need small home business ideas?
You are not alone. Many people are looking for an affordable small home business these days so they can make an income from home, however the startup cost for a franchise can be as much as $10,000 to $250,000 and up.
Some of the business ideas listed on this website can also be done with a franchise if you wish. They offer training, advertising, and the knowledge that you are following a proven method to success.
I, personally, shy away from going that far in debt to start a business that may or may not live up to expectations, especially in this economy. But franchises do have their benefits, check our home based franchises page for more information.
Below you will find some of the advantages, disadvantages, and marketing methods akin to starting home based businesses here so you can understand the pros and cons of owning a small business upfront.
ADVANTAGES OF A SMALL HOME BUSINESS
A small, non-franchise business can be started part time and usually at a low cost. They can also profit from small, specialized niches and can more easily adapt to changes in the marketplace than a larger business.
Small business owners are usually more intimate with their customers, leading to more loyalty from them. They also enjoy the independence of being able to make their own decisions, take their own risk, and earn their own rewards.
In hard times like we are in these days, look at why other companies are failing. If the reasons are ones that you would not have, consider taking part of their market.
Starting a small business could do very well if you market a product or service that people can't live without. Such as land that you can grow food on, water, fresh vegetables, non-perishable foods, haircuts, solar cells, and survival gear.
When times are hard, luxury items like jewelry and vacation clothing are not high on their list. So do your homework, and you should be fine. I am not saying that these are the only businesses that will succeed, they are only a guideline to get you thinking.
DISADVANTAGES OF A SMALL HOME BUSINESS
Most small business problems have to do with not having enough money to cover startup costs. Most business professionals say that you should have backup funds equal to your expected earnings for the first year.
A major misconception that causes problems for small home business owners is the belief that if someone is an expert in a particular field, they will be an expert at running the business as well.
This is not true, if you don't have business training get some before you get into trouble with the I.R.S. and learn how to do your daily bookkeeping unless you want to pay someone to do it for you.
Some get into trouble with pricing their products and services so they can make a profit minus expenses. Many new business owners lower their prices so low to get business that they couldn't make a profit no matter how hard they work.
Check with the your local authorities about required licenses and permits. Liability and health insurance are major expenses for small businesses owners as well as rising electric, fuel, and tax costs.
MARKETING YOUR SMALL HOME BUSINESS
Finding customers is the biggest challenge that small business owners face. They are usually strapped for time, and must invest a lot of time daily hunting for new business.
Some of the most common techniques used in small home business advertising are the business yellow pages, internet yellow pages, flyers, passing out business cards, word of mouth, customer referrals, newspaper ads, emails, and internet websites.
A large percentage of small business owners find internet advertising more cost efficient. Placing targeted ads on social media sites such as Facebook and Twitter puts their ads in front of motivated buyers in their area to bring in customers.
Computer skills such as using high ranking keywords, and interlinking on their websites gets their site listed high on the search engines, bringing in more traffic as well.
There are good, reasonably priced website designer programs that show you step by step how to build a professional looking website.
They will also show you how to increase web traffic and find products related to your offline business to help you make money online as well as bring in traffic to your offline small home business.
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If you have a work from home business idea that we have not mentioned, or would like to add something to an existing page, please Contact Us . You may be helping someone find the business they are looking for.