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Starting a Home Base Business – Find Your Niche First

Submitted by on June 28, 2015 – 2:56 pm

Creating Your Own Niche For A Home Business

Action Takers Succeed in BusinessFor many these days it’s not easy to make ends meet, which is one key reason why many people are looking at home-based businesses with the goal of finding the right business to start that will help them ensure they have sufficient income to meet their monthly obligations. A home-based business can allow you the financial freedom to enjoy an added income stream, or a full time living if you make the right preparations and choose the right niche and business model.

One of the key ways to ensure that your home business is successful is to leverage the knowledge that you already have. For example, if you’ve been in sales, take advantage of your knowledge and experience in that profession and have a go at Internet marketing which applies the same principles, just different channels to reach a far wider audience.

If you have experience in consumer goods then choose a home business that is based on the same principles. You can often make just as much, if not more money than you would holding a nine to five job.

However, there are certain differences that need to be taken into account such as the fact that as a home business owner you are responsible for all your costs and other business obligations. This includes you medical care, your IRA, managing your taxes, licenses, etc. It is important that when you sit down to analyize your income potential that you are fairly certain that what appears to be a healthy income stream does in fact take these factors into account.Do your research

Before you start your home-based business you are going to want to make sure that your expenses are kept to a minimum, at least while you find your feet as a self-employed businessman or woman. Your home is the perfect base for your business since you already own it or are making monthly payments for the premises. However, you may have to upgrade some of the tools that you will be using to run the business.

For instance if you are using an Internet connection that is slow you may have to look at a different plan in order to have a faster connection for sending larger files and for communicating on the Internet in general. If you’re going to be running a business based on an Internet model where you host your own website with ecommerce functionality then you’re certainly going to have to improve your current technology infrastructure.

The good news is that there are plenty of service providers who can remove much of the burden from your shoulders. Finding a supplier of ecommerce functionality is actually extremely easy. And, website hosting services are very reasonable from many service companies. This may be a preferable option while the business is still in the start up phase, and possibly beyond. 

For those who are slightly more at home with risk, there are other options such as becoming a day trader in stocks and bonds. This is a high risk business and certainly not a recipe for getting rich quickly. For every success story there are hundreds, if not thousands of disappointed investors.

So the golden rule should be followed: Stick with what you know, but use new tools to achieve your objectives. The reach of the Internet makes it easier than ever before to start your own home-based business. Here’s to your success whichever path you take!

Thank you for taking the time to read my post, I hope you’ll share it with others!

Mike Conkey, Business Coach & Entrepreneur

Mike Conkey
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