Work From Home – Business Ideas That Can Get You Started On A Shoestring Budget

If the idea of writing up a business plan and going down to the local branch of the big bank has you scared, you are not alone. As a matter of fact, those who want to work from home, business entrepreneurs, and hobbyists who are ready to take their leisure pursuit and turn it into something profitable almost always see the bank and a loan to get started as something that the “other guys” do. More often than not, the average home based small business gets started with little cash, a lot of sweat equity, personal ingenuity, and the goodwill of friends, family, and neighbors.

When you are ready to work from home – business ideas that get you started on a shoestring budget are actually quite simple!

* Take for example the fact that any time you work out of your own home you are saving money! That’s right, if you have a dedicated space in your home that you utilize exclusively for your business and anything related thereto, you will be able to write off that portion on your income taxes, thus you will be receiving money rather than spending it.

* If you have a hobby that you are translating into a business, do not worry about upgrading your equipment. For example, if you are writer who enjoys writing articles and posting them on a number of sites, you will be able to continue to do so with the same equipment you have been using thus far – except, when you find a paying market, you will earn money for your submissions. As you expand your writing efforts and sell more of your work, you will be able to use these profits to upgrade your equipment, in this case your computer and also Internet connection. No up front expense is required!

* Advertising is frequently a highly expensive undertaking and anyone who has ever contacted any ad agency to talk about even online marketing knows how many dollar signs suddenly enter the conversation. As you work from home, business consultants know that you will not have the up front funds to engage in big ad campaigns, and thus the suggestions are always to start out small. For example, if you bake dog biscuits you could simply create some fliers with your computer and print them up, then hand them out at the vet’s office, groomer’s parlor, and other areas where dog lovers congregate. As you get more sales, you will be able to expand your advertising to include professionals ads in papers, the phone book, and online.

* Last but not least, consider the power of the bloggosphere. Blogging is becoming a hugely popular medium for those who like to rant, discuss, and share their thoughts, and there is nothing wrong with blogging about your business, your woes, triumphs, and other experiences, and at the same time go ahead and promote your work from home business!

Resist the urge to have free business cards printed up that carry another logo on the back. Whenever you hand out a business card it needs to be professional and should adequately represent your seriousness to remain in business. If all else fails, make up your own business card on your computer and use card stock to print them.

Top 10 Tips For Getting Started In The Wholesale Business

Whether you are just thinking about, or you have decided that you would like to start running a wholesale business, there are a number of items that you should spend considerable time planning and researching before going full steam ahead. Proper planning and fact-finding up-front can not only save you from a lot of headaches in the beginning, but can also mean the difference between a successful wholesale business versus a monetary disaster waiting to happen.

In this article we will provide you with ten tips to help guide you along the way as you begin planning for your business. They are presented in chronological order so that you can use them as a way to plan out the proper steps along the way. Remember, success depends on many factors – and the most important factor is your determination and energy you put into making your business a success!

Step 1: Ask Yourself Why?

Why do you want to get into the wholesaling business? It is because you would enjoy working with other businesses and manufacturers being the main point of contact between the two? Or is it because you think it is an easy way to make money quick?

Wholesaling is a demanding business, and can require lots of up-front capital, warehousing, logistics planning and customer service skills. As the main channel between the manufacturer and retailers you may find yourself dealing with hundreds of thousands of units of merchandise needing to be shipped across the country on a moments notice. Large retailers often pay on a Net-10 or Net-30 schedule, meaning payment is made after the goods are delivered. What would you do if a retailer did not pay or went bankrupt before you received payment?

Step 2: Study Your Competition

It does no good to enter a market where there already exist established, credible wholesalers for a given product. Retailers want to know they have a dependable supply source that meets their terms and often will not change wholesalers for an established product. Just because you build the warehouse does not mean they will come.

Use your local Chamber of Commerce, the Internet and even visit with retailers to find out what wholesalers exist in your area. If you want to specialize in a specific product, contact the manufacturer directly to find out who handles wholesaling for them already in your region. There may be none in your state, or there could be three down the street.

Step 3: Assess your Financial Situation

Wholesaling can require a lot of up-front capital and expenditures before you even see one cent of income. Do you have the resources to spend on setting up a relationship with a manufacturer who will most likely require you to buy in huge quantities from them? Can you afford to wait up to 30 days for payment? Do you have the money to invest in shipping freight or setting up your own delivery service?

Be sure to look past the startup costs as well. Employees, taxes, property rental and insurance are just a few of the things you will need to factor in as ongoing costs.

Step 4: The Business Plan

A solid business plan is the foundation of any business. You need to make sure that you have spelled out what you intend to do and how you intend to get it done. Not only will banks require this for financing, but often other businesses you deal with will want to see it as well. It should be the guidelines that you follow every day in your business to achieve the goals you have set forth.

For this part, it is often wise to work with a business lawyer or seek professional advice from business consulting services. A good resource to help you find people in your area with the necessary skills and background is the Small Business Administration government site.

Step 5: Apply for Licenses, Taxing Certificates and Other Necessary Paperwork

Nothing is as certain as death and taxes. It is no different in business, with one exception. As a wholesaler you will be required to pay taxes and other fees to your state and to the federal government.

The one exception is that you will be granted tax-exempt status for the actual goods you are moving between the manufacturer and other retailers. This can be a tricky process and is handled at the state level.

Again, for this part you will want to make extensive use of your state taxing authority as well as local Chambers of Commerce. One wrong mistake here can end up costing you not only money, but possible your entire business.

Step 6: Establish Your Facilities

Location, location, location. Businesses must exist somewhere and like most things in life there are rules and regulations on where they can be. Will you be having semi-trailers coming to your location at all hours of the day and night? Will you have a storefront for vendors and clients to come calling at? What about electrical, water and sewage needs?

Zoning laws exist to make sure that the right structures end up in the right places. Nobody wants a warehouse next door to them in a residential neighborhood. Work with commercial real-estate agencies to find a suitable place for your business.

Step 7: Establish Your Relationships
You have the facilities, you have the finance – now do you have anyone supplying you product or customers for that product? Work with manufacturers and retailers to build a relationship. This can be one of the most difficult parts of the experience, and is where the rubber hits the road.

In addition, relationships extend beyond your customers and suppliers. It is good practice to establish relations with your local Chamber of Commerce, retail associations and labor organizations in your area.

Step 8: Marketing

Wholesalers traditionally do not advertise. That does not mean you should not market your business to others, after all how can you build relationships or expand on existing ones? Wholesaling guides are published and distributed to many retailers and this is where the bulk of your marketing efforts will be directed. The other half should be in going to retailers directly, meeting with buyers and outlining your services. Just because you have a customer today does not mean you can rest on your laurels.

Marketing works hand in hand with building a relationship and maintaining it.

Step 9: The Machine in Motion: Servicing Your Customers

Product is coming in, retailers are placing orders – we are all done right? Not exactly. Getting the product to your customers, answering questions about delivery timeline, working with vendors to obtain new product lines, it is a complex and demanding part of the business.

In today’s “just in time” marketing model a delay in shipment could mean the end to a business relationship. You must keep your customers informed of any status changes, pricing concerns and product movements from your facility to their loading dock. This is where back end systems come into play by maintaining records and logs of all activity with that customer. Do not underestimate the value of a good Customer Relationship Management system.

Step 10: Employees, Accounts Receivable and Other Financial Matters

Once everything is up and running your next focus is your business financial present. Employees need to be hired and fired. Payroll needs to be met. Money must come in, and money must go out. Here you should invest in financial talent and services if you do not possess them already.

One oversight can mean the loss of hundreds of thousands of dollars; a missed payroll deadline could mean your entire business comes to a halt. It is critical that you constantly keep an eye on the books and on your expenditures. Know when to tighten the belt, and know when to expand.

You’ve started a home business, now what?

You’ve started a home business, now what?

You have a wonderful home business and you want to tell everyone. You have people that are interested. You want to call them. You don’t want to sound like a salesperson. You want to give them all the information.

1. Ask “How are you?

This way you start small talk and try to make them feel as ease. Ask about the weather? Just to make you sound like a person not a salesperson.

2. Ask “Are you still interested in _____?

Make sure they are still interested in listening to what you have. You don’t want to start out giving information if they are not interested. If they do say they are not interested ask Why? Sometimes it just not a good time to chat and find out when would be a good time. Or they have found something else so ask what is it?

3. Can I ask you a few questions?

You want to ask their permission to move on. You want to let them know you have questions pertaining to what you have.

4. WHY do you want to work from home?

You want to know what is the reason they want to work at home. Money, family, time. These are the reasons they want to work at home.

5. How much do you want to earn? Part-time or full-time, replacement income?

This will give you a gauge on how important it is for them to earn extra money. It will also help you when you they start the business on what they would need to do to make that extra money.

These questions are simple and easy to answer. They help both the business person and the prospect. After you get the answers to those 5 questions then go into your business and what you do. If you have business overview calls, ask permission to take them to one of those calls. Give them an approximate time on how long it would take including questions.

Now that you know what to say you can get your business moving forward and starting helping others. Make it fun and if you make a mistake, don’t worry about it. We are only human.

Things to Get Started in Gambling Business

Gambling is one of the lucrative gaming activities in the society today. It is lucrative in the sense that it renders endless possibilities for a businessman to earn more money.

This is where the reality sinks in, that, in gambling, the only person who gains from it is the business man or the owner of the gambling business. This is because people who play gambling games usually end up losing more as they continuously try their luck by adding more bets and risking more money, and even property.

With this fact, no wonder why more and more people are resorting to put up a gambling business, especially now that the Internet is incessantly growing at breakneck speed.

Moreover, with the advent of the Internet, setting up a gambling business online is relatively easy. Best of all, you don’t just get to earn more money but get to penetrate the industry faster and even better because of the wide diversity that the Internet can cover.

No wonder why in the United States alone, commercial casinos have accumulated almost $29 billion in just a year of gross revenue.

In fact, commercial casinos are prevalent in the US nowadays. There are currently 28 states that have Indian casinos, 11 have commercial casinos, and 40 states have lotteries. All in all, the US has 445 commercial casinos.

So for people who want to start gambling business, especially those online, here’s how:

1. If a person wants to start an online gambling business, it is important to get the needed items first. The most important thing of all is the software. Be informed that this costs millions of US dollars. This goes to show that people who want to start an online gambling business must be really rich.

2. Whether online or not, starting a gambling business needs an approval from the government. This goes to show that the gambling business being put up is legal and conforms to the rules and regulations set up by the law.

3. For online gambling business, it is a must that the owner has to be a licensee of an online gambling software provider. In this way, the business owner will be able to receive the necessary equipments and software needed in the online gambling business.

Indeed, gambling business can be very lucrative, especially if it is a legal one. And just like any businesses, proper management is the key element in order to succeed in the industry.

Home-Based Business – Getting Started

Many home-based businesses are either sole proprietor or a general partnership. These are simplified methods of developing a business and can often allow the greatest flexibility in startup and business termination.

With a sole proprietor business you are the single business owner paying all taxes at years end. You will likely be required to obtain a business license and applicable permits.

With a general partnership a partnership agreement is generally developed. The partnership is dissolved when one party wishes to end their stake in the business. This type of business is developed when either two friends wish to start a business together or two family members. There are also limited partnerships, corporations and limited liability companies that can be developed, but for the sake of this article we will key in on the simplest forms of business ownership.

With most online business that operates as a home-based business there is not the need for an in-home showroom or customer visitation. In fact, many municipalities and or covenant communities do not allow the sale of items through a more traditional home-based business where items are actually sold out of the home to visiting customers.

Should your home-based business receive in-home business you would likely need to look at purchasing business insurance. Most homeowner policies will not cover loss if it is determined the loss was actually related to a business visit or transaction.

The income produced from a home-based online business is considered taxable under self-employment standards in the United States. This means that you will be responsible to manage the tax liability on your income. As mentioned above this can be managed when your yearly taxes are prepared. If you have a net income that exceeds $400, self-employment taxes will need to be paid. You should also know that the Internal Revenue Service pays particular attention to home office deductions so be sure you follow all guidelines if you claim your home office as a deduction in your home-based business because some things are deductible while others are not.

You should also make sure to keep very good records of all profit and loss. You can work with an accountant to discover the specific deductions you can claim on the business you have chosen to operate.

Tax time will be a bit more stressful with additional forms to fill out and information to have on hand, but this is a small price to pay for using your skills in the development of a home-based business.