Home Based Business
In this economy, more and more home based businesses are being launched. With such low overhead costs, home based business models are great for those trying to simply create an extra line of income and those who have been laid off, trying to replace income from a former salary. I know that laid off storyline all too well!
Whatever your reason is, ensure home based business success from the start.
Formalizing your home based business
You must have order. Often, home based businesses are not taken seriously because they don’t take the same care of making everything official like larger businesses. Here are five success tips:
- Formalize a business entity from the start. Do not become a sole proprietor if you can help it because your personal assets will not be protected if a legal situation arises.
- Invest in a professional liability insurance policy that covers you up to $500k to $1MM per occurrence. It’s not as expensive as you think.
- Open a separate bank account for the business. It’ll be much easier to manage all your income and expenses during tax preparation and you need to know your numbers monthly.
- A professional online presence is critical. You should have active website and social media accounts.
- Professional phone systems go a long way. Record a polished phone greeting with specific information on how long it typically takes you to get back in touch.
The importance of networking
Link up with your competitors, potential suppliers, and potential customers regularly. My marketing and events agency grew by leaps and bounds after I began to network consistently.
The world needs to see your beautiful face, experience your business swag, and see your products and services to get hooked. Make it easier for word of mouth (WOM) referrals to come your way by connecting.
Some results I’ve experienced from networking, outside of getting new customers include: being approached to do several speaking gigs, being featured in newsletters, blog posts, magazines, newspapers, radio shows, and even being invited as a contributing author spot for an industry publication, which has sold many copies. Your success can be even greater!
Multiple streams of income
In this episode, the interviewee is a serial entrepreneur. She had at least four streams of income, including: dula practitioner, nail technician, candle maker, and a Yoni steam practitioner.
Chief Yuya recommends at least seven streams of income. Yes, I said seven! So, once you’ve had your first bout with home based business success, start planning for the next six income streams.
Aromatherapy for home based business success
Become a customer and money magnet. Here are some fragrances you may want to work with:
- Reduce stress – rosemary, lavender,
- Upbeat / energy – peppermint, eucalyptus
- Attracting Money - patchouli, sandalwood
- Meditation – frankincense, myrrh
These are all excellent for business owners – especially those with home based businesses so you can use these fragrances in your work space without anyone looking over your shoulder.