Home Based Businesses are great and can be extremely profitable but without the proper knowledge and tools you can waste an incredible amount of time and/or money which defeats the purpose you started out with, namely to make money and have time to do the things you want to do. This article was written to give the average person like you and I a practical guideline to getting started in a home based business the right way, and to save you wasted time and money.

My experience has shown me that there are basically 3 main pillars or principles of a solid home based business.

Pillar #1: It must have minimal start up cost.

A home based business that has a high start up cost will take longer to see a profit, and as we said earlier, time is one of the things we are trying to cut down on. Minimal cost will also make the home based business more assessable to a larger amount of families or individuals who are just starting out.

Pillar #2: It must be easy to set up and maintain.

The more complicated your home business project, no matter what it is, the more likely you are to give up out of sheer frustration before you see a profit. A business that is easy to set up and maintain will give you confidence and a sense of accomplishment as you complete each simple step in the process.

Let’s face it if you enjoyed wasting a lot of time and effort maintaining a home based business you would not be reading this article. This is about freeing you to spend time with your family and doing the things you love, not creating another taskmaster to replace your job! The first two pillars of a solid home based business are necessary for the third to occur.

Pillar #3: It must have a quick return on investment. (ROI)

You can spend months building a home based business but it there is never any real profit generated in a reasonable amount of time many people may get discouraged and give up. What is a reasonable amount of time? I would plan for a time frame on the order of weeks instead of months. Depending on the type of home based business some people have had a decent ROI within days, and unbelievable as it may sound some businesses that deal with affiliate marketing and sales can see profit as early as 15 minutes from startup!

You may be thinking to yourself “that’s too simple!” Let me say that within these 3 pillars there is plenty of detail to keep anyone busy. The business that you choose to start should definitely be something that interests you and possibly even something that you already have a measure of experience in doing. Whatever home based business you get involved in make sure that it is propped up by the 3 pillars listed in this article. Do not make the mistake of overcomplicating your efforts or you will see very quickly that you will get bogged down with a lot of needlessly wasted time and effort.

Here’s to your home based business success.

3 Pillars of a Solid Home Based Business is a post from: KL-FCO Business Tips

First of all, when I say that there isn’t such a thing as corporate crime, I simply mean that it is always individual people who commit crimes. With that in mind, you can imagine what my better way to reduce this crime is: Go after the criminals!

Who Pays For Corporate Crime?

Exactly who pays when a large corporation is fined for breaking the law? To begin with, the stockholders pay. Many of these are innocent retirees who have money invested with the company and had no idea they were breaking the law. Then the employees pay with the loss of jobs, if the financial situation of the company is damaged by the fines. Who doesn’t pay? Just the criminals – the individuals who chose to break the law.

All crimes are committed by PEOPLE, not companies. When a company dumps poisons into the environment, a PERSON made the decision to do that (or several people). When a company steals from a pension fund or violates workers rights, INDIVIDUALS made those decisions. People commit corporate crime, not corporations!

If you want to stop corporate crime, start putting the individuals who are involved in the crime in PRISON. Our current system often has company officers making cost/benefit calculations as to whether the profits from certain crimes are greater than what the occasional fines add up to. Even though laws are broken, they stand little chance of being held personally responsible. Why not hold them responsible?

To fine companies for the actual costs imposed on others by a crime is appropriate. We have to clean up toxic messes, and in other cases compensate those who suffer damages. This also means that shareholders have a reason to be careful in who they elect to the board of directors. However, “punitive” fines are ridiculous unless they are levied against the individual criminals. Make the person who committed the crime pay the fine.

Is this such a radical idea? I don’t think so! By the way, which do you think is more likely to deter a corporate officer from committing a crime, a fine that is paid by the company, and doesn’t even affect his salary, or ten years in jail? The answer to that gives us the answer to corporate crime.

Corporate Crime is a post from: KL-FCO Business Tips

I hear the term “Virtual Assistant” more and more in business. Did you know that you could possibly hire someone from another continent that works while you sleep and maybe for $8 – $12 Dollars. Mos t of the VAs I work with have degrees and one an MBA in Business Admin. I pay her a pautry $15.00 per hour and what a bargain that is.

With the growth of virtual assistants has also been a change in what it means to be a virtual assistant. The leaders and founders of this particular entrepreneurial job have made distinctions between what it means to be a virtual assistant, and what it doesnt mean. When you are explaining your business to others, you want to make sure to keep this standard.

Being a virtual assistant is becoming a distinct definition of a specific home owned business. It is expected that the standards will be upheld of a virtual assistant for all others who are working in this profession. This means that a virtual assistant is someone who provides a variety of services to businesses and individuals following the standard that has become formalized in the past decade.

The first angle that is taken towards approaching what a virtual assistant is includes the idea of being virtual. If you are not working out of your home, or remotely, then you are not considered a virtual assistant. Instead, it is considered to be a temporary job or a telecommuting job. One of the standards for being a virtual assistant is having the freedom to work where you want.

The second part to being a virtual assistant is the distinction that is made in the job description. Most virtual assistants will cringe at the idea of being called a secretary or freelance worker. Technically, a freelance worker is one who only does the job for extra income. At the same time, a secretary is one who doesnt do the work continuously with only one client. A virtual assistant is provided in order to create a substantial and long term relationship with a business.

Here are 5 things you should consider in a Virtual Assistant?

1. Professionalism. Does the VA answer her or his emails, voicemails and other correspondence in a timely and professional manner? It is important if this person is to work for you has the right skills to not keep you or a deadline waitng. Make sure you give a covert task to her or him to pass that shows comittment to deadlines.

2. Project Management. Juggling tasks nowadays is vital. We now tap out feet in front of the microwave so things need to get done. If a person cannot work with a few projects on the go you might want to move on. I guarantee you will only find out that they have a project management problem when you lose “the big deal”.

3. Availability. Many of these people work for several people at the same time. It is not uncommon for you as an employer to be in a funnel system for the VA. You slowly move down the funnel as they take on better contracts from new virtual employers. Be aware that you and your project will get dropped at the most time you least need it. You also need to be lining up new VA’s. Try to split your work between 2 or more VA’s to combat this problem.

4. Test. Give the VA a mini project before going ahead with a contract. I also give a minimum of 2 tasks that cost no more than $30 -$40 to complete. I need them done correctly and to my total satisfaction before I even consider this person. It is simple to hire one of the first few people to come along but please shortlist at least 10 and give the tasks to 2 of the 10 you shortlisted. Obviously make sure these tasks are something you actually want doe, dont waste any money.

5. Get References. Can the VA give you a list of people whom you can contact who will tell you about working with her or him?

The main distinction that most virtual assistants will work towards creating is the idea of being in a relationship with a business, and making this their business. This goes beyond the Expectations of any temporary work or telecommuting job. It also means that the services a virtual assistant can provide will go outside of job descriptions that are made in the office. By understanding the standards for being a virtual assistant, you can best approach this in your own relationships with businesses.

5 Things to Consider Before You Hire a Virtual Assistant: is a post from: KL-FCO Business Tips

1. Randomly record 2 3 telephone calls. Random recording is important. Do not record 3 calls back to back or on the same day, as your employee may be having a bad day and this may be reflected in all of one afternoons calls, but is not necessarily reflective of their typical performance.

2. Review the calls and note strengths and opportunities. Before meeting with your employee, listen to the calls and note what they did well and identify 1 2 opportunities for performance improvement.

3. Play one tape and let your employee listen. During the playing of the tape, you do not need to respond.

4. Have your employee respond to the tape. After the tape is played, ask your employee to respond. Most employees will be overly self-critical. Your employee will likely note many opportunities for improvement and struggle to articulate what theyve done well.

5. Coach the call. Use the sandwich approach. Tell your employee what s/he did well, followed by constructive feedback, and then end with positive feedback. When offering constructive feedback, share only one opportunity for improvement. The employee has likely observed and stated several improvement opportunities so there is no need to bring these up again Try to mention one thin g the employee did not bring up and offer this as your constructive feedback.

6. Gain commitment for performance improvement. Ask the employee, What specific steps will you take over the next 5 days to improve in this area? Write down what the employee states and repeat it to her. Summarize the session by reiterating strengths and offering a vote of confidence that she can improve in the identified area.

7. Repeat steps 2 6 with a second and perhaps third tape if necessary. The point of numerous recording is that an employee may respond defensively stating that was just a bad call. If that is the response, you may choose to review a second or third tape.

8. Follow-up before the next agent coaching session. Check with your employee in between coaching sessions to keep the commitment top of mind. You can touch base with your employee via email or a personal conversation.

9. Discuss improvement in next coaching session. Before listening to calls in the next coaching session, ask your employee how shes progressing toward the goal of the last session. Look for improvement on calls reviewed in this session.

This 9-step call center agent coaching model is simple, clear and it both praises employees and offers support for improvement opportunities.

When you follow this 9-step process, you will set clear performance expectations, coach effectively and consistently and at the same time you will be motivating your employees.

9 Steps for Coaching Call Center Agents is a post from: KL-FCO Business Tips

When you are searching for a job, you should follow the same type of schedule because your future depends upon it.

Treating your job search like a part-time hobby guarantees that it will take longer.

So, begin tomorrow by reporting to work and spending the day on tasks that lead to a job.

2) Approach finding a job as if it were a project. That means you should set goals for yourself, make plans, and monitor your progress. You should apply all of the tools and skills that you used in your last job to the project of finding your next job.

As you must expect, this is an important project. The sooner you complete it, the sooner you gain a promotion into a job.

3) Be your own boss. Set expectations for what you need to accomplish, provide direction, and monitor your work.

Meet with yourself once each week to evaluate your performance. I recommend doing this by writing two reports. The first is a candid evaluation of what you accomplished during the previous week. The second is a description of your plans for the coming week. Your plans should include your goals, actions, and priorities.

The first time that you write these reports, write an evaluation of what you have done so far. Describe the results that this effort has produced. And compare these results with what you wanted to have.

Next, map out a realistic plan for the next week based on achievable goals. For example, you could set goals for the number of people you will call, the number of networking meetings you will attend, and the research you will conduct.

In the coming weeks, compare the results that you obtained during the previous week with the goals that you set. For example, if you planned to attend twelve networking meetings and you attended only two, you should a) explain why this happened and b) plan actions that will correct such a difference. You should also analyze why you missed your goal because this provides insights on what you need to do differently. For example, Your goal (e.g., of attending twelve networking meetings) may have been set too high. Or maybe there are things you can do that will make it easier to achieve your job search goals, such as car pooling with a friend who is also looking for a job.

Finding a job is a full time job. Work through it with a plan and the support of a good boss (yourself).

I wish you the best of success.

3 Job Search Tips That Increase Your Success is a post from: KL-FCO Business Tips

Yep, don’t sell yourself short because you didn’t ASK the next time your advertising rep makes an appearance! Even if you’re already getting a discount, ask for a bigger one. You have not…because you ask not.

2. Trim
Bigger is always better…or is it? When it comes to advertising, don’t be surprised if some of your short ads meet with more success than larger more expensive ads. Trimming down on the size and cost of advertising doesn’t mean you’ll be trimming the results!

3. Exploit the Freebies
What’s the difference between advertising and publicity? …who’s doing the talking. Yeah, when you sell yourself, it’s advertising. When someone else is selling you, it’s publicity…and it generates credibility and interest that you don’t want to miss out on.

Think about the different ways you can get your business in the spotlight. Do you have some news write a press release? Write some “how to” articles with a short byline at the end and release them to ezines, magazines, newspapers, and other publishers. Why not promote the product of a non-competitor in return for them promoting yours…think of the totally different market they affect!

Yep, there are a lot of ways out there to get free advertisement that will benefit your business. Of course you won’t be able to rely solely on the freebies, but hey, you can get a little extra for nothing!

4. Improve Your Offer
Is your deal too good to pass up? If not, you need to improve it. Hey, I’m not talking about cutting prices even more…you’ve still got to make a profit. You can make the deal sweeter just by increasing the readers knowledge of the value of the product, or adding bonuses that are perceived as valuable, but cost you little.

Motivate buyers with expirations. Yeah, an open ended offer encourages procrastination…which leads …yep, nowhere. When the customer knows he has until Saturday to purchase an item he’ll pay more for on Sunday, he’ll make it a priority to head for your shop.

Advertising doesn’t have to wipe out your bank account to be effective. When you learn to negotiate, know when smaller ads are as effective as large ads, ask for discounts, and create an irresistible offer, you’re on your way to skyrocketing profit margins!

4 Steps to Unbeatable Advertising is a post from: KL-FCO Business Tips

Qualifying for a small business acquisition loan can be quite an ordeal to say the least.

If the business being sold is very profitable, the selling price will likely reflect a significant amount of goodwill which can be very difficult to finance.

If the business being sold is not making money, lenders can be difficult to find even if the underlying assets being acquired are worth substantially more than the purchase price.

Business acquisition loans, or change of control financing situations, can be extremely varied from case to case.

That being said, here are the major challenges you’ll typically have to overcome to secure a small business acquisition loan.

>>> Financing Goodwill

The definition of goodwill is the sale price minus the resale or liquidation value of business assets after any debts owing on the assets are paid off. It represents the future profit the business is expected to generate beyond the current value of the assets.

Most lenders have no interest in financing goodwill.

This effectively increases the amount of the down payment required to complete the sale and/or the acquisition of some financing from the vendor in the form of a vendor loan.

Vendor support and Vendor loans are a very common elements in the sale of a small business.

If they are not initially present in the conditions of sale, you may want to ask the vendor if they would consider providing support and financing.

There are some excellent reasons why asking the question could be well worth your time.

In order to receive the maximum possible sale price, which likely involves some amount of goodwill, the vendor will agree to finance part of the sale by allowing the buyer to pay a portion of the sale price over a defined period of time within a structured payment schedule.

The vendor may also offer transition assistance for a period of time to make sure the transition period is seamless.

The combination of support and financing by the vendor creates a positive vested interest whereby it is in the vendor’s best interest to help the buyer successfully transition all aspects of ownership and operations.

Failure to do so could result in the vendor not getting all the proceeds of sale in the future in the event the business were to suffer or fail under new ownership.

This is usually a very appealing aspect to potential lenders as the risk of loss due to transition is greatly reduced.

This speaks directly to the next financing challenge.

>>> Business Transition Risk

Will the new owner be able to run the business as well as the previous owner? Will the customers still do business with the new owner? Did the previous owner possess a specific skill set that will be difficult to replicate or replace? Will the key employees remain with the company after the sale?

A lender must be confident that the business can successfully continue at no worse than the current level of performance. There usually needs to be a buffer built into the financial projections for changeover lags that can occur.

At the same time, many buyers will purchase a business because they believe there is substantial growth available which they think they can take advantage of.

The key is convincing the lender of the growth potential and your ability to achieve superior results.

>>> Asset Sale Versus Share Sale

For tax purposes, many sellers want to sell the shares of their business.

However, by doing so, any outstanding and potential future liability related to the going concern business will fall at the feet of the buyer unless othewise indicated in the purchase and sale agreement.

Because potential business liability is a difficult thing to evaluate, there can be a higher perceived risk when considering a small business acquisition loan application related to a share purchase.

>>> Market Risk

Is the business in a growing, mature, or declining market segment? How does the business fit into the competitive dynamics of the market and will a change in control strengthen or weaken its competitive position?

A lender needs to be confident that the business can be successful for at least the period the business acquisition loan will be outstanding.

This is important for two reasons. First, a sustained cash flow will obviously allow a smoother process of repayment. Second, a strong going concern business has a higher probability of resale.

If an unforeseen event causes the owner to no longer be able to carry on the business, the lender will have confidence that the business can still generate enough profit from resale to retire the outstanding debt.

Localized markets are much easier for a lender or investor to assess than a business selling to a broader geographic reach. Area based lenders may also have some working knowledge of the particular business and how prominent it is in the local market.

>>> Personal Net Worth

Most business acquisition loans require the buyer to be able to invest at least a third of the total purchase price in cash with a remaining tangible net worth at least equal to the remaining value of the loan.

Statistics show that over leveraged companies are more prone to suffer financial duress and default on their business acquisition loan commitments.

The larger the amount of the business acquisition loan required, the more likely the probability of default.

5 Key Components Of A Small Business Acquisition Loan is a post from: KL-FCO Business Tips

” Make a dramatic statement: “Even my dog knows ….”
” Surprise them with the unexpected: “Use for 30 days totally free…”
” Ask a thought provoking question: “Is your current insurance costing you hundreds of extra dollars every year?”
” Use high impact headlines – it’s important to snag their attention right away.

2. Get Personal
How many times have you been caught in the cycle of automated phone services? Yeh, you push 15 numbers and end up back at the main menu and never did talk to a sales rep. People are hungry for personal interaction in the marketplace. Look for ways to make your business a personal experience that your customers will appreciate. Get to know something about the people who walk through your doors. Let the people who visit your website know something about you. Yeh, it’s easier to trust an individual than a huge impersonal company…and trust is crucial to building a pool of loyal customers.

3. Paint a Picture
Ah, the end of a hectic week has finally arrived! As I lock the doors on a still cluttered office, my mind wanders to the many things that will demand my attention this weekend. I long to just escape the demanding voices…escape to the waters of the lake across town. It would be like heaven to plop myself across the back seat of a boat, and watch the sea gulls dip and dive as the waves rock me peacefull to sleep. Yep, I can almost hear the sound of their splashing when the clang of metal alerts me to the fact that I’ve dropped my keys.

Put your customers on the boat. Yeah, painting word pictures that capture their emotions will be more effective that the raw facts of the benefit your product offers. Describe what the benefits will do for them, vividly and in great detail…get them panting for the end result. Paint your way to a sale!

Think about it…the 3 tactics we’ve talked about deal with human emotions or behaviors, rather than your product itself. Yeah, when we affect the inner part of the customer, our sales are likely to see great results… and hey, they’ll feel good while they’re writing out the check! What more could you ask for?

3 Winning Sales Strategies You Can’t Market Without! is a post from: KL-FCO Business Tips

Press releases will get you coverage in set features like business notes, and new personnel columns. They also provide a good way to let allies, employees and customers know what you are doing. For these purposes, post releases on the company website, send out by e-mail, or distribute by one of the services like PR Newswire or PR Web.

Here is a quick list of 33 possible reasons for you to write and distribute a news release.

* New Products

* Business Start-Up

* Partnership

* Strategic Alliances

* New Or Innovative Business Strategy

* Restructuring The Company

* Going Public/Going Private

* Company Comeback From Adversity

* New Employees

* Important Executive Retiring/Resigning

* Executives Comment On Business/Economic Trends

* Employee Promotions

* New Branch Offices

* New Divisions Established

* Headquarters Relocating

* Research Results Announcement

* Major Anniversary

* Major New Client Acquisition

* Company Revenue, Sales or Profit Growth

* Company Name Change

* Winning Major Awards Or Receiving National Recognition

* Company Presenting An Award

* Receiving Important Accreditation or Certification

* Holding Free Seminar or Workshop

* Employee Appointed To Civic/Government/Professional Board

* Availability Of Guest Articles Or White Papers

* Issuing A Position Statement On Topical Subject

* Free Consumer Information Available

* Company Speakers Bureau

* Company Philanthropic Support

* Major Company Milestone

* New Board of Directors

* New Website

33 Reasons To Do A News Release is a post from: KL-FCO Business Tips

The President of AdvancedNetworX, Deborah Shaw, and the Vice President of Professional Services, Robert Roesch, rounded up the talented team, which includes four senior level engineers (all Cisco Certified Internetworking Experts or CCIEs), two sales professionals, and two operations professionals. Our goal is to provide our clients with the senior level consulting and assistance they expect from larger Cisco partners, but with the agility and complete devotion to their satisfaction that comes from working with a smaller partner, says Shaw.

The talent of the engineering team that we have constructed is second to none for companies like ours in North Carolina, says Roesch. We intend to focus our business on a targeted set of high-level technologies and to provide services in those areas.

The focus of AdvancedNetworX will be primarily around Advanced Technologies, including Routing and Switching, Unified Communications, Security, and Wireless. They will be working with clients across all verticals and sizes.

At AdvancedNetworX, your business IS our business. We work closely with you to determine the technology solution that best matches your needs. We then design, implement and support that solution, striving all the while to exceed your expectations.

Because the quality of your business depends on the quality of your network, security and voice services, count on AdvancedNetworX to be an extension of your team. We have the knowledge and experience to keep your company’s network services at 100%.

For more information about AdvancedNetworX, Inc., visit their website at www.AdvancedNetworX.com

AdvancedNetworX, Inc.: A New Network Integration Company Opens In Morrisville, NC is a post from: KL-FCO Business Tips