The current trend online lately is towards more home-based businesses, in particular, service businesses. Home-based businesses usually require lower overhead, and start-up costs are low, thus making it much easier for entrepreneurs with limited funds. If you’ve thought about starting a home-based service business, here are a few tips to help get you started right.
But first…
What is a service business?
Service businesses are those that provide assistance to others. Service businesses can range from mowing lawns to managing corporate business accounts. The basis of a successful service business is one that supplies a need and/or solves a problem. In your area, it may take some research to discover the top service needs and then figure out which one you can provide.
Benefits of a home-based service business
There are several benefits to running a home-based service business. First of all, you can run the business from your home. Since you already pay a mortgage, utilities and car payments, the only thing you need to spend money on now is the equipment for your business. And, running a service that began as a hobby means you already own most of the needed equipment.
Secondly, a home-based service business requires low overhead and start-up costs. We alluded to the start-up costs above and the low overhead means no employees but you. The key to keeping the overhead low is taking on only as many projects as you can safely and efficiently handle by yourself. I can’t emphasis this point enough. Focus on those things which you are good, and need to maintain tight control over, and outsource the rest (Outsourcing is the “golden key” to home-based business success.)
Home-based service business options
As we mentioned, you can usually run these service businesses out of your home. Establishing a website for selling your services lowers the overhead even more and maximizes your profit. With the Internet as your potential customer base, the opportunities are endless for marketing and finding clients. Here are some home-based service options.
Virtual assisting has taken off in a big way in the last ten years. Using a computer, fax machine, telephone, and Internet access, you can perform various administrative duties for large and small companies. You are paid for the work that you do so there is no extra charge for the company. Virtual assisting skills run from transcription to accounting to managing email and company websites.
Transcription by itself can be a profitable venture. Medical offices and businesspeople are always in need of someone to transcribe their audio or video files. It is far easier and less time consuming to record an interview or dictate a medical procedure. Your job will be to turn that file into a document for patient charts and online use by various businesses.
Ghostwriting is the process of writing articles, novels, eBooks and more for an individual or a company. Using your writing talent, you can make a lot of money creating literary works (print and electronic) for others who need them.
Getting started tips
There are considerations before beginning any type of business even a home-based one.
- Check out the local laws for registering and zoning a home business. Most home businesses require no zoning issues unless you will be meeting clients in your home and posting signs in the yard.
- Small business tax laws. Now that you are a business, you are subject to different tax exemptions, deductions and payments. Sites like www.IRS.gov can give you the information you need.
- Set up a separate work space at home. This could be as simple as using a spare bedroom or den with a door to keep your work separate. If you rely on the telephone a separate phone line can be added. When a workshop is needed, consider using a garage or purchasing a large outbuilding.
- Use on and offline marketing methods to find clients. This includes: viral marketing, newspaper and Yellow Pages ads, flyer’s and direct mailings, email marketing, article marketing, setting up a website and etc.
- Create a schedule to divide time between work and family. Balancing both is hard. Scheduling time and sticking to it means more gets done and no one is slighted. Listen, family comes first in my book. Personally, I schedule all my family activities first, and then I schedule my business time. This may be a challenge at first, especially if you’re not used to doing it this way. All I can tell you is this, I’ve seen a lot of people die in my time, and I’ve not once seen any of them say they wished they would have spent more time working…
A home-based service business is a great opportunity for people who want to know entrepreneurship without spending a lot in upfront costs. If you have a talent and can meet a need, then seriously consider a home-based business.
I hope you’ve enjoyed this post, be sure to check back often for more updates. As always, we appreciate your feedback, comments and questions.
Until next time,
Godspeed
James
~+~
{ 1 comment }
Of course, what a great site and informative posts, I will add backlink – bookmark this site? Regards, Reader
Comments on this entry are closed.
{ 1 trackback }