Starting a home business may be your dream that you have been too afraid to pursue until now. If you are thinking about starting a home business, there are a number of things that you can do in order to ensure that it works out successfully for you. Here are some tips for anyone who is looking to begin their own at-home business.

Decide what type of business you want to start. Are you great at making your own jewelry? Have you always wanted to sell things on eBay? Or perhaps you’re really good at writing or typing proficiently. No matter what it is, decide what services or products your home business is going to offer. Make sure that there is some demand for the type of business that you are planning to start.

Consider how much of your time you want to devote to your home business. Depending on your financial situation, you may or may not be able to quit your day job in order to work from home. Building up the home business in your spare time until you feel comfortable enough to quit your job is often the best idea.

Come up with a business plan. Choose a business name that is going to be successful. Draw up a timeline of where you would like your home business to go in six months, a year, and six years. Knowing what you’re getting into – and how you’re going to get there – is very important if you want a home business. You should be sure to consider how much money it is going to cost to operate your home business, as well as how you are going to market it. No home business is going to be very successful until you have some idea of where you’re going with it.

There are many people who run successful businesses out of their home. If your idea is good and it is realistic, you may even begin to see instant success with a home business. That being said, it is important to keep in mind that many people cannot just jump into a home business right away. You are going to need to spend at least some time planning out where your business will go, and you are also going to need to come up with the funds to devote yourself to a full-time home business when you get to that point.

The warning signs:

The words “layoff” and “fired” generally send an employee into rage. So companies are becoming a little more stealth with their terming. By the time you hear this warning language around the water cooler it may be too late, but at least you will know that repositioning doesn’t mean you might be getting a raise and new office.

• Smart sizing
• Right sizing
• Restructuring plan/ programming
• Planned staffing reduction
• Head-count reduction
• Reduction of force
• Global alignment/reduction of workforce
• Repositioning
• Aligning operations and resources

Figuring out if your job is at risk is like playing the lottery. It isn’t just airline industry jobs that are leaving on a jet plane. More and more jobs are headed overseas, and it isn’t just call centers and tech support that you might find being conducted by someone across an ocean or two. Even jobs that require management, creativity, and education are being outsourced. Last March, California’s Pasadena online newspaper amended their employment roster and now hires workers in India to cover the local area news. Yes, their reporters send their notes and background info to workers in India, who make copy.

Finding A Job

Career coach:

It is hard to know that you have to seek a job anytime, but it can be especially frustrating if you have just been let go from a long time position. You might not be up to par on the latest method of job searching or just need someone to help you define what makes you a valuable worker. That is where a career coach comes in. Career coaches aren’t just glorified resume writers. They can help you navigate “the job hunt.’ The career coach is there to help you with things like- prepping for the interview, how to create a “brand” for yourself, emotional aspects of job hunting, adapting to a new workplace.  However, do be careful when hiring a career coach. Make sure that the career coach has training and experience. There isn’t a governing body that certifies someone as a career coach or someone to get your $5,000 to $20,000 back if you wind up with a scam. 

Career matching sites:

If you have this tiny part of you that is actually glad that you were fired and can not imagine ever doing that job again, then maybe it is time for you to evaluate what you really want to do with your life.  profiler.com, this site uses a 320 question interest and skill survey to match you from over 60 occupations. The test uses responses from people already employed in the available fields as a metric.  vocationvacations.com, you pay $100 to $1,000 dollars for this site to arrange for you to spend several days with an employee who does whatever job you think you might be interested in.

E-portfolio/ website:

Of course, this isn’t necessary if you are applying for a job a Wal-Mart. However, for some jobs, a paper resume is just not catchy enough. Hosting sites allow you to make a digital resume or e-portfolio. You can add examples of work, sales charts, publications, recommendation letters, videos, images.

Power up your resume:

Resumes are all about results- ie: what did you do? It is also about the wording you use to describe what you did. Resume words should be strong, specific action verbs to highlight what you did. Examples of strong action words that stand out on a resume-

• Accelerated
• Accomplished
• Constructed
• Created
• Designed
• Developed
• Devised
• Established
• Expanded
• Formulated
• Generated
• Implemented
• Improved
• Initiated

• Launched
• Led
• Managed
• Operated
• Produced
• Supervised
• Tracked
• Wrote

Job fairs:

Stay away from job fairs unless you are looking for an entry-level position, a mid-level career change, or a job specific to your geographic area. Otherwise, fewer and fewer companies are sending recruiters to these venues. There are usually four to five times as many job seekers as recruiters. Dress as if you are going to an interview…not the town fair, and bring your resume. To save time, pre-register online and arrive early.

Online resources:
 
Use the clearinghouses, job boards, and job search engines to search for statistics, salary information, job postings, etc..  Some examples are-

• monster.com
• careerbuilder.com 
• job-hunt.org
• careerjournal.com
• hotjobs.yahoo.com
• Indeed.com
• simplyhired.com
• jobster.com
• jobfox.com
• oodle.com

1.       Create a vision:  It’s essential to clearly demonstrate how this partnership or contract will benefit the other party. You’ve got to be in their world, creating a vision for them on what this does for them.

2.      Don’t believe you have all the power and avoid using terminology like “take it or leave it”: Negotiations are done in an entirely emotional arena. The human mind functions in the emotional until it makes a decision. People who are rough or aggressive or pushy often create an emotional reaction that they’re never going to be able to overcome.

3.      Know what you want to get out of the deal and make sure it’s achievable: Make sure that you know what you want, that’s a critical piece to the puzzle.

4.      Don’t compromise beforehand: Never ever go into a meeting with a fallback position. That’s the worst thing that you can do.

5.      Invest in a skill: Don’t rely only on your natural because negotiation really is a science. Read a book, sign up for a course and look at each negotiation experience as an opportunity to learn and improve.

1.       Forget what you sell:  When you first meet a prospect, start thinking of questions that will uncover his hot buttons. What does that person do, and does he have goals for the next year or three years? What are his top three priorities or objectives? What challenges and changes does he face in his industry? How can you help him generate more business? Once you focus on the customer, it becomes easier to think of ways your product or service can fit into their overall goals. If you realize right away that it’s not a good fit, you can walk away and work on other, more qualified prospects.

2.      Go beyond the customer’s general business needs:  There are instances wherein some business owners tend to do something helpful for the prospect that had nothing to do with their business. Maybe they helped them get one of their kids an internship at a client’s business, or perhaps they referred them to a great builder because they were listening when the customer mentioned she was adding on to her house. This breaks down barriers and opens customers up to looking to you as a resource. That’s when good things start to happen.

3.      Maintain your passion for learning about the people you serve:  How well do you know your prospects and customers? How much more business could you get if you spent more time uncovering their inner workings? When I take a tour of a customer’s business, I interview people in various departments and research who their customers are; this always pays off. Your ability to serve is enhanced by knowledge. When you ask a customer for resources in their organization that you can use to understand the bigger picture, your relationship and the trust with your customer improves, you’re much more aware of their needs and how best to serve them, and the results you bring them will provide you with repeat business and referrals.

The following is a very interesting clip that also documents a slice of India.

An estimated 5,000 odd dabbawalas move 200,000 lunch boxes for a small nominal fee of Rupees 300 (1$= Rs. 45, approximately). The thorough professionalism and dedication with which they do this low-margin, high-efficiency job has won them the admiration of none other than Prince Charles who visited India in 2004 and expressed interest in a personal meeting with them. The dabbawalas agreed happily of course, but requested the Prince of Wales to schedule the meeting such that it did not interfere with their mid-day delivery timings. Prince later sent them invitations for his wedding.

A mark of quality in business is Six Sigma standards, which quantifies that one mistake for every eight million deliveries constitutes Six Sigma Certification. According to various surveys, there is only one mistake in every 6,000,000 deliveries by the dabbawalas, statistically equivalent to a Six Sigma (99.9999) rating.  

How do the illiterate dabbawalas do this? They have perfected their working with the experience they have gained in their 115 years of operation. A set of color marks on the boxes indicates the source as well as the destination of the boxes, and helps the dabbawalas to differentiate, sort and redistribute the boxes along the route. The system has caught the attention of several business schools who invite them for giving talks on ‘Time Management’ and ‘Supply Chain Management’.

What about the future of these dabbawalas? It’s difficult to say. As things stand, their numbers are dwindling. With joint families shrinking and working women increasing, more people opt for hotels and restaurants. But again, the tribe in question is an extremely adaptable one. Their members may not be educated, but they have tried to keep up with the times. Their website is a testimony to this. So, let’s hope they modify their business models and keep it flourishing.

Reference: Mumbai Dabbawalas

Right, here are some private label resale rights stumbling blocks:

1. Intense competition is constantly a difficulty for newbies, wanting to gain a foot in the door with internet ventures. The private label resale rights field is no different. Using the world internet marketplace and consequently worldwide competition, your exclusive resale rights venture might not move as quick as you had anticipated.
2. For a private label resale rights venture, it may take a lot of advertising talent, time and careful preparing to arrive at your desired goal. Because PLR is already big business, you ought to analyze the marketplace before throwing yourself into it.
3. Although all businesses are different from each other, the extreme levels of competition in PLR, means “real competition.” Consequently you must come up with a special product of your own, as any private label item you purchase, may have numerous imitations which in turn creates crazy competition.
4. A private label resale rights business is time intensive. Even though all businesses need time to run, extra work will be needed with the necessary adjustments and rebuilding of each item, or package, to come up with something unique.
5. Finally, any PLR product you produce is more or less likely to be already out there, in some form or another.

 So, the responsibility is on you to really create something unique, prospective clients, or resellers, should be able to easily determine that your item IS different from the bulk of the other information products on offer.

None of this means you do not have the possibility of enormous success in a private label resale rights venture. When you realize how few people actually make it in this business, you can surely position yourself within the ranks of those who are successful.

Essentially, it all comes down to hard slog and an innovative imagination. It’s crucial, also, to become a bit bold – attempt those subjects that you, privately, may believe would not sell. You may nicely be surprised.

Here’s what you need to keep in mind when you set a price.

Input all costs

One of the first things to do is get the basic costs right.

• Weigh or portion the raw materials to get an accurate picture of your costs.
• Don’t forget to consider items like electricity, gas, labor, and other items needed to make the product.
• Monitor how much time it takes to produce your product so that you can compute labor costs.
• Factor in other operating costs like marketing expenses.

Mark-up your product

Once you have done the costing, ask yourself the amount of profit that you want to make. If you want to earn $10.00 per product, put that amount on top of your costs to get your selling price.

Market pricing

While the markup should be satisfactory to you, you must also take into consideration the price that your market can take to ensure that they will still buy your product. Your price must be competitive. If two or three of you sell the same product, either you price it the same or lower as long as your costs are covered.

Too high a price may put you out of market range, and too low a price may prompt possible clients to wonder about the quality.  Finding that happy middle ground assures you that clients can still afford to buy your product while covering your costs.

flickr image by Goddard Photo and Video Blog

It’s common knowledge that a picture is worth a thousand words.  If that’s true, imagine how much more material you can incorporate into a 30-minute training presentation if visuals are added. 

According to two studies sponsored by 3M Company, one by Wharton School’s Applied Research Center and the other by University of Minnesota’s Management Information System Research Center, on the impact of projected and computer generated visual aids on presentations and business meetings.  Both studies give strong scientific support to the widely accepted perception that visual aids do indeed increase the effectiveness of presentations. 

According to the University of Minnesota study, when visuals are added to an oral presentation, retention is increased by about 10 percent and visuals can make a presentation up to 43 percent more persuasive.

Equally important, the studies show that a trainer who is just an average presenter can become a much better presenter by using strong visual support.  In fact, speakers who use visuals are perceived as better prepared, more persuasive, more credible, and more interesting.

With such strong scientific support, it makes sense to use visuals in presentations and to take the time to learn to use them well.

When to use visuals

Because people think in graphic images and respond to strong graphic presentations, visuals work.  That is why information, especially those with masses of figures, should be put in visual form whenever possible.  But to be effective the graphics must be designed to enhance the presentation and give it impact.  They must be attractive, easy to read, and clear in the statements they make.

Following are some ideas on the best uses of visuals:

• To open the presentation. Use an arresting title or image to get the group’s attention.
• To channel thinking.  Select visuals that guide the group’s thinking to predetermined conclusions.
• To emphasize key points—not every sentence.
• To present statistical data in understandable ways.  Numbers can be meaningless when plainly presented orally.  Depicted on a graph, they take on meaning.
• To make comparisons
• To show relationships
• To explain new concepts.  Pictures and diagrams can be helpful when explaining details
• To show items too big or too small to display at a meeting.  For example, you could use a photograph to show an oil tanker or a microscopic material.

What is it:  Putting together specialized items to commemorate occasions.

What you may be up against: Lack of quality control. The risk of being too cheesy or tacky with gifts.

What to consider:  Ask yourself:  will the recipient really appreciate what she’s getting? Will this gift be a useful one? You can have ordinary items like mugs and towels customized to your client’s preferences at a minimum cost and ensure on time delivery of their orders.

How you can be different from the others: 

• Research for new designs and non-traditional items. A website lists the most popular business giveaways: pens, Post-it notepads, badge holders, portfolio, laptop bags, insulated mugs, padfolios (appointment notebooks), and tote bags.
• Keep your promotional items functional, your commemorative items beautiful and durable, and your all-occasion giveaways (for birthdays, weddings, and anniversaries) personal and trendy.
• Upgrade the quality of materials you use especially if you see exporting as a future option for your business.
• Consider manufacturing your giveaways yourself to maximize your potential profits.
• Be prepared to offer more than what your client wants. Big companies especially are traditionally conservative and inclined to go for the tried and tested, like mugs or commemorative cutlery or plates. Be prepared to show them new designs and more variety.

ACCESSORIES

What is it:  Hours-long and a labor-intensive involvement with a load of beads, crystals, shells, stones, wires, clasps, magazines, books, and doodling before coming up with creations to supply the ever-growing market for trinkets.

What you may be up against:  Muscle strain in your fingers or wrists, a bad back, bad eyesight if you work in insufficient light, a mess if your toddler upturns your bead bin, and competition in the deluge of other accessories makers.

What to consider:  Not to get too obsessed during work. Get up and stretch! Specialized plastic containers for your materials. Industry-quality pliers and pincers so your hands don’t get strained too much. Also, don’t let creativity overwhelm practicality. If those earrings you’re making are sure to weigh a pound, then why make them at all?

How you can be different from the others: 

• Travel for designs and material. Cambodia has semi-precious stones. If you travel as far as Czechoslovakia, you may be able to get their own brand of glass beads.
• Make sure your sources are in place before putting expansion plans into action.
• consider using other materials, too, such as shells, stones, animal bones or horns. The western market loves this indigenous stuff! But be sure that you’re not using protected or banned materials when you choose to go this route.
• Hire help to assist you string the beads.
• Create eye-catching and recyclable packaging for good product recall.
• Check out trade shows where you can showcase your products and spot trends, benchmark and compare how your products stack up against competition.

GIFT WRAPPING SERVICE

What is it:  Bundles of paper, wrapping skill, and bubbly PR for people too busy to have their gifts wrapped themselves.

What you may be up against: Wrapping and labeling the wrong gift.

What to consider:  delivery service, special patterned wrapping paper or materials such as gauze; embellishments such as beads and dried flowers; new techniques for wrapping irregularly shaped items with round or cornered silhouette; offer customized cards for multiple job orders.

How you can be different from the others: 

• Find out, if you can, the gift recipient’s personality in order to more appropriately choose the color, material and additional touches like cards, ribbons and trimmings.
• Promote your services right away. If you’re truly resourceful and aggressive at networking, you would have started to find gift wrapping jobs as early as June or July, tapping those people who do their Christmas shopping early.
• Expand your services to include selecting and buying the gifts yourself or tying up with suppliers, or an importer-trader who travels to Bangkok, Hongkong and other bargain havens.

More on: 

Hot Extra Income Ideas for Working Moms (Part 2)

Hot Extra Income Ideas for Working Moms (Part 3)