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Should You Start A Home Based Business?

Whether or not to start a home based business is probably one of the most important questions that you will ever have to answer. If you are even seriously pondering the question in the first place, then it probably means that there are circumstances in your life which are causing you to consider undertaking a venture which will have a significant and far reaching impact on your own life and on the lives of your immediate family memebers as well. Before you take a leap of faith into becoming a small business owner, there are a few areas of your life which will be impacted and which you should seriously consider before coming to any final decision as to whether or not a home based business is right for you.

FINANCIAL

Starting your own home based business can have many financial rewards and put you in control of your own financial future. However, there are a few things to consider before beginning your undertaking.

First, will you start your home based business on a part time basis and keep your day job until you are making enough profit to enable you to quit and devote your full attention to your business? Or would you rather quit your day job now so you can devote your full time and energy to building your business? There are pros and cons to both approaches and only you can decide which one you will feel most confortable with in the long run. If you have enough savings to meet your living expenses for a good six months to a year then it might be worthwhile to quit your day job to focus on growing your business. You'll see results a lot faster and that will give you the momentum you need to keep going. Starting a home based business requires a lot of up front work and if you are doing it on a part time basis it is easier to get discouraged when the results don't materialize as quickly as you had originally planned. On the other hand, having a full time income will enable you to spend more on your business without having to worry about meeting monthly living expenses.

You will also have to set a start up budget for your business as well. Any home based business will require some start up costs, even if they are only minimal at first. For example, if you are going to be doing business on the internet, you will need to register your domain name and pay a monthly fee to have your website hosted. Domain names can be registered for as little as $7.00 and monthly hosting can be obtained for a minimum of about $25.00. You'll also need to determine how much money you are going to devote to advertising your new venture. While there are some very good ways to advertise your business for free, eventually you are going to have to lay out some money to advertise if you hope to see the kind of profits that will make your online business worthwhile. While we are not talking about massive amounts of money here, a few hundred dollars would be a reasonable sum to get some quality advertising to promote your business and allow you to start making some sales which will generate even more cashflow to reinvest in your business.

PERSONAL

Most people who are interested in starting their own home based business cite personal reasons as one of their primary motivations. It seems that more and more people are getting fed up with corporate America these days and it's no secret that the average workday continues to get longer and longer, lunch hours become nonexistent, and the financial security that once came with retirement is no longer a reality for most people. Not only does having your own home based business put you in charge of your own financial future, it also allows you to start spending real quality time with your family. Most people are so exhausted at the end of a typical workday that just getting through dinner without nodding off is a real challenge. With a home based business, you control the hours you work and you automatically add at least one or two additional hours to your day that you would otherwise spend commuting to and from work.

Of course, getting your family adjusted to having you working from home may take some effort in the beginning. If you have very small children at home it can be a challenge to keep them out of your office while you are trying to get work done. If you are the primary caretaker, you will need to work in small spurts throughout the day while the kids are napping or watching a video and then put in a few hours after they go to bed for the night. Once they are in school, the routine becomes a lot easier because you can adjust your schedule around their schoolday and have most of your daily work completed by the time they get home from school.

Life can sometimes be a series of tradeoffs, so spending all that quality time with your family also means that you'll no longer have the social interaction that was once a part of your 9 to 5 routine. Now that you have a home based business, you will have to go out of your way to gain some of that same social interaction. Joining local small business organizations is a great way to make new friends, network and have your business become known in your local community. Alot of these organizations have weekly or monthly meetings with guest speakers at either a breakfast or afer work social event. In any case, socializing will now become a great way to network and spread word of mouth about your new business venture.

MOTIVATION

You have to be motivated to start any home based business. This motivation is twofold. I am talking here about both the internal drive to take action and get your business off the ground, as well as the vision you have in your head of what your business will eventually look like once it is established and what it is you want to accomplish with your business.

A home based business can bring many financial rewards, but alot of people will get discouraged with the up front work that is required to get any business off the ground. I have often heard an analogy used by folks who do business on the internet that I like a lot because I think it is so accurate. The analogy is that starting a home based internet business is like a rocket taking off. For those who are not NASA afficionados, a rocket apparently uses something like 80% of the energy that it will use during it's entire mission just during those first few minutes of liftoff. That momentum then helps carry it throughout the rest of it's journey. It's a lot like that with a home based business. It takes alot of up front energy, but one day you realize that the hardest part is over and you've created enough momentum to help make it easier from now on in. You have to have the motivation to get through those early days, otherwise you'll never create the kind of momentum that you need to see yourself through.

You're also going to need to identify your motivation in terms of what it is you want to accomplish with this business of yours anyway. Do you have a great idea or product that you want to promote? Most people actually don't, and that's okay. Selling your own product is often thought of as the most lucrative way to make money on the internet, but you can still make quite a bit of money by finding other people's products and promoting those as an affiliate. That means for every sale you make, you get a commission. And you can also generate residual income for yourself by recruiting other people to become affiliates under you. But no matter which way you go, you have to like what you're doing and what you're promoting. Starting a home based business will not bring the financial rewards you are hoping for if you are not doing something that makes you feel energized, excited, challenged and, perhaps most importantly, that you are providing a worthwhile benefit to those people who are buying your product or service.

Well, I certainly hope those few points have given you enough to ponder as you go through the process of deciding whether or not a home based business is right for you. I hope you come to the conclusion that it is, because there is no better way that I know of to take control of your own financial future. If you don't take the bull by the horns and do it for yourself, nobody else will. But don't forget to have fun along the way. Pick a home based business that you'll look forward to tending to day in and day out and that benefits other people in some way, and I promise you that the financial rewards will follow......

About The Author

Andrea Hayhurst publishes HOW TO FIND YOUR FINANCIAL FREEDOM, a fresh and informative newsletter dedicated to supporting people interested in starting or growing a home based internet business! If you`re looking for the best rated home business opportunities or the latest time saving tools as recommended by a widely regarded expert in the business,come by and get a free subscription today at: http://www.Your-E-Source.com.

amh@your-e-source.com

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Serious About Writing A Business Plan... Start A Business Plan Library

Tap these treasures of ideas. The best money you can spend

is money invested in your business plan education. Don't

shortchange yourself when it comes to investing in your

dream. Start gathering samples of business plans and collect

business plan books and get a business plan library started,

it can change your future. Here's what your library needs to

show: that you're a serious student of business strategy and

planning, finance and economics, selling, and writing.

Sample Business Plans

Start by gathering sample business plans. Look at the annual

reports and S-1s, S-4s, 10ks, or 10Qs filed with the

Securities and Exchange Commission (SEC) of companies in

your industry. See how they present their case, explain

their business, and discuss their industry and competition.

What exactly are these forms and how do you get them? Good

question.

These are forms that public companies must file with the SEC

in order to register their securities or to maintain the registration

of previously registered securities with the SEC. You can find

these forms by going to http://www.sec.gov, clicking on the Edgar

database, and searching for a public company in your industry.

The key is to find the most helpful filings. These are the ones

labeled S-1, S-4, 10K, and 10Q. They usually contain

descriptions of the business, its products, industry, competitors

and strategies. Sections that should sound familiar to you if you

are planning to write a business plan.

Go to these sections and read how the company presents their

business and its products. Look at how they describe the industry

and their competitors. I encourage you to read as many filings in

your industry as possible. See what the "big guys" are saying, the

issues, challenges, and trends they see in the industry and how

they're attacking them.

Be careful though about mimicking what they write. Many of these

documents are written in legalese despite the SEC's protestations

and push for plain English. Just remember, you're doing this

exercise to see how other companies have built their case to

business investors.

Another approach is to gather and read professionally

written business plans of companies in your industry and use

them as guides to prepare your plan. Try to avoid generic

business plan templates. They're too general and often not

worth the investment. Either way. Start filling your

business plan library with business plans and registration

statements. Keep them close by and refer to them often as

you write your business plan.

Strategy

Now, here's a good book to start your business plan library

with. It's called: Competitive Strategy by Michael Porter.

In this landmark book, Competitive Strategy, Porter shows

you how to identify the forces that drive competition in

your industry. Learn what moves your competitors are likely

to make within it. Competitive Strategy provides a framework

for evaluating the competitive alternatives you must

consider and for thinking about how to change the rules of

the marketplace in your favor. Competitive Strategy is the

bible venture capitalist, investment bankers, and business

development executives use when analyzing an industry or

business venture. I use this book as the centerpiece of my

business plan library. So I'm just asking you to take a look

at Competitive Strategy by Michael Porter. If it suits you

fine, if it doesn't suit you, keep looking till you find

something that helps you understand strategy.

Opening your mind to strategic alternatives is a creative

process. You can never have too many books on strategy in

your business plan library. Read as much as you can to learn

why some companies can sell their products more cheaply than

others. Why others provide the best products...products that

are just far superior to their competition. And, why some

companies just always seem to provide unmatched service.

Fill your business plan library with business books that

inspire, challenge and answer these questions. Read. Read.

Read. And, study too. Find out how some companies are

reinventing competition in their markets and obtaining

funding while others are seemingly oblivious to the changing

world around them.

Michael Treacy and Fred Wiersema set out to find answers to

these types of questions in their book The Discipline of

Market Leaders. Although the authors won't appreciate this

comment, I found the underlying fundamentals in The

Discipline of Market Leaders to closely parallel those laid

out by Porter in Competitive Strategy. Perhaps that's why I

like it so much. The difference, however, is that they

present their material in a less academic, more engaging

way. And, they provide excellent case studies that are sure

to generate many aha's! The Discipline of Market Leaders

will make you think about what it is your company or new

venture does better than anyone else; what unique value do

you provide to your customers? How will you continually

increase that value? If you can't easily answer these

questions about your business, The Discipline of Market

Leaders is required reading and a must for your business

plan library. The business owners and entrepreneurs that can

answer these questions are not only raising the value bar in

their industries, they're raising capital for their

businesses!

Finance and Economics

Be sure to keep your business plan library well balanced...

Let me give you a sense of that balance. First is finance

and economics. We all have got to have a sense of how to

make money...the universal laws of business success, no

matter whether you are selling fruit from a stand or running

a Fortune 500 company. Finance and economics are the basic

building blocks of business. Your business plan library

needs a few books on the numbers. When you understand the

basics of finance and economics its possible to bringing the

most complex business down to the fundamentals. You become

empowered to focus on the basics and make money from your

venture.

Here's a good book to help you in this area: What the CEO

Wants You to Know by Ram Charan. What the CEO Wants You to

Know captures the basics of finance and economics and

explains in clear, simple language how to do what great

business owners and entrepreneurs do instinctively and

persistently. Charan explains the basic building blocks of

business and how to use them to figure out how your company

can, does, or will make money and operate as a total

business. Learn how to use these building blocks to cut

through the clutter of day-to-day business and the

complexity of the real world. What the CEO Wants You to Know

by Ram Charan. This little book is only a 137 pages: but I'm

telling you, it's so well written you'll be as intrigued as

I was. What the CEO Wants You to Know by Ram Charan. Get it

for your business plan library.

Writing

Next is writing. You have to be able to get your thoughts

down on paper. Businessese, academese, legalese - all appear

too often in business plans. Often preventing a

knowledgeable writer with good intensions to fail at getting

the message across to an intelligent, interested reader. For

some reason, when people write business plans they are

compelled to write "commence" and "prior to" instead of

"begin" and "before." If you want to write an effective

business plan, your business plan library must have books on

how to be an effective writer.

Start with Edward Baily; he wrote a surprisingly

straightforward book called The Plain English Approach to

Business Writing. This book, The Plain English Approach to

Business Writing, is about writing as you would talk, which

not only makes your writing easier to read, it's also makes

it easier to write. In a brief, entertaining 124 pages Baily

clearly lays out the dos and don'ts of plan English,

illustrating them with examples drawn from business

documents, technical manuals, trade publications, and the

works of writers like Russell Baker and John D. MacDonald.

The Plain English Approach to Business Writing offers

practical advice on clarity, precision, organization,

layout, and many other topics. Best of all, you can read it

an hour...and use it for the rest of your life.

But writing well is only a part of writing. A good business

plan must be persuasive. Listen carefully to what I just

said: persuasive. Not misleading or untruthful, but

persuasive.

Here's a book you need to look at Persuading on Paper. How's

that for a title? Persuading on Paper by Marcia Yudkin.

Yudkin is a writing consultant who coaches small-business

owners and professionals on improving their marketing

materials. In a witty and vivid style, Persuading on Paper

shows you how to use the written word to convert strangers

to prospects to paying customers (or in our case,

investors). What I like about this book is that Yudkin takes

you step-by-step through the process of creating marketing

materials that sell. Don't underestimate the power of

marketing copy in your business plan. You'll be surprised

how her methods and strategies can help create a more

powerful business plan. Persuading on Paper is a must-have

for anyone who wants to attract more clients, customers, or

investors.

Raising Capital

Next is an understanding of the process of obtaining

capital. No business plan library would be complete without

a book on the process of raising capital. Without capital

your venture is destined for failure. You need to learn how

to select the right venture capital firm, make

presentations, and negotiate your deal.

Try this book: The Venture Capital Handbook by David

Gladstone. As an executive officer at Allied Capital

Corporation, a large publicly-owned, venture capital firm in

the United States, David has reviewed many proposals for

venture capital financing. The Venture Capital Handbook

takes you through the entire process from presentation

through negotiations, commitment letters, legal closings,

due diligence, the exit by the venture capital company, to

when the entrepreneur is left to own it all. As a result,

The Venture Capital Handbook provides anyone who wants to

spend the time and money with an insight into what venture

capitalists really want. Prepare for the process of raising

venture capital with The Venture Capital Handbook.

Selling

Finally, study the art of selling. Like it or not, when you

are trying to start a business venture or raise money for

your business you have to sell investors on why they should

invest with you. It's like a rite of passage. But fast

talking salesmanship won't raise the money you need for your

business. You need an approach that respects the power of

the investor...one that builds a relationship with investors.

So, fill your business plan library with books on selling

and presenting.

Here's a book to try: Socratic Selling by Kevin Daley with

Emmett Wolfe. Socratic Selling as the title implies, uses

the Socratic Method: "A method of teaching or discussion, as

used by Socrates, in which one asks a series of easily

answered questions which inevitably lead the answerer to a

logical conclusion" (Webster's Unabridged). Dalely's

concise, easy-to-follow chapters explain how to open a sales

dialogue and go right to the heart of the matter. Socratic

Selling is a fun and informative 162 pages for those of us

who believe selling means talking with, not at, investors.

Study these techniques; they can make you more effective

with potential investors.

If you are serious about writing your business plan...show it.

Start a business plan library that shows you are a serious

student of business plans. Fill it with business plans,

public filings and annual reports of businesses in your

industry. Stay away from those generic business plan

templates. They are too general. And, Read, read, read and

study too about strategy, finance, economics, writing, selling,

and how to raise capital. Spend the money. Buy the books. The

reward can be great...a funded business plan.

Mike Elia is a chief financial officer and an advisor to venture capitalists and leverage buyout specialists. To learn more about writing business plans and raising capital or to tap into the world's largest business plan library with over 900 industry specific business plans, visit http://www.business-plan-secrets-revealed.com - Business Plan Secrets Revealed.

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How To Raise Money to Start Business and Where to Get Money for Business

The common questions for anyone who want to start business are: How to raise money to start business, and where to get money for my business?

To raise money to start business is not as difficult as most people seem to think. This is especially true when you have an idea that can make you and your backers rich. Actually, there's more money available for new business ventures than there are good business ideas. We will help you for where you can get money for business.

A very important rule of the game to learn: Any time you want to raise money, your first move should be to put together a proper prospectus.

This prospectus should include a resume of your background, your education, training, experience and any other personal qualities that might be counted as an asset to your potential success. It's also a good idea to list the various loans you've had in the past, what they were for, and your history in paying them off.

You'll have to explain in detail how the money you want is going to be used. If it's for an existing business, you'll need a profit and loss record for at least the preceding six months, and a plan showing how this additional money will produce greater profits. If it's a new business, you'll have to show your proposed business plan, your marketing research and projected costs, as well as anticipated income figures, with a summary for each year, over at least a three year period.

It'll be advantageous to you to base your cost estimates high, and your income projections on minimal returns. This will enable you to "ride through" those extreme "ups and downs" inherent in any beginning business. You should also describe what makes your business unique---how it differs form your competition and the opportunities for expansion or secondary products.

This prospectus will have to state precisely what you're offering the investor in return for the use of his money. He'll want to know the percentage of interest you're willing to pay, and whether monthly, quarterly or on an annual basis. Are you offering a certain percentage of the profits? A percentage of the business? A seat on your board of directories?

An investor uses his money to make more money. He wants to make as much as he can, regardless whether it's short term or long term deal. In order to attract him, interest him, and persuade him to "put up" the money you need, you'll not only have to offer him an opportunity for big profits, but you'll have to spell it out in detail, and further, back up your claims with proof from your marketing research.

Venture investors are usually quite familiar with "high risk" proposals, yet they all want to minimize that risk as much as possible. Therefore, your prospectus should include a listing of your business and personal assets with documentation---usually copies of your tax returns for the past three years or more. Your prospective investor may not know anything about you or your business, but if he wants to know, he can pick up his telephone and know everything there is to know within 24 hours. The point here is, don't ever try to "con" a potential investor. Be honest with him. Lay all the facts on the table for him. In most cases, if you've got a good idea and you've done your homework properly, and "interested investor" will understand your position and offer more help than you dared to ask.

When you have your prospectus prepared, know how much money you want, exactly how it will be used, and how you intend to repay it, you're ready to start looking for investors.

As simple as it seems, one of the easiest ways of raising money is by advertising in a newspaper or a national publication featuring such ads. Your ad should state the amount of money you want--always ask for more money than you have room for negotiating. Your ad should also state the type of business involved ( to separate the curious from the truly interested), and the kind of return you're promising on the investment.

Take a page from the party plan merchandisers. Set up a party and invite your friends over. Explain your business plan, the profit potential, and how much you need. Give them each a copy of your prospectus and ask that they pledge a thousand dollars as a non-participating partner in your business. Check with the current tax regulations. You may be allowed up to 25 partners in Sub Chapter S enterprises, opening the door for anyone to gather a group of friends around himself with something to offer them in return for their assistance in capitalizing his business.

You can also issue and sell up to $300,000 worth of stock in your company without going through the Federal Trade Commission. You'll need the help of an attorney to do this, however, and of course a good tax accountant as well wouldn't hurt.

It's always a good idea to have an attorney and an accountant help you make up your business prospectus. As you explain your plan to them, and ask for their advice, casually ask them if they'd mind letting you know of, or steer your way any potential investors they might happen to meet. Do the same with your banker. Give him a copy of your prospectus and ask him if he'd look it over and offer any suggestions for improving it, and of course, let you know of any potential investors. In either case, it's always a good idea to let them know you're willing to pay a "finder's fee" if you can be directed to the right investor.

Professional people such as doctors and dentists are known to have a tendency to join occupational investment groups. The next time you talk with your doctor or dentist, give him a prospectus and explain your plan. He may want to invest on his own or perhaps set up an appointment for you to talk with the manager of his investment group. Either way, you win because when you're looking for money, it's essential that you get the word out as many potential investors as possible.

Don't overlook the possibilities of the Small Business Investment Companies in your area. Look them up in your telephone book under "Investment Services." These companies exist for the sole purpose of lending money to businesses which they feel have a good chance of making money. In many instances, they trade their help for a small interest in your company.

Many states have Business Development Commissions whose goal is to assist in the establishment and growth of new businesses. Not only do they offer favorable taxes and business expertise, most also offer money or facilities to help a new business get started. Your Chamber of Commerce is the place to check for further information of this idea.

Industrial banks are usually much more amenable to making business loans than regular banks, so be sure to check out these institutions in your area. insurance companies are prime sources of long term business capital, but each company varies its policies regarding the type of business it will consider. Check your local agent for the name and address of the person to contact. It's also quite possible to get the directories of another company to invest in your business. Look for a company that can benefit from your product or service. Also, be sure to check at your public library for available foundation grants. These can be the final answer to all your money needs if your business is perceived to be related to the objectives and activities of the foundation.

Finally, there's the Money broker or Finder. These are the people who take your prospectus and circulate it with various known lenders or investors. They always require an up-front or retainer fee, and there's no way they can guarantee to get you the loan or the money you want.

There are many very good money brokers, and there are some that are not so good. They all take a percentage of the gross amount that's finally procured for your needs. The important thing is to check them out fully; find out about the successful loans or investment plans they're arranged, and what kind of investor contacts they have---all of this before you put up any front money or pay any retainer fees.

There are many ways to raise money---from staging garage sales to selling stocks. Don't make the mistake of thinking that the only place you can find the money you need is through the bank or finance company.

Start thinking about the idea of inviting investors to share in your business as silent partners. Think about the idea of obtaining financing for a primary business by arranging financing for another business that will support the start-up, establishment and developing of the primary business. Consider the feasibility of merging with a company that's already organized, and with facilities that are compatible or related to your needs. Give some thought to the possibilities of getting the people supplying your production equipment to co-sign the loan you need for start-up capital.

Remember, there are thousands upon thousands of ways to obtain business start-up capital. This is truly the age of creative financing.

Disregard the stories you hear of "tight money," and start making phone calls, talking to people, and making appointments to discuss your plans with the people who have money invest. There's more money now than there's ever been for a new business investment. The problem is that most beginning "business builders" don't know what to believe or which way to turn for help. They tend to believe the stories of "tight money," and they set aside their plans for a business of their own until a time when start-up money might be easier to find.

The truth is this: Now is the time to make your move. Now is the time to act. the person with a truly viable business plan, and determination to succeed, will make use of every possible idea that can be imagined. And the ideas I've suggested here should serve as just a few of the unlimited sources of monetary help available and waiting for you!

Now you should get idea for how to raise money to start business, how to get money for business, and where to get money for my business.

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Julia Tang publishes Smart Online Business Tips, a fresh
and informative newsletter dedicated to supporting people
like you! To find out the best online business opportunities,
and to discover hundreds more proven and practical internet
marketing secrets, plus FREE internet marketing products
worth over $200, visit: http://www.best-internet-businesses.com
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