDEBAR: Six Ways to Find Spin-Offs in Your Current Business(es)
1. Self-publish your expertise in books, booklets, or publications. People love to read success tips by someone who has “made it.” Offer these for sale especially in your industry. Patricia Gallagher ran a successful at-home day care business and then put her practical experiences into a book which she sold to two different publishers.
2. Create software of templates, mini-programs, or training manuals for other entrepreneurs in your industry based on your experiences.
3. Offer yourself as a workshop leader, keynote speaker, or panel participant for industry conferences.
4. At the end of the talks, or for persons who are not able to attend conferences, offer audio or videotapes or transcripts of the tapes.
5. Write articles (online social sites or through print-media) and/or columns in industry or consumer publications that will reach your target audiences.
6. Look to see if your local cable or radio show will allow you to have a regular show about on your expertise.
Next post: Avoiding Home-Business Scams
Sometimes a home business can offer more opportunities than just one business.
Options for you to consider.
Spin-offs: Polly made different brands of potpourri mixes to be sold in various sewn items. She loved the
fragrances so much that she decide to incorporate them into creating handmade soaps which she sells to various craft and gift shops.
One for profit, One for Your Passion: Regina uses one home business to help her fund another. She cleans homes during the
week and on the weekends sells her own specially-designed jewelry at artisan shows and specialty shops which fulfills her creative outlets.
Seasonal: One woman featured in a business magazine has three businesses based on her area: She is a ski instructor in the winter months; grows fresh herbs to sell to restaurants; and makes flavored vinegars which she sells to gourmet cooking shops.
Here are some tips in handling multiple ventures:
*Keep each business completely separate (even if they are related) especially with your records, advertising, accounts, etc. Consult regularly with your accountant to monitor your financial statements.
*Have a separate business plan for each venture including short-and-long-range goals, market research and planning, and review them regularly.
*Contract with a home-based, virtual assistant for a few hours a week to help you keep up-to-date with correspondence so you can concentrate on the business’ services, production and marketing.
*Use customer feedback and market research to (1) improve and expand each business and (2) possibly find lucrative spin-offs in these businesses, also.
As I tell women in my business workshops, one man in my community has eighteen businesses, so why not you someday?
SIDEBAR: Six Ways to Find Spin-Offs in Your Current Business(es)
1. Self-publish your expertise in books, booklets, or publications. People love to read success tips by someone who has “made it.” Offer these for sale especially in your industry. Patricia Gallagher ran a successful at-home day care business and then put her practical experiences into a book which she sold to two different publishers.
2. Create software of templates, mini-programs, or training manuals for other entrepreneurs in your industry based on your experiences.
3. Offer yourself as a workshop leader, keynote speaker, or panel participant for industry conferences.
4. At the end of the talks, or for persons who are not able to attend conferences, offer audio or videotapes or transcripts of the tapes.
5. Write articles (online social sites or through print-media) and/or columns in industry or consumer publications that will reach your target audiences.
6. Look to see if your local cable or radio show will allow you to have a regular show about on your expertise.
Next post: Avoiding Home-Business Scams
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