Solomon's Corner presents and explains an incredibly wide variety of information - all aimed at ensuring your business success. Whether you need information on choosing the right opportunity, avoiding scams, marketing your business, pricing your products and services, keeping accounts and books, understanding do's and don'ts, or growing your business, you'll find it here.
Solomon's Corner is a very unique. It provides new marketing information and resources. Solomon's Corner can provide you with the very best ideas, concepts and tools for starting and successfully operating your home or online business. Apply them, we're convinced that you'll be able to create exactly the kind of business you have always dreamed of and find exactly the level of success that you have always wanted.
What You Need to Know About Home-based Businesses
In This Session
- Defining the home-based business
- Understanding the basics
- Dealing with the good and the bad news
Congratulations! You've decided to start a home-based business. We welcome you as you join with millions of others who have already made the decision to start their own business. According to the Small business Administration(SBA), there are 23.7 million businesses in the United States today. Of this total, 99.7 percent are small businesses (defined by the government as businesses with fewer than 500 employees), or about 23.6 million. Of these, just over half - about 11.8 million - are home-based businesses.
Owning your own home-based business may be the most rewarding experience of your entire life. Not just in a financial sense, but also rewarding in the sense of doing the work you love and having control over your own life. Of course, every great journey begins with the first step. In this session, we provide you with an overview, taking a look at the basics of home-based business - including getting started, managing your money, avoiding problems and moving ahead. Finally, we consider some of the good news - and the bad- about starting your own home-based business and knowing when it's time to make a move.
Home-Based Business Defined
A home-based business is, a business based in your home. Whether you do all the work in your home or on customers' or third-party premises, whether you run a website, a franchise, a direct service, a direct-sales operation or a business opportunity, if the center of your operations is based in your home, it's a home business.
What Kind of Business will it be?
After you decide you're going to start your own home-based business, you're left with two questions: Exactly what kind of home-based business should you start, and what is the best way to market your products or services?
There are two major types of home-based businesses: businesses you start from scratch and businesses you buy.
Businesses You Buy
Three types of businesses: Franchise, direct selling and business opportunities. Whether you prefer to march to beat of your own drummer get a business in a box depends on your personal preferences: whether you like to create systems (or follow those of others and how much structure you like.
The advantage of a business you start from scratch is that it can be molded to your preferences and to existing and emerging markets, and therefore provide a boundless variety of possibilities. They tend to be more successful over the long run than businesses you buy.
Each type of home business that you can buy, on the other hand, has its own spin. Here are examples of the three different types.
A franchise is an agreement in which one business grants another business the right to distribute its product or services. Some common home-based franchises include the following:
- American Leak Detection (water/gas leak detection)
- Merry Maids (cleaning service)
- Kinderdance International (teaching dance to preschoolers)
- ServiceMaster (cleaning Service)
- Terminix Termite and Pest Control (pest control)
Direct selling involves selling products or services in a person to person manner, away from a fixed retail location. There are two main types of direct selling opportunities:
- Single-level marketing is making money by buying products from a parent company and then selling those products directly to customers.
- Multi-level marketing involves making money through single-level marketing and by sponsoring new direct sellers.
Some common home-based direct-selling opportunities include the following:
- Amway/Quixtar (household cleaning products)
- Discovery Toys, Inc. (toys)
- Longaberger Company (baskets)
- Mary Kay, Inc. (cosmetics)
- Nikken, Inc. (wellness technology)
A business opportunity is an idea, product, system or service that someone else develops and offers to sell to others to help them start their own, similar business. (One way to think of a business opportunity is that it's any business concept you can buy from someone else that not direct-selling or a franchise.) Your customers and clients pay you directly when you deliver a product or service to them. Here are several examples of businesses opportunities that can easily be run out of your home:
- Balloon Wrap, Inc. (balloon gift wrap)
- Cardservice International (transaction service provider)
- Home Video Studio, Inc. (video studio)
- Rhino Linings USA, Inc. (truck-bed liners)
Interested in finding some immediate online business opportunities? Take a look at these links:
Interested in finding out the names of more companies and how to get in touch with them? Entrepreneur Magazine: (http://www.entrepreneurmag.com) and( http://www.gosmallbiz.com ) also have extensive information on business opportunities you can buy. You can also do an online search for companies on Google (http://www.google.com), using the keywords business opportunity.
Well, that's enough for now! We'll be back soon with part two of session one. Thank You for reading our blog!!