Home-Based Business For Dummies
I’ve been in the home based business field for about 15 years give or take. When I was trying to sell financial products to people, I realized most of the people I saw didn’t have money to put into these products. If they were going to do it, it would be through a payroll deduction plan so they could save before they ever “saw” it to spend.
So I wondered, how could more people earn a second home based income to get ahead?
That started my love affair and research into the home business field. Home Business success requires perseverance. More people love the idea of home business than love doing it… too many distractions and too much TV you see!
I think the secret of home business success is to find a “cash cow”… a product service, or process that you can do, earn some decent money, and repeat.
Maybe that means you learn how to create a gift basket, you pay $30 in creating it (wholesale) and sell it for $75 at retail. It takes you 90 minutes so you earn $30 per hour gross.
You tweak your suppliers a bit, refine your skill, etc. and you end up profiting $50 per basket in one hour.
That’s what I mean by a “cash cow”… something you can create, sell, and repeat. It’s a process you know and can control, like writing a web page, making a gift basket, or selling a life insurance policy that has a fairly predictable value to you.
Once you have this basic process down, the question then becomes, “how can I do this enough to make a living?”
Then once you start making a living you then have to manage the money… but to manage a business, you have to build one first.
So what’s your cash cow?
Home-Based Business For Dummies
Home-Based Business For Dummies, 2nd Edition will help you make your endeavor profitable and successful! Ideal for future entrepreneurs who have the urge and want the know-how, this updated guide includes new information on home business scams and how to avoid them, shows how to create an efficient, comfortable (but not too comfortable) work environment, explains how to put new technologies to work for you, and much more. There’s even a 10-question quiz to help you determine if you’re ready. You’ll learn all the basics, including:
- Selecting the right kind of business for you
- Setting up a home office
- Managing money, credit, and financing
- Marketing almost anything in the world
- Avoiding distractions at home
Home-Based Business For Dummies, 2nd Edition was written by Paul and Sarah Edwards, award-winning authors who write a monthly column for Entrepreneur magazine, and Peter Economy, an author or coauthor For Dummies books on managing, consulting, and personal finance. In straightforward English, they show you how to:
- Stay connected to the business community, even when working from home
- Keep your work separate from your personal life
- Handle benefits, health insurance, and your retirement planning
- Make sure your bookkeeping is accurate and legal
- Use the Internet to bid for work, list your services in directories, network, and more
- Choose the technology and other resources you need
- Develop your own marketing and advertising strategies
- Navigate IRS rules for home-based businesses
Home-Based Business For Dummies is packed with ideas and information that will help you get started right and help stay established, successful home-based business owners stay ahead of the pack. Use it well and this handy guide will be the most important reference in your home office.
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Review by Reds Fan for Home-Based Business For Dummies
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If you’re completely clueless to running your own home-based business, this is a great beginner (hence the title “for Dummies”). I found the book to work best when you already have an idea for your business. As with similar books, it’s great to have a general idea of what type of business you’d like to pursue before reading the book; it will help you better shape your idea.The book did spend a lot of time talking about how to deal with family problems, creating a quiet workspace, setting work hours and how to get through a project when you have no desire. While some people might find this beneficial, it read like “filler” to me.All in all, though, it’s worth checking out.
Review by Java Boo Boo for Home-Based Business For Dummies
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I would classify this book as more of a general overview of all the important things you need to consider before actually starting your business. For particulars you will definitely want to contact a good business attorney and a good accountant. Not to mention, you’ll need to interface a lot initially with your local city/state governments to get tax forms and your business license.
This book seems to work best if you already have an idea for your business. Granted , they do throw out a few ideas for things like medical billing and place an emphasis on what could be described as services geared towards either elderly folks, or dual income families who are too busy to deal with traditional family type things. If you already kind of know what you think you want to try, this book will primarily help you fine tune your thoughts, and bring them to reality.
The section on Managing Money is probably one of the best things anyone can read. Obviously, if you’re in business, the goal is to make money. By understanding the basic accounting principles presented in Part II of the book, you’ll be well on your way to managing your business money wisely.
For general knowledge, my favorite part of the book was Part V. Here you will find Top 10 lists that describe common myths and pitfalls, and even success producing ideas to help you on your journey as a home based business owner. If you have a family, you’ll want to take note on the section about what I would call, “The good way to set up your office.” Which means, keeping distractions from the spouse and kids to a minimum while you are working at home.
There is a section on marketing, but in lieu of just that section alone, I would definitely recommend “Guerilla Marketing” by Jay Conrad Levinson. It’s a very dry read, but there are a lot of interesting and unique ideas for getting word out about your business with out spending much (if any) money. And when you’re in business for yourself, the more advertising you can get for free, the better!
I really like the way the authors describe how to get in to the home based business. Meaning, the idea of working at your full-time job (which you may or may not like) while you test the waters with your own venture on the side. That’s excellent advice because if your business idea doesn’t take off, you’re not stuck without any income. Plus you can stay under your current employer’s medical plan (A HUGE money saver!)
Overall there is so much information in here, it will be hard to take it in all at once. Likewise, as I stated earlier, the most important thing to remember is make sure and check with a professional accountant and lawyer in your area before/as you get started so they can help walk you through the particulars in your area. Every city and state is different in terms of setting up a business when it comes to taxes and getting your license.
Bottom line is, if you are semi-seriously considering starting a home based business, do yourself a favor and pick up this book and read it through. You’ll get some good advice and knowledge on what it takes to be your own boss. Of course the other thing you can do is, talk to other small business owners in your area. Take them to lunch and learn as much as you can from those who are successful small business owners.
Review by Michelle A. Dunn for Home-Based Business For Dummies
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Paul Edwards shares his great knowledge in yet another book to help anyone start thier own business. This book will answer every question you can come up with and answer it in a way that is easy for anyone to understand. This is why it will help you to become successful. I highly recommend this book, it has great tips, information and ideas to help you start and run your own home based business successfully.
Michelle Dunn, Author
Review by Charlene Canova for Home-Based Business For Dummies
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I will launch my business in March 2005. I am very excited and nervous. Yet, believe it or not, this great book calmed me right down. It will be a wonderful reference that I go back to time and time again. I was one of the lucky ones that actually found this book BEFORE opening the business. It will save me from making some mistakes. Thanks!
Review by Bonnie Jo Davis for Home-Based Business For Dummies
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I love the books by Paul and Sarah Edwards. They were talking about small, home based businesses before anyone else and their books are thorough to say the least. This one covers everything from the legal to the financial aspects about starting and running a small home-based business.