Setting a budget for your home based business.

The last thing you want when you start your business is to have expenses unaccounted for and ultimately lost.

Before you even start you need to decide what your initial investment will be. This investment should cover your first 3 months of advertising, miscellaneous business products and resources, and 3 months of salary if you plan on quitting your “day” job immediately.

Once you have an initial investment decided on you can then move forward with planning your budget specific to your project.

Resources will be dependent on what type of home based business. Some useful tools are listed as links on the sidebar of this blog. If you plan on using Google Adwords please make sure you purchase Perry Marshall’s, “Definitive Guide to Google Adwords”. It is a must have for entering into this competitive advertising arena.

Speaking of advertising, NO business will survive without advertising. This is your biggest expense especially if you want to accrue revenue quickly.
Although there are options for free advertising they are normally slow to show results, unless of course you have a warm market waiting in line to sign up.

Don’t get caught in just one form of advertising! Utilize several methods such as:

• Bought Leads
• Newspapers
• Google Adwords
• Ezines
• Business Cards
• Post Cards
• Car banners
• Radio Ad Coops

Spread your monthly advertising budget out so that each week you are focusing on a new stream of advertising.

A good rule of thumb for your advertising budget is 10% to 15% of your expected monthly gross revenue. If you did the math right you’ve correctly estimated you will have to spend approximately $1000 to $1500 a month to reap $8500 profit.

Finally, KEEP TRACK of your spending! It’s easy enough to just start using Paypal or handing over a credit card. But BEWARE! These costs add up quick and if you are on a limited budget you want to make sure you pace yourself for the long-term. I use Excel Spreadsheets and QuickBooks both have automated features, tracking capabilities, and are user friendly.

Yes, the saying is true that you've got to spend money to make money. But it is not true that the more you spend the more you will make. Be SMART about your budget!

CLICK HERE for information on an inexpensive program that shows you step by step how to leverage your business and get the most out of your advertising.

Developing your plan of attack.

You've decided to start a home based business -
What do you do next?

Like any business you need to create a business plan.

The plan should detail the following questions:

• What is your budget?
• What is your goal?
• What is your timeline?
• What is your target audience?
• What is your market strategy?

The biggest question that will impact on your decision plans is your budget.
Be honest with yourself. What can you afford? What are your expectations?

Some work from home opportunities take a month or two to build revenue.
Some take even longer if your commissions are small and your advertising is limited.

Your budget should include:

• Initial Investment
• Resources (Products/Back Office/Etc.)
• Advertising

Your goals should include both short-term and long-term.

Your timeline should include:

• Hours per week to dedicate.
• Set date for short-term goal.
• Set dates to implement advertising methods.
• Set date to evaluate ROI.
• Set date for long-term goal.

Your target audience needs to be determined in order to implement your market strategy.

Your market strategy is the final but second most important question to answer.
This strategy will determine the success of your at home business.

There are many methods to use in a market strategy.
Use several and BE CREATIVE!

Researching work at home opportunities.

Take Action!

Google is a great place to start.
But don’t stop at the first page or the first set of keywords.

Places to search:

• Forums
• Blogs
• WAH organizations
• Scam websites

Stay away from the advertisements. Stick to CONTENT!

Don't be afraid to ask questions. If the person cannot give you an answer ask yourself WHY?

One of my first questions is What is the product - If they can't tell me then and there, I'M NOT INTERESTED!

Join forums and blogs and ask what others think.

One of the most commonly asked questions and I've asked it myself is,

"How much do you make?"

STOP ASKING this question. Why? Because it only sets you up for false hope.

Instead ask questions such as how much time and money do I invest if I want to make $X. What is the conversion rate. What training is provided? What support is offered?

Remember, How much you make is dependant on you.

• Competition
• Motivation
• Commitment
• Budget
• Time
• Learning Ability

The home based business industry is one of the largest and fastest growing industries. Which means - It is COMPETITIVE!
The home based business industry doesn't have supervisors or bosses pushing you. Which means - MOTIVATION and COMMITMENT come directly from YOU!
The home based business industry is a business. Which means - You will need to set a BUDGET, invest your TIME, and LEARN everything you can to beat out your competition.

Research doesn't have to take long. Just make sure you are THOROUGH!

Avoid the scams while working from home!

A Beginner’s Guide

The internet has paved the way for a new generation of scam artists. Even worse, these scam artists retain a level of anonymity achieved only by masked villains in comic books.
They pray on the dreams of those wanting to make changes in their life, those wanting a small piece of independence of which only financial freedom can provide.

We as the dreamers spend money on websites, programs, and unknown entities in the hope we will be the next success story by working from home. And some of us do get lucky. But most of us get frustrated and either spend more money or simply give up the idea of working from home altogether.

But we never stop dreaming. And I keep pushing forward constantly researching and trying work at home programs, home based businesses, MLM's, data-entry and even surveys. I’ve learned several things in regards to what it takes to grow your online business and what to avoid in work at home pursuit.

Guidelines for finding the right work at home business opportunity.
1. Do extensive research so you can make informative decisions.
2. Develop a plan of attack, including setting a budget.
3. Commit to the long-term goal instead of grasping for instant gratification.

Each of these guidelines are important steps in avoiding the scams, keeping your money in your bank account, and enjoying a successful home based business. In posts to come I will write about the hidden details of these guidelines. For some it may be common knowledge, but for others it may be the light bulb in the attic they have been waiting for.

For more information on specific programs I've tried and their details GO HERE.

Avoid the scams while working from home!