Starting A Successful Home Based Business!

Whether you work full time, part time or you are a homemaker or even retired already if you are looking for a little extra income setting up your own part time business might work for you.

A part time business will allow you to keep your current job while testing the waters with your new venture.  If done right you will make some money along the way.

Many new businesses fail within the first few years of starting up.  To start up a business that has the best chance of being successful there are a few things you need to do to put you on the side of success.

In coaching individuals through the process of setting up a business there is a 5 step process you will need to go through to raise your chances of having a successful business.

1) What Will Your Business Do – The first question to ask is what will your niche be?  This is very (and I mean very) important decision.  Don’t try to be a jack of all trades. Just become a master of one.  You will need to determine what your business will sell, whether product or service it doesn’t matter just hone in on that core area.  You will also need to determine who your target market is.  Who will you be selling to?

2) Have A Plan – Setting up a business plan is crucial to your success.  There is no step more important in the process.  Knowing why you are going to do something, how you are going to do it and when you are going to do it are crucial questions to answer.

3) Follow The Law – Each state has laws and regulations that must be followed.  That means having a formal business structure.  This could be a sole proprietorship, a partnership, an LLC, a corporation or another type of structure.  For more information on this please contact me to discuss your options.

4) Sell, Sell, Sell – Next you need to determine where you will sell your wares or services.  Will you sell in a traditional brick and mortar or will you sell your products online?  Consider this, even if you sell door to door you will want to have an online presence for your business.  I have a list of resources on my blog under the Rolodex section to help you there.

5) Review Your Plan – Your plan is not a stagnant document.  It is a fluid and dynamic work that will forever be evolving.  As your business gets going review and revise your business plan.

Well there you have it a down and dirty 5 step proven plan to get you going.

Strategy Based Profits TIP: – Pick a niche market, create your plan, set up your business, sell your products and rework your plan as needed.

Robert J. Roy
Money Man

  • Rob

    Hey Rob what a great article. I am looking to start a new business and this is a good start for me. As I get going I will let you know how I am doing.

  • Rob

    Hey Rob what a great article. I am looking to start a new business and this is a good start for me. As I get going I will let you know how I am doing.

    • Money Man

      Thanks Rob I glad you found it helpful.

      BTW Great Name 🙂