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Why You Should Start A Home Based Business

Owning a home based business is a dream many of us share. We long for the freedom of working for ourselves and being our own boss. Some of us might dream of working from home, but have no idea how to start our own home based business. Working from home isn’t for everyone, but it can be an attainable dream if you work hard and have the drive to succeed.

Having a home based business has many benefits. Your work schedule can be as flexible as you need it to be. This is perfect for those with families, especially young children, so that you can be there when the children need you. When you work from home, you can arrange your schedule around school and after school activities. Now you can have a career and still be available for your family. A home based business is perfect for stay at home mothers or women just entering the workforce again after taking time off to raise a family.

When you have a home based business, you are your own boss. You no longer have to answer to anyone or try to work with coworkers. You can’t get fired and you know that you won’t be laid off due to budget cuts. You alone decide what work needs to be done and how you will do it. You will have job security knowing that you can’t be laid off and that your job will be there in the future. You have no one to answer to except yourself. All of the decisions are made by you and there’s no one to tell you how to do your job.

Your home based business will be as successful as you want it to be. You can work part time while working another job or after retirement. Or, you can work more and earn more money. You alone are responsible for your profits. You can work eighty hours one week and only twenty hours the next week. If you have a big expense coming up, you can adjust your schedule accordingly in the weeks before to earn more money. When you need more money, you don’t have to ask your boss for a raise or look for another job. You get get a raise at any time by putting more into your home based business.

Working from home grants you the job security and independence that working for someone else can never provide. You can set your own hours and adjust your schedule to meet the demands of your family. You alone are responsible for the success of your business. Owning a home based business may be just a dream to most people, but you can make it your reality.

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Securing a Small Business Loan

Insufficient funding is one of the top reasons why 80% of businesses fail within the first year and a half. As a business owner, not only do you have to cover all operating expenses, but the time and effort needed to succeed means you will almost certainly have to bid farewell to your day job and regular pay checks. Unless you’ve saved up enough to pay for everything for at least 18 months, you will probably have to find other sources of funding.

However, here we encounter another problem. A recent survey cited by the Credit Union Times showed that only about one-fifth of small business owners – incidentally about the same rate of successful businesses – rely on a small business loan. The survey showed that 62% were fearful of taking on a loan and almost one-fourth of respondents think they would not be approved for one. A Harvard Business School working paper by Karen Mills (Administrator of the US Small Business Administration until 2013) showed even more discouraging statistics. Banks continue to apply measures that restrict small business lending since the financial crisis hit, since such loans are generally always riskier than those to large businesses. Loans amounting to $1 million or less – the domain of small businesses – have gone down 21% since 2008. These loans made up half of all bank loans in 1995, but only 30% in 2012.

So what can you do to have a better chance at securing a loan?

As the saying goes, “The devil is in the details.” Given the stricter requirements of banks, you will need to come up with a very convincing plan that shows your business will truly make a profit. Each number presented has to be supported by hard evidence or at least some realistic projections backed by in-depth research. There must also be a clear plan as to where the money will go and how it will influence your business’s success.

Aside from this, your entire personal finances will also be scrutinized, so make sure your taxes, mortgages, credit cards, assets and liabilities, and even your credentials are all spotless and in order.

The bottom line is, if you believe in your business idea and do the necessary due diligence in coming up with a sound budget and business plan, there should be no reason to be denied a small business loan. Otherwise, you may want to reconsider quitting your day job.

How To Succeed At Online Product Creation The Easy Way

Product creation could be a frightening subject for a lot of Internet marketers to face. Some folks who get in the game with the intention of making a full time income are completely ignorant as to how an online business operates. One of the most profitable ways to create online cash is by creating a product that others are happy to pay for.

Product creation is legitimate method of generating money through internet marketing but many entrepreneurs get it wrong. They start by imitating their Internet marketing gurus by creating information products on Internet marketing in hopes of getting rich the way their heroes did. The problem is that they usually don’t know what they are doing and enter a highly competitive niche with very little marketing experience or connections.

Here are a few tips for effective product creation that may help you get on the right track:
Start by finding a profitable niche with low to moderate competition. If you conduct some rudimentary market research and keyword research, you’ll find many opportunities in areas that will surprise you. Amazon and eBay are two great places to brainstorm for product ideas.

Developing Your Product does not have to be a difficult project. You can find experts in the right field for your niche and pay them to write the material while an artist designs the packaging and website or blog. You can outsource the entire product creation part of the project after you conduct the research and testing to ensure profitability.

Sales and marketing strategies should be created while developing the product and learning about the market. Some experienced marketers use pay per click to drive traffic to their offer page; some folks outsource the entire marketing campaign to affiliates through ClickBank or other affiliate programs.

Product creation does not need to be hard, particularly when the merchandise is electronic. E-books, videos, audio and multi-media products sell very well. They are distributed immediately to customers electronically. Once you have a good feel for a niche market, try to service your customers with associated products and upgrades. If you want to earn money online through product creation, you must understand supply and demand. The majority of new online marketers fail miserably because they go after highly competitive markets or forget to research their chosen niche properly. You have to create your products according to the needs, wants and desires of the prospective customers.

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