Starting a Home business in a Shaky Economy
Starting a Home business in a Shaky Economy
Starting a home business in this economy may seem like a bad idea, but nothing could be further from the truth. It is just at such times that small, independent businesses flourish. Since so many small, online businesses cost little to start, and so many people need that bit of extra income, this is a great time to consider how you can own your own company.
Inexpensive options
Perhaps the cheapest online business is that of information broker. Many stay at home mothers have years of real world business experience that can be translated into a source of income. Creating a website that provides information on business practices, collects links to valuable connections and helps others develop their knowledge base are a growing niche.
Auctioning is another small scale, yet lucrative money maker. It is easy to start by selling things you have around the house that are no longer in use, but to go large scale, hitting garage sales and thrift shops is the way to go. Since you roll shipping costs into the price of the item online, you won't have many expenses beyond gas and your Internet connection.
MLM companies are always looking for new recruits. For a nominal fee you get access to their selling method and a basic kit of their products. The one caveat I would strongly recommend is to only get involved in an MLM that sells a product in which you truly believe. Few people succeed at selling something they don't like or haven't tried. Marketing skills are essential to this line of business, so make sure to learn what you need to succeed.
Pricier business
Franchise opportunities exist online as well as in the "real world." For the budding entrepreneur who doesn't want to try and create something from the ground up this is a reasonable option. Franchising fees can be extensive, so do your research well. You don't want to end up signing up for something you can ill afford in an already tight economy.
Niche markets are those that are small enough to be somewhat unique but large enough to have a good following. For example, if you try to start an online business for athletic shoes you will have plenty of competition; on the other hand, if your niche is that of sports shoes for exceptionally athletic children, you are more likely to attract a devoted audience. Parents are more than willing to spend big bucks to ensure that their kids have what they perceive as "the best."
Consider a Mentor
No matter what kind of business you want to start at home, having an experienced business mentor can make the difference between rapid success and drawn out failure. The marketplace is competitive, even in the most narrowly defined niche. If you lack even some of the skills and knowhow essential for successfully marketing your new business, it will cost you in your bottom line.
A mentor, one who has a proven business record, will help you avoid common errors, improve your skill set and help you find the financing and subcontractors you need to move your company onto the fast track to success.
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