The Recession is over…or is it? Our economy still has a very high unemployment rate and many are employed but underpaid for the work they perform. Being unemployed or under-employed can leave a huge gap in a person’s finance. Instead of being stressed out about your finances, turn your talents into a thriving small business to supplement your income.
This is a perfect time to own a small home based business. Don’t search the internet for franchise systems or work from home programs. Look within yourself and pursue your dreams. You have talent that the local community needs. Instead of sitting on the sidelines, take a leap of faith and start your business. Let’s think about five great home based business opportunities:
- Event Planner
- Cake Decorator
- Personal Fitness Guru
- Mobile car wash or Mobile Oil Change
Do not simply look at our list and pick one you can do. Remember to pursue your dreams. We want you to put your personal touch on anything you develop. Therefore, take a moment and write down a list of things you’re good at. Once you have completed that list, pick out the one you believe people would pay for. Now let’s build your business.
Here are some business fundamentals everyone must explore.
1. Determine your product and services. Be able to show your products and services in a clear manner to potential customers.
2. Develop a customer base that is willing to pay market rates for what you’re selling. A list of relatives that want discounts is a horrible way to start a business.
3. Set a budget. Determine your startup cost. Make a list of everything you need to start your business. Then determine your monthly cash flow cost. You should know how many items must be sold each month to make a profit.
4. Register the company with the State. Each state has a different registration process. Seek advice from a business center, accountant or attorney.
5. Open a business bank account. Keep personal finances separate from business finances.
6. Seek advice from a business consultant. There are many great organizations that help small business owners. The consultant can help point you in the right direction and help you avoid costly mistakes. Some organizations have a fee while others are supported by the government and are free.
7. Develop a marketing strategy. Every company must know how they are going to find and sell to potential customers. For example, will you set up a booth at a flea market? Will you make presentations? Each of these different methods has a different cost associated with it.
Many of America’s great businesses were started in someone’s home. They started as a result of someone just like you who saw an opportunity. Your talent is your opportunity. Our economy is perfect for the person willing to take the risk and develop their business dreams.
Curtis Triggs is the Director of Saint Louis Business Resource Center. SBRC is a membership based nonprofit business development agency. For more information or to contact Curtis Triggs, please visit their website at www.stlbrc.com