176 Ways to Find a Great Business Idea – Get your FREE Ebook

July 8, 2013

Our new collaborator, Jeff Williams of Bizstarters, is pleased to offer each member of the Homepreneurs Community a free copy of his very popular ebook: “Earn Big From What You Already Know” in which he presents 176 different ways to turn your experience and interests into a fun and highly rewarding new business.

This month Jeff is celebrating twenty-five years coaching new entrepreneurs and he wants to give YOU a present!

He’s offering his award-winning Start Your Business NOW! Start-Up School at a special low price to celebrate his business anniversary.

To request your free ebook and take advantage of the anniversary special, go to

http://www.bizstarters.com/homepreneurs.html

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Never try to run a business you don’t understand

April 4, 2013

homepreneurs:

Advice from The Accountinator

Originally posted on Accountinator:

I’ve seen one or two deals that offer systems to get rich quick.  Too many of these are on the web.  It sounds enticing.  Work two hours a week from home, and soon you’ll earn a few thousand dollars a month until you can quit your day job.

I’m all for getting rich quick.  I’m also all for getting rich slowly.  However, I don’t think anyone can build a business without first understanding it, not to mention putting in really hard work.  To run a business, you must fundamentally understand how it makes money:

“I’ll tell you why I like the cigarette business. It costs a penny to make. Sell it for a dollar. It’s addictive. And there’s fantastic brand loyalty.” – Warren Buffett, Barbarians at the Gate.

Duty Free @ Schipol Airport
Who are your customers?  What are the products?  How do you make the products?  How much do they cost to make?…

View original 254 more words


Buy an Existing Business Instead of Starting One

March 14, 2012

Starting a home or small business from scratch is often an iffy and expensive process.  Legal issues, licensing, permits, location, building a customer base – to name a few – are time-consuming without promise of success.  Even with great planning and research, the break-even point could be some years away.  Profits are sometimes slow to develop, but expenses add up quickly!

There are other options for would-be entrepreneurs: buying an existing franchise or business.  Baby-boomer retirements are creating many opportunities to buy an established business.  Minimal up-front capital options are possible too: sweat equity for the existing owner, deferred payments, rollover from an IRA, small business funding, grants or some combination.

Purchasing a current concern has advantages and some drawbacks also.  We’ll step back from the ‘yeah – that’s it!‘ moment to consider some issues.

Why to Consider a Purchase

- Ideas – you suffer from a lack of solid business ideas for a geographic area, level of expertise or interest

- Age – when laid off after a certain point, ageism exists.  Period.  Consulting may be an option, but you are not likely to be a new hire at 60.

- Opportunity – that little corner cafe you’ve always loved is up for sale and makes great muffins …

- Income – retirement income may not be enough.  Do you need to supplement?  A business income may be appropriate.

Considerations

- Money – when starting any business, some amount of money is needed.  Reserve funds are important to have in case of emergencies.  Upfront capital may be necessary too.

- Tax advantages – part of a purchase may be financed with ROBS or Rollover as Business Start-up.  This takes money from a 401k plan and invests it in a new venture.  The regular early withdrawal penalty doesn’t apply in these cases (check with a qualified professional to confirm).

- Paperwork and due diligence – ensure you are getting the best deal by working with a broker and carefully researching the market, the customers, the vendors, and the legal options. 

With the global economy still in low gear, the business market is in favor of buyers more than not.  Are you interested?  Here are some good resources to start with:

- International Business Brokers Association or ibba.org

- BizBuySell.com

- Business-Broker.net

By Dion D Shaw

Dion D Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New day.  New Opportunity.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012, All Rights Reserved


Business Startup Alternative: Buy an Existing Business

January 29, 2012

Starting a business from scratch – home business or small business – is often an iffy and possibly pricey process.  Legal issues, licensing, permits, location, building a customer base – to name a few – are time-consuming with no guarantee of success.  Even if launching goes well, the break-even point could be some years away, even with the best of research and planning.

There are other options for would-be entrepreneurs: buying an existing franchise or business.

Purchasing a current concern has advantages and some drawbacks also.  We’ll step back from the ‘yeah – that’s it!‘ moment and examine the issue.

Why to Consider a Purchase

- Ideas – you suffer from a lack of solid business ideas for a geographic area, level of expertise or interest

- Age – when laid off after a certain point, age discrimination exists.  Period.  Consulting may be an option, but you are not likely to be a new hire at 60.

- Opportunity – that little corner cafe you’ve always loved is up for sale and makes great muffins …

- Income – retirement income may not be enough.  Do you need to supplement?  A business income may be appropriate.

Considerations

- Money – when starting any business, some amount of money is needed.  Reserve funds are important to have in case of emergencies.  Upfront capital may be necessary too.

- Tax advantages – part of a purchase may be financed with ROBS or Rollover as Business Start-up.  This takes money from a 401k plan and invests it in a new venture.  The regular early withdrawal penalty doesn’t apply in these cases (check with a qualified professional to confirm).

- Paperwork and due diligence – ensure you are getting the best deal by working with a broker or carefully researching the market, the customers, the vendors, and the legal options. 

With the global economy still mired in mud, the business market is a buyers market.  Are you interested?  Here are some good resources to start with:

- International Business Brokers Association or ibba.org

- BizBuySell.com

- Business-Broker.net

Buying businesses is an excellent alternative to starting one up, provided the time and circumstances are right.  Take a look at the idea, it may be worth your time.

By Dion D. Shaw

Dion Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New day.  New Opportunities.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012


Can I afford to start a business?

January 16, 2012

One of the first concerns about starting a home business is cost and startup capital.  With people struggling to pay bills and living paycheck to paycheck, these issues are very valid.  One need not assume a startup home business will cost thousands.  Some home businesses need almost nothing to launch.  Key examples are etsy, eBay, Craigslist or any local resale shop.  Do you have a collection of baseball cards or rare coins or antique furniture?  List them on the above sites or sell them at a local reseller.  Instant business, minimal cost.  You can build in the shipping and listing costs in the selling price.

The cost for the above business is virtually nothing.  If you intend to start a slightly more complex business – consulting, freelancing or making a product – below are a list of basic costs you can expect.

1) Phone – somewhere between $75 and $100.  Shop AT&T, Verizon, and US Cellular for current deals on cell phones and bundled services.

2) Domain name and web site hosting – $10 to $20.  Put your product or service on the Internet and sell locally, regionally or globally.

3) Accounting services – $75 to $100.  Charges will vary based on complexity and information recorded for your accountant.

4) Marketing – $20 to $150.  Simple handouts to email marketing to advertising in local papers or community newsletters.

Total: $180 to $400 per month for an ongoing business.

There are other potential one-time costs too:

- Legal registration of the business for the government – see http://www.bizfilings.com/ – in Illinois about $125

- Computer – if you don’t have one, shop around and buy for $350

Other important business tools are free including:

- Business cards – free through http://www.vistaprint.com

- Office software – free at http://www.openoffice.org/

- Accounting software – free online tools - http://quicken.intuit.com/personal-finance-software/mint-online-money-management.jsp

- Marketing – use social networking sites Twitter, Facebook, and Linked In to get your business name out.  All are free.

- Internet presence – start a blog on WordPress, Blogger or one of many hundreds of other free blog hosting sites

- Start a web site – some companies offer free web hosting, albeit with their advertising included

Can you afford a startup business?  Yes!  Ask yourself, can I afford not to start a business???

By Dion D Shaw

Dion D Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New Day.  New Opportunities.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2012


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