Tag-Archive for ◊ home-based business ◊

• Sunday, January 18th, 2009

Contrary to what some believe, a home-based business is neither a scam nor a means to instant wealth.  Although some may be shady, most opportunities are legitimate money-making ventures IF you work them like a job – every day, consistently, persistently.

The perks of a home-based business are plentiful – work on your own schedule, five second commute, be your own boss, business tax deductions, no one looking over your shoulder.  The list could go on.

However, building a successful home-based business takes discipline, consistency, persistence, self-motivation, teachability, and lots of hard work.

  • Do you have the discipline to work your business activities day after day, even when you don’t “feel” like it?  Do you have the discipline to schedule your work activities around your family schedule so there’s time for both?  Do you have the discipline to make arrangements for your family when you MUST accomplish a work activity (like a phone call)?
  • Are you willing to repeat the same activities time after time consistently, always believing that the next activity will make a difference?  Will you consistently perform your work activities every day, regardless of what other priorities may be pulling you in different directions?
  • Do you have the persistence to get through the No’s in order to find the Yeses?  Do you have the persistence to learn new techniques until you find what works for you?
  • Are you motivated enough (do you have a strong enough Why?) to keep at it, day in and day out, for at least a year to see what can happen?  Most opportunities take at least two to three years to start showing significant results.  If you throw in the towel after three months, you’ll never know what you may have missed.  But do you have the motivation to keep going against the tide?
  • Are you teachable?  Are you willing to learn from others who want to help you succeed?  While creative thinking is an asset, reinventing the wheel is probably not.
  • Are you willing to put in the time, energy, and work to make your business successful?

It’s not for everyone, but the rewards of a home-based business are great for those who stick with it.

• Saturday, January 17th, 2009

Home-based businesses come in many forms. 

One type of home-based business is when you simply run a business, using your existing skills, from your home.  Examples include a home-based hairdresser, a home-based day care center, or a web designer working from home.  In this type of business, you can probably set your own hours and be your own boss.  The downside is that if you don’t work, you don’t get paid.  You also have to consider all of the issues involved with a business – sales, marketing, financials, possibly employees.  It’s not just you and your skill anymore. Much like a regular job, you exchange time for money.  The upside of running a business is that you can potentially expand, hiring people to do the work, handle the books, deal with the headaches.  Then, you only have to manage your well-oiled machine, which requires leadership and superior management skills to succeed.

Another way to make money from home is as a virtual body.  Examples include a telemarketer based at home, a virtual assistant working for an executive through the internet, or a researcher working from home on a project.  This type of job typically has less flexibility because you’re working for someone else; you just happen to do your work at home.  This type of job is not a business at all, but a JOB.  The upside is that you can work from home in your fuzzy slippers.  The downside is that there’s little upward mobility or expansion.  Just like a regular job, you’re exchanging time for money.

Another type of home-based business is joining a company, usually in a sales capacity, to market products or services by word of mouth.  This type of business might be known as Direct Sales, Network Marketing, or Multilevel Marketing.  You sell products or services and also let others know of the potential business opportunity available by joining your team, training them to do the same things you do.  Typically, these companies offer very high quality products.  Many, many well-known companies market and distribute products and services via this method.  Well known ones include Tupperware, Mary Kay, and Herbalife.  Many of these companies are excellent business opportunities; some of them are not; do your research.  This type of business typically offers the benefits of a flexible schedule and being your own boss, just like other businesses.

A significant benefit offered by network marketing companies which is not offered by other business models is the ability to build residual income by building a team.  Once you build a team, you begin earning money from the efforts of your team as well as your own.  The larger your team, the greater percentage of your income comes from your team’s efforts rather than your own.  This concept is called leverage.  You leverage the efforts of your team for increased income without the need to manage an increased infrastructure.

Another significant benefit is team work.  Although all compensation plans differ, most of them are structured to foster team work. Your upline benefits by helping you be successful.  The perfect win-win.  You know that you’re in business for yourself, but not by yourself.  You still make the ultimate decision of doing the work or not, but you know that someone is there to guide and encourage you if you want to be successful.

You need to decide for yourself which business model would work best for you.  What skills do you bring to the table and how would they serve you best?  Think about it before rushing into a decision.

Category: General  | Tags:  | 2 Comments
• Thursday, October 30th, 2008

I’m excited.  For the past year, I’ve been trying to figure out how I can market online for all of my businesses without developing a split personality.  I thought I would have to have multiple logins and profiles, each for a separatebusiness, and only post what was applicable to that specific business.  Where would I find the time?  Where would I find the creative energy to write under so many different hates?  The “experts” tell you to approach social marketing as yourself – just be yourself, be real – and the word will get out.  I couldn’t figure out to do that and still be authentic.

But this is simple.  I can just be who I am.  I’m a Home-Based CEO struggling to make multiple businesses work. (OK, no arguments about doing ONE thing great rather than to many things mediocre – I’m dealing with that issue. :)) With this site – The Home-Based CEO.com – I can relate what I’m doing to make those businesses work, how I promote online, what deals I find to help my business at home, how I juggle household duties with work time, etc., etc.  And I can do it all in one place, rather than trying to maintain six different marketing plans.

Every home-based CEO must face similar issues, right? Prioritization, time management, juggling multiple hats of parent/spouse/CEO.  What struggles and conflicts are you facing and how are you handling them?  Are you looking for some service which another home-based CEO might be able to provide? 

This site is all about keeping it real.  Working from home is not a magic ticket to riches.  It’s working. Any home-based business opportunity which promises magical riches in months is a scam, or, at best, exaggerating the truth.  The Home-Based CEO will let you see the real world of home-based business and how it IS possible to be successful, sometimes wildly successful (which is everyone’s dream, of course). 

I hope that three years from now, I’ll be updating this blog with descriptions of the beaches I’m looking at from my month-long vacations (which are tax-deductible because they’re working vacations).

Keeping it real,