HOMEBUSINESSMAG.COM Home-Based Business & Opportunity Magazine SUMMER 2022 Download on Your Favorite App PODCAST – PG. 14 SPONSORSMAGAZINE Start-Up and Succeed in One of These Home-Based Businesses – Pg. 13 FREE PREVIEW — Determining What Business to Start from Home – PG. 16 the Home Business EXPO –PG. 10 REVIEW — Check out These Top Office Products and Gifts – PG. 22 PROFILES — Eco-Preneur’s Green Practices Benefits Bottom Line – PG. 29 FIND YOUR BUSINESS! Worlds Largest Directory of Home-Based Businesses, Franchises and www.HomeBusinessExpo.comOpportunities.
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p r o d u c t s a t G u n S h o w s , F l e a M a r k e t s , T r a d e s h o w s , H o m e P a r t i e s , o n e B a y a n d A m a z o n o r y o u r o w n W e b s i t e
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Articles appearing in this publication express the opinions, experience, and research of its authors and not necessarily the opinion of HOME BUSINESS® Magazine. Richard Henderson, Publisher, Home Business® Magazine
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Richard Henderson, Publisher Sherilyn Colleen, Content Editor Richard Rabil, Slice, Inc., Design Barbara Weltman, Home-Based Start-Up Guide Texterity, Inc., in United States Magazine a Likely
Keep your business networks strong so that you can quickly join with other entrepreneurs to target new opportunities.
So, what should you do as a home business owner to batten down the hatches?
First, shore up your business. Touch base with your clients and confirm whether their current business demands will stay intact. Also, check with your suppliers to ensure that you can get the products/services delivered on time that you will require later this year. Supply chain disruptions and increased manufacturing delays put an extra emphasis on ordering and tracking the goods and services you need. Don’t take for granted the “good ole’ days” when you could place an order and expect timely delivery.
Digital Publication Production Advertising:UnitedPublishedHomeBusinessMag.com/Advertiseadvertise@homebusinessmag.combyHomeBusinessMediaISSN1092-4779Marketing&ResearchCompany,Inc.20664JutlandPlace,Lakeville,MN55044 Produced
Fourth, with inflation driving up costs, order as much products and services in advance as you can. Lock in lower prices now, prices that are sure to rise later in the year.
©1993-2021. Reg. # 4180563 and 4145799. TRADEMARKS: Home Business, Serial Number 74/713646 and Home Business Magazine, Serial Number 75-086596, issued by the United States Department of Commerce, Assistant Commissioner for Trademarks. Mark Type(s): TRADEMARKS: Conform to the minimum requirements set forth in 37 C.F.R. Sec. 2.76 (e); and formal requirements set forth in 37 C.F.R. Sec. 2.76(b) and (c). All rights reserved. No part of HOME BUSINESS® Magazine may be reproduced, stored in a retrieval system, or transcribed, in any form or by any means, photocopying, electronic, mechanical recording or otherwise, without prior permission in writing of the publisher, United Marketing and Research Company, Inc., Lakeville, MN 55044.
SUMMER
In last issue’s publisher letter, I talked about how inflation is back; and that it’s going to have an adverse impact on home-based business owners. Intimately linked to inflation is the increasing risk of a recession. There are so many factors beyond inflation that are making a recession near inevitable. Although these factors are beyond the scope my letter, a few warrant mention. In addition to inflation there is a falling crypto market, damaged supply chains, a growing credit crisis, underemployment; and, of course, massive budget deficits and the stratospheric national debt that is finally coming home to roost. It’s a perfect storm.
Overall, a recession will bring harder times. But an economic downturn can offer increased opportunity if you plan for it in advance. And start taking steps now to keep your business stable.
the
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Recession
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Third, Give your personal and business finances a good checkup. Be ready for downturns in income. Increase lines of credit so that you will at least have access to cash/capital if needed during a recession. Once a recession does take hold, it will be much more difficult to obtain that credit. Finally, consolidate any debt you have, into one or a few loans with lower interest rates and better pay-off terms.
Second, recognize that times of economic downturns offer increased homebased business opportunity. Many current small businesses will not be able to weather the storm and survive a coming recession. This will open up opportunity to fill these changing demands. In addition, other home-based business owners will be looking to partner with other businesses, to target rapidly changing demands and needs in a recession-battered marketplace. HomeBusinessMag.com2022
Business
Start Getting Ready Now for
Fifth, look for ways to diversify your business; to prepare for potential negative impacts from a recession, to lower your business risk. As always, diversify into new businesses that are related to your core business, so that you leverage marketing and business costs. Increase back-end product sales that you can cheaply market to your existing customers.
HOME BUSINESS® Magazine is sold as information only. The publisher, United Marketing and Research, Inc., considers its sources reliable and verifies as much data as possible, although reporting inaccuracies can occur; consequently, readers using this information do so at their own risk. The publisher has not done a background check on listed companies (which includes advertisers), nor does it know people at all the companies. The publisher cannot assume any responsibility in any manner for the actions of any of the listed companies, and the publisher cannot guarantee the outcome of any correspondence, arrangements, or subsequent transactions the reader may make with any of the listed companies. HOME BUSINESS® Magazine is sold with the understanding that the publisher is not engaged in rendering medical, legal, financial, accounting, tax, or other professional service. If medical, legal, or other expert advice and assistance are required, the services of a competent qualified professional person should be sought. The publisher, United Marketing and Research Company, Inc., assumes no responsibility for any changes of offers, nor for any companies/advertisers that may go out of business. All correspondence regarding questions or problems on a company’s (including advertisers) program, products, or services should be directed to the company, not to the publisher. Advertisers and advertising agencies assume liability for all contents of advertising and for any claims arising therefrom. It is up to the user of this publication to investigate the product or service offered, and to make sure the company is reliable and that the product or service meets the user’s requirements. United Marketing and Research Company, Inc., is not responsible for the delivery of merchandise, starter kits, supplies, or other products and services ordered from advertisers.
Notice to Readers
Magazine Sponsors Magazine Contents – Summer 2022 11 Classified Ads 12 Publisher Letter Get Ready for a Recession & Notice to Readers 14 Podcast: Joey Klein – Your Inner Matrix – Succeed by Mastering Emotions 15 Podcast: Amazon Seller – How to Increase Your Revenue 16 Home-Based Business Start-Up Guide: Step 2 Sneak Peak: Determining What Business to Start from Home 22 Reviews: Innovative and Cutting Edge Products for Your Home Offic 26 Office Chair: Nouhaus Classic Massage Chair with Ottoman for Business Owners 28 Success Profile — How to Start a Business with Zero Dollars: CEO Donnie P Knows 29 Success Profile — Vikki Gerrard Discusses Why Sustainability Is Important in a Business 30 Crowdfunding — What Makes a Crowdfunding Campaign Successful? 31 Start-Up — Six Requirements You Must Meet Before Starting Your Own Home-Based Business Ad Benches, LLC * www.AdBenches.com Baseus * www.store.baseus.com/home City America * www.CityAmerica.com GBC * www.GBC.com Home Business EXPO * www.HomeBusinessEXPO.com Home Business Podcast * www.homebusinessmag.com/podcast Home Business Services * www.HomeBusinessMag.com/services-products Home-Based Business Start-Up Guide * www.HomeBusinessMag.com/home-based-business-start-up-guide Kaeser & Blair * www.kaeser-blair.com Lil’ Bubba Curb Machines * www.lilbubbaCurb.com Lil Orbits, Inc. * www.lilorbits.com Little Jimmy’s Italian Ice * www.italianice.net NouhauUS * www.NouhauUS.com Rooterman * www.RooterMan.com Safety Technology * www.SafetyTechnology.org Trusens * www.Trusens.com Wasserstein * www.Wasserstein-Home.com ® SUMMER 2022 HOME BUSINESS ® 13WWW.HOMEBUSINESSMAG.COM
■ Mastering your Inner Matrix system starts with being aware of emotions;
■ Levering your thoughts after gaining awareness of your emotions;
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■ How mastering your emotions is central to the process of driving the right actions;
■ How Joey Klein got into the world of helping people in personal mastery and development; ■ Your Inner matrix we all possess;
Podcast – Joey Klein – Your Inner Matrix –Succeed by Mastering Emotions BY RICHARD HENDERSON
Interview with “The Inner Matrix” author Joey Klein Success in a home business cannot just be achieved by building and delivering a better mouse trap. Entrepreneurs are under constant pressure and stress, and that can get in the way of achieving your business goals. As a result, having a mastery of one’s emotions under this pressure can mean the difference between a home business owner’s epic success or miserable failure.
■ Joey’s thriving worldwide business model using Inner Matrix System principles; and
■ Driving actions that produce the results you want;
Subjects discussed in podcast include:
Richard “Captain” Henderson and Shelby Cara Henderson interview Joey Klein (www. TheInnerMatrix.com), author of The Inner Matrix, Leveraging the Art & Science of Personal Mastery to Create Real Life Results. Joey Klein is one of the world’s leading experts in how to better master your emotions for increased success
■ Becoming an author packaging his system into a book The Inner Matrix.
Episode Sponsor: Ad Benches * https://adbenches.com
Episode Sponsor: Hotels Etc. * https://hotelsetc.com/go
Interview with Amazon Sales Guru Lesley Hensell
■ A brief breakdown on how to set yourself up as a seller on Amazon
As with any business segment, there are critical success factors to being successful as an Amazon Seller. Richard “Capt’n” Henderson interviews Lesley Hensell, co-founder of Riverbend Consulting (www.RiverbendConsulting.com). She will help our listeners to be better sellers on Amazon. Lesley is a seasoned veteran in helping others to grow their businesses through Amazon.
■ How can you set up an online brand that stands out from the crowd?
■ Common mistakes Amazon sellers make and the consequences for those mistakes
Subjects discussed in podcast include:
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Whether you love Amazon or hate it, Amazon is an 800-pound Gorilla in the small business/home business arena. Just about every home-based entrepreneur will be involved in Amazon selling, one way or another. It could be a small Amazon side hustle, a related product for your core business, or a core business itself as an Amazon Seller. For example, at Home Business Magazine, we have to sell our Start-up Guide exclusively through Amazon.
■ What is one thing you should do tomorrow morning to get better plugged in with Amazon?
■ “Top Tips” on what an Amazon seller can do to be more successful in Amazon
BY RICHARD HENDERSON
Podcast – Amazon Seller –How to Increase Your Revenue
■ Lesley Hensell’s experiences with Amazon and operating a consulting business
■ Ways to be part of the Amazon marketplace without actually being an Amazon seller
■ Growing competition – Is it still a good opportunity to be an Amazon seller?
■ What are some of the first things a seller should do if their Amazon account gets suspended?
Determining What Business to Start from Home BY BARBARA WELTMAN
■ Flexibility. You may be able to structure your business to suit your personal and financial needs. This may be part time, seasonal, or only within the hours that work best for your situation.
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Before you start a business from scratch:
■ What is the cost of starting the business and do you have (or can you raise) the necessary funds? This money ques tion will clearly dictate what you can or cannot consider in terms of the type of business to go into. Many homebased businesses have a modest startup cost, but others can be pricey
Basics for picking any business Whatever venue you use to find the best business fit, there are certain questions you need to answer. Do ing this will help put you in the right direction.
■ Can you legally conduct your business from home? This depends on the nature of your business. For example, if you want to bake custom cakes, you may be able to do this from your kitchen. But you may be restrict ed from doing this by the rules of your homeowner’s association. Or your city or town may have health codes that bar any cooking activities in a home for commercial sale. You have to check on legal restrictions on your idea.
If you have an idea of the type of business you want to run from your home, that’s great. Maybe you have a professional skill, such as bookkeeping or blogging, that you can do as a business from home. Or maybe you want to care for oth ers—children, pets—in your home. Or maybe you have an idea for a product that you can develop and sell through a
■ Lack of guidance. You don’t have any pre-set procedures or any structured guidance. You can, however, can get help through a SCORE (www.Score.org) or SBDC (www.ameri cassbdc.org) office.
Excerpted from: Home Business Magazine’s Home-Based Biz Start-Up Guide: Order at https://homebusinessmag.com/home-based-business-guide/ website (yours or an established one such as eBay or Etsy). Just be sure that the idea makes sense for you and your situation.
What are your existing financial obligations (do you have outstanding student loans, child support payments, a car loan, a mortgage on your home) and how will they be met while you get started? How is your personal credit rating? If you need to borrow money to get started, it’s your FICO score that will control whether you can get a loan and what interest rate you’ll pay. Start from Scratch
So, you want to go into business and you know you want to do this from your home. You may have a great idea and want to run with it. Or you need help in finding the right type of business for you. Also, you may want or need to have a co-owner rather than go it alone. No worries! There are many ways to approach these important matters.
■ Does your idea make commercial sense? It may seem like a good idea to you, but is there a demand by cus tomers or clients for what you want to offer? It’s highly advisable to do some market research on your idea to see if it’s viable. There are many online resources to help with this (e.g., Hub Spot’s free Market Research Kit. And be sure to assess whether you can actually make money doing it. If it costs you X dollars to provide a service (your time and expenses) and you can only reasonably charge those same X dollars, you won’t make a penny no matter how many hours you work.
Cons: ■ No immediate financial rewards. When you begin from scratch, there are considerable outlays (e.g., legal fees, offset set-up costs, website design) so making money may take some time.
■ What is your financial situation? Do you have enough savings (or a significant other or other person to support you) to cover your personal living expenses until the business generates money you can take out for them?
■ Assess your skills and abilities. While doing this is helpful regardless of how you choose to find the right business, it’s essential if you’re starting from scratch. For example, take
Pros and cons of starting from scratch: Pros: ■ Control. What you do, how you do it, and what you can accomplish are entirely up to you. The opportunity for success is limitless.
Biz Start-Up Guide: Step 2 Pick Your Business
■ What are your goals for being in business? Decide upfront what you want the busi ness to do for you (e.g., provide a living, be a stimulating activity, solve a particular problem, contribute to your community).
■ What are your skills, education, and abilities? Make sure that the business you are thinking about going into aligns with what you can do, or can learn to do.
WWW.HOMEBUSINESSMAG.COMtheSBA’sSmallBusinessReadiness
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■ The product or service is a known quantity. You don’t nec essarily have to do the same market research you would for starting from scratch. But it wouldn’t hurt to be sure that the trend for the business and the industry it’s in is moving in the right direction.
■ You can begin business immediately, as there’s no startup time required. You essentially step into the shoes of the former owner.
Another way is to use a business broker. This is a person who acts much like a real estate agent with home sales. The bro ker can explain what’s available in your price range and help you do due diligence on the target business. The business broker charges a commission, which is typically about 10% of the purchase price of the business (usually paid by the seller). Be sure you find a good business broker (interview several, check references, etc.).
■ It may be easier to get financing as compared with a startup. Because the business has a record of profit and loss and an existing balance sheet, you may be able to get a loan more easily to buy the business than one to start from scratch. And the business itself may be able to more easily obtain funding (e.g., a line of credit or a good line on a business credit card) if necessary.
Assessment to see if you have what it takes to start a business.
■ There’s an existing customer base. You don’t have to find your first customer or your second one. There’s a custom er database with contact information and, hopefully, more about their buying habits so you can continue to market to them.
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■ Get your idea critiqued. You may think that your idea for a business is great, but you need to be sure that there’s a market for it. Again, SCORE and the SBDC are great re sources for reviewing a business idea…and both offer their services for free.
■ There are set procedures for the operation of the busi ness. There are already ways in which to function; you don’t have to create new ways unless you find that they’re necessary.
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■ Review your financial situation. As discussed earlier, you need to know how you’re going to pay your current rent or mortgage, food, utilities, and other personal expenses during the period in which the business is just getting started and isn’t returning enough revenue to allow for withdrawals for personal needs. Also, as mentioned earlier, if you need funding, can you swing it (based on your credit score, the required capital, and other factors)?
■ The brand is established. There’s already a name, logo, and likely a website and presence on social media. You just have to maintain the brand.
■ Proceed with care. There’s a lot to do when starting from scratch. For example, you need a name for your business and have to be sure that you can—from a legal and com mercial sense—be able to use it. You need to set up your business from a legal standpoint. All of this is covered in Step 4. Buy an Established Business As the saying goes, you don’t have to reinvent the wheel. In stead, you can use an existing wheel by buying an established business. When you do, you have a readymade setup to jump in and make money. If you know about an existing business that may be for sale (perhaps you work for this business—at the owner’s home or remotely—and the owner wants to retire), that’s one easy way to find an established business for you. It’s likely that you know what’s good and bad about this particular home-based activity.
Pros and cons of buying an established business: Pros:
You can find a home-based franchise by doing your own research. Home Business Magazine lists (www.Home BusinessExpo.com) a number of home-based franchises to consider. You may also want to consult with a franchise broker to get advice about which franchise is suitable for you.
Buy a Franchise
■ It still takes time to establish yourself with the existing customer base. Customers may have become used to dealing with the former owner and may not immediately take to you.
■ Engage an attorney. Be sure you work not only with an accountant to decide whether the deal makes financial sense, but also with an attorney to protect your interests in the sale and beyond. Even if you know the seller, don’t be fooled into thinking that the purchase of a business is a simple matter; it’s not.
A franchise is a business in which the owner (the franchisor) sells the rights to another (the franchisee) to use the busi ness logo, name, and model of operations. When you hear the term “franchise,” you may think McDonald’s or Subway. But there are numerous franchises designed to be run from home. Examples of some of the more popular ones:
Biz Start-Up Guide: Step 2 Pick Your Business Continued from page 11
Cons: ■ It may be more costly to you than starting from scratch. You have to buy out the existing owner, and he or she is going to charge you for all of those “pros” just listed. The brand, for example, includes an intangible asset called “goodwill,” which is the value of the business over and above its physical assets.
■ There may be hidden liabilities. For example, there may be outstanding lawsuits against the business from a disgruntled customer or there may be one lurking from a former employee. You may have the opportunity to buy into an existing busi ness and become a co-owner. Whether this makes sense for you is something you need to determine. This subject is discussed later. Before you buy an established business:
■ Bricks 4 Kidz (education programs for children)
■ The Dog Wizard (dog training service) ■ MaidPro (residential cleaning service)
Pros and cons of franchises: Pros: ■ Proven system of operations. The business model has
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■ Cruise Planners (a travel agency associated with American Express) ■ Coffee News (a weekly newspaper distributor)
■ Snap-On Tools (professional tools and equipment)
■ There are tax issues to consider, which depend on how the purchase is structured. If you’re buying assets, your ability to depreciate them depends on how the deal is structured (an accountant can explain this).
■ Review the business’s financials. If you’re considering the purchase of an existing business, be sure you (and your accountant) carefully review the business’s numbers. What’s on the company’s balance sheet for assets and lia bilities? What has been the trend in profitability and profit margin? If you don’t understand these terms, you need to
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■ Seniors Helping Seniors (non-medical home care)
learn about them so you don’t blindly buy into a mess.
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■ Consult an attorney. Franchises are subject to federal and state regulations. You want a legal pro to make sure that you’ve received all required disclosures and that you fully understand your rights and responsibilities for this undertaking.
Invest in a Business Opportunity
■ Modest return on investment. No matter how hard you work, the nature of the business opportunity may be such that making money is limited.
■ Vending machines. Here the seller provides the machines and may even help you find locations for them. Then it’s up to you to restock the machines. You can find business opportunities through the web. Home Business Magazine lists a number of home-based business opportunities to consider.
work (although there are no guarantees it can work for you in your location given your abilities).
Typically, a business opportunity presents you with the idea for the business and the equipment or materials to conduct it. How you run your business is up to you. Once you pay for the business opportunity, there’s no continuing payment or royalty to the seller (as there is with a franchise).
■ Dealers or distributors. Here you purchase the right to sell a particular company’s products without using their trade name (it may be makeup but it won’t be Avon). If you become a distributor, you sell the products to other dealers. If you become a dealer, you sell directly to con sumers or retailers.
■ Training and support. Typically, as a franchisee you receive training and ongoing support from the franchisor.
Cons: ■ Ongoing royalty fees. A part of every dollar you take in must be remitted to the franchisor because this is a royalty arrangement. You are never free of the franchisor.
■ No ongoing payments to the seller. Unlike a franchise, royalty payments are not required. Once you pay the upfront cost, the business is yours.
■ Free help in some cases, such as legal advice, advertising, and other support. Depending on the particular business opportunity, you may receive some guidance to get you started. Cons: ■ Lack of training and guidance. For many business oppor tunities, you may be on your own from day one. Certainly, there is no ongoing help.
■ Restrictions on business operations. Because you carry the franchisor’s name, you must adhere to company rules. You must buy products from a set vendor and do things in a set way; you don’t have the flexibility to. Before you buy a franchise: ■ Review the Uniform Franchise Offering Circular (UFOC). This document is supposed to reveal key information about the franchise—its history, past litigation and bank ruptcies, and employees—and what becoming a franchisee means to you, including all of the fees and costs (such as ongoing royalties) and rules and restrictions for operating your franchise.
■ Licensees. Here you do use the name of the company that’s given you the right to use its product line, along with its methods and equipment. You may be taught the method, but then you’re on your own.
■ Significant investment requirements. Of course, there is a range for the money required to obtain a franchise, but it is usually greater than starting a business from scratch or buying a business opportunity (discussed next).
Pros and cons of business opportunities: Pros: ■ Proven system of operation. If the business opportunity has been around for a while and used by others like yourself, then it’s likely to be a viable type of business.
■ Less cost to get started than a franchise. It may only take a few hundred or a few thousand dollars paid to the seller to get started.
Types of business opportunities. There are different types of business opportunities that you might consider: ■ Direct selling. Here you have a line of products that you sell directly to people (think Tupperware parties and door-to-door Avon sales). Direct selling may also involve recruiting others to also sell, where you then receive money based on what they sell.
Think of a business opportunity as a business in a box. It’s a pre-packaged business concept that you pay money to use.
Before you invest: ■ Do your research. Unfortunately, there are some scam business opportunities out there. Make sure the one you are considering isn’t among them. Do a Google search of reviews or testimonials about the seller. Check out the seller with the Better Business Bureau (BBB) (www.bbb. org) You should also check the seller with D&B (www.dnb.com) to learn about the seller’s financials.
■ Financial burden. Starting alone means having to shoul der the full financial cost of starting up. For some homebased businesses, the initial cost may be modest. But where startup capital is considerable, having a co-owner reduces the burden for each owner.
■ Work-life balance. Sharing the business load with another owner can enable you to have time off for personal mat ters. You may more easily attend a child’s school play or take a vacation, which may be difficult or impossible when you’re the sole owner. Why not take on a co-owner? While the benefits to having a co-owner are compelling, there are drawbacks that shouldn’t be overlooked.
■ Decision-making isn’t unilateral. You can’t make deci sions on your own; you and your co-owner must agree (except where each has responsibilities delineated in a
20 HOME BUSINESS ® SUMMER 2022 WWW.HOMEBUSINESSMAG.COM Biz Start-Up Guide: Step 2 Pick Your Business Continued from page 13
Have you assessed your skills, education, and abilities? Have you determined your goals for going into business?
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Do you want to buy a business opportunity?
Do you want to buy an existing business?
Have you assessed your idea for starting a business from scratch?
Do you want/need to have a co-owner?
Do you know the cost of getting started? Do you have the fnancial ability to start up or buy a business? Do you have the fnancial resources to pay personal living expenses until the business is viable?
■ Consult an attorney. Make sure you understand any legal obligations to the sale. In some states, the sale of a busi ness opportunity is regulated. If you’re in one of these states, be sure that all the rules are satisfied. Go it Alone or with a Co-Owner? Being in business all by yourself can be a lonely and chal lenging activity. Every buck stops with you. There’s no one to share responsibility with. Going into business with another person offers many advantages over going it alone. But there are considerable drawbacks to consider. Why take on a co-owner? There are many benefits to having an additional set of hands on board. Here are some benefits to consider:
■ Skills and knowledge. Each partner may bring a differ ent set of personal attributes to the business. One may be a talented graphic artist who provides the core skills for a graphic design business, while the other may have financial talents and provides money management for the business.
Have you considered buying a franchise?
Checklist for Determining How to Start a Business from Home Questions Yes No N/A
■ Share the profits. The flip side to sharing the financial burden is the requirement for also sharing the profits (see legal agreements below).
■ For a partnership: Use a partnership agreement
She has been named one of the Top 100 Small Business Influencers five years in a row and has won numerous awards for her blog. You can follow her on Twitter @Bigideas4SB. legal agreement (discussed later)). It does make it more cumbersome to operate.
is like a marriage…’til death do you part. But like in a marriage, divorces do occur and couples that had the foresight to sign a prenuptial agreement usually have an easier time splitting up property and assign ing responsibilities to one or the other. So have that foresight and get that partnership agreement not only to help run the business, but also to determine what happens when the partnership ends. The partnership agreement should address: ■ Ownership. A partnership doesn’t have to be 50-50. Decide upfront the percentage of ownership interest each partner has, based on what each contributes to get the business started and what each will bring to the table, such as talent, connections, management of daily oper ations, etc. (“sweat equity”). This percentage can be used to control the allocation of profits. Or the agreement can provide for an allocation that does not reflect the per centage of ownership; it depends on what you and your partner wants.
Barbara Weltman is an attorney, prolific author, and a trusted professional advocate for small businesses and entrepreneurs. She is also the publisher of Idea of the Day® and monthly e-newsletter Big Ideas for Small Business® at BigIdeasForSmallBusiness.com.
Crafting a partnership agreement or shareholder agreement isn’t a DIY activity. You need the help of a knowledgeable attorney who can make sure that your concerns are proper ly addressed, given your situation and the state that you’re in. But if you want to save on legal fees by drafting your own agreement and then having it reviewed by an attorney, there are templates you can use for partnership agreements (search Google for templates for “shareholder agreements”) from such sites as LawDepot.com, RocketLawyer.com, and LegalFormSwift.comagreements
■ For a corporation: Use a shareholder agreement
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Making the Decision If you’ve answered “yes” to whether you are prepared to get started, decided on the way in which you want to begin, and determined whether you want a co-owner, then you’re ready to go. It’s time to start making plans…as you’ll see in Step 3.
■ For a limited liability company: Use an LLC partnership agreement (same as a partnership agreement but the language is tailored to LLC owners who are called managers)
■ Decision-making. This can be tricky when there are two co-owners; a stalemate on important matters can result. So think about this in advance and put a resolution in your partnership agreement. Perhaps one partner is respon sible for decisions on day-to-day matters while the other handles long-term concerns, such as signing contracts, leases or taking loans. The agreement should provide a way to resolve disputes (e.g., requiring mediation for major issues that you can’t settle on your own).
■ Styles and goals. For co-ownership to work in the long term, owners need to discuss upfront their styles of work and their long-term goals for the business. If one owner is an early bird while the other is a night owl, this work style may be great…or it could be problematic, depending on the situation and how owners view these different styles. If you take on a co-owner, protect yourself. It’s not required by law, but as a practical matter it’s essential that you and your co-owner enter into a legal agreement. This legal document spells out various matters to help you and your co-owner (or co-owners) run the business.
For purposes of the discussion on legal agreements for co-owners, we refer to “partners,” but the same information applies to Remembershareholders.thatapartnership
and other formalities are discussed further in Step 4.
Barbara Weltman
PHOTOSDEPOSITBYPHOTO
■ Death, disability, divorce, or retirement. What happens when one partner experiences a major life change or dies? Can the business continue? Do spouses have a right to succeed to any interest in the business? How will the outgoing partner (or his or her estate) be compensated? These and many other questions should be addressed.
PRODUCT REVIEW Innovative and Cutting Edge Products for Your Home Office BY EDITOR Manta AROMA Mask
Dell UltraSharp Webcam
Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022). It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
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Give the gift of relaxation and rejuvenating deep sleep! This is the only aromatherapy mask designed, constructed, and optimized for maximum relaxation in any environment. Created to combine the soothing power of lavender aromatherapy with the sensory relief of 100% blackout, AROMA is for you whether you suffer from stress, anxiety, muscle tension, high blood pressure, headaches or insomnia. Featuring 100% pure AAA-grade lavender, its scent lasts 15 – 30x longer than other masks. It also has targeted “scent vents” and is made with soft, durable, snag-free materials. It puts zero pressure on the eyelids or lashes. Retails for $33.00 at mantasleep.com.
This small-but-mighty power strip is the size and design of a standard charger but includes four ports and two AC sockets. Featuring two USB-C and USB-A ports, the PowerCombo can service up to four desktop devices, including lowpower gadgets like smartwatches and wireless earbuds, allowing consumers to clear up and create more room on their desk space. The PowerCombo and other products from Baseus (a leading electronics brand for reasonably priced premium electronics) are available for purchase on Amazon.com.
The BlendJet2 Portable Blender makes smoothie-bar-quality beverages, silkysmooth protein shakes, top-shelf mixed drinks and creamy frozen lattes, plus milkshakes, slushies, baby food, dips, dressings, sauces, and so much more. Make breakfast a breeze, reinvent lunch, fuel your workout or chill with a frozen margarita, all while saving time and money. Get 15+ blends from just one hour of charging with any USB port. BlendJet 2 comes in tons of vibrant colors and patterns. Retail Price: $49.95. Visit blendjet.com.
Retail Price: $99.00. Visit https://store.baseus.com/home.
Baseus’s PowerCombo
Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022). It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience.
BlendJet2 Portable Blender
HALOLightPro Whether it is vlogging, live streaming, or podcasting — lighting and sound quality make all the difference in giving you the professional results you want. Halo Light Pro by ON AIR combines the elements you need for a flawless finish with its multifunction design. This sturdy tripod stand extends up to 5ft and features a 10” USB-powered LED ring light. Its in-line remote features 3 light hues and 10 adjustable brightness options so you will be illuminated perfectly in any setting. The high-quality microphone and adjustable stand takes your live audio and recordings to the next level, while the built-in smartphone mount and flexible gooseneck adjusts for the best camera angles every time. Create quality vlogs for your audience with this all-in-one kit! With a tripod, microphone, ring light, and phone holder. Retail Price: $99.99. Visit: https://tzumi.com/product/70.
SleepMantaCredit:PhotoBaseusCredit:PhotoBlendJetCredit:PhotoTsumiCredit:Photo
22 HOME BUSINESS ® SUMMER 2022 WWW.HOMEBUSINESSMAG.COM
The high-quality wireless earbuds are made with distinct various charging options, digital app preferences and personalization, impeccable sound quality, and comfortably designed ear tips separating them from other earbuds on the market. Featuring 10mm dynamic drivers and built-in environmental noise cancellation microphones, the earbuds suppress outside noise while amplifying the user’s voice during calls and bringing high-quality audio for favorite music and games. The W11 True Wireless Earbuds and other products from Baseus (a leading electronics brand for reasonably priced premium electronics) are available for purchase on Amazon.com.
ONSCREEN Spark: TV Video Calling System Be there, even when you cannot be, with amazing Zoom meetings and video calls on your TV — all controlled from your smartphone. Zoom meetings and video calls are enabled on the ONSCREEN Spark, providing different calling options for you and your family. Experience the ONSCREEN Spark Smart Camera and take video calling to the next level. Get HD quality video on your TV that is crisp and clear, to make you feel like you are right next to each other. You may not be in the same room, but the ONSCREEN video calling experience will make you feel like you are. The ONSCREEN Spark is easy to set up, and controlled from your mobile device. Retail Price: $99.00. Visit https://onscreeninc.com/products/onscreen-spark. Targus Ergonomic Foldable Bluetooth® Antimicrobial Keyboard
Photo Credit: Dell Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022).
This ergonomic pocket-sized keyboard has an ultra-compact, foldable design the same size as one’s phone. Simply unfold it for comfortable, convenient typing on the go. Its split, ergonomic design keeps one’s hands in a more natural position. DefenseGuard™ Antimicrobial Protection* creates a cleaner surface and works continuously to protect the keyboard by preventing the growth of microorganisms. Retail Price: $49.99. Visit us.targus.com.
Give that special someone the gift of comfort with X-Chair: a high-end, ergonomic office chair. It enables users to both look good and be more productive, advancing the function of office seating. X-Chair molds to the shape of the user’s body, 10 comfort design adjustments make this glove-like fit possible — a seat with adjustable height and depth, a height-adjustable backrest, a headrest with adjustable height and angle, 4-dimensional armrests, adjustable tilt tension and a tilt lock. Yet, the X-Chair’s greatest ergonomic feat is one that needs no adjusting. The proprietary Dynamic Variable Lumbar (DVL) Support adjusts itself to the user’s shape in order to provide perfect lumbar support from the moment they hit the seat. It comes in several models tailored for each individual’s specific need. Most models have several color options to create a customized look for any workspace, the polished aluminum accents create a striking chair that is promised to look great in any at-home office. Find it on xchair.com.
It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
Retail Price: $60.00. Visit https://store.baseus.com/home. Dell UltraSharp Webcam Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022).
Baseus’s W11 True Wireless Earbuds
SUMMER 2022 HOME BUSINESS ® 23WWW.HOMEBUSINESSMAG.COM PRODUCT REVIEW
REVIEWPRODUCT
X-Chair Ergonomic Office Chair
BaseusCredit:PhotoX-ChairCredit:PhotoTargusCredit:PhotoSparkONSCREENCredit:Photo
The Hamilton Beach FlexBrew® Trio Coffee Maker is the perfect gift for the special entrepreneurs in your life. Whether you want a single cup of coffee before checking your morning emails or are expecting multiple visitors for an important work meeting, the coffee maker brews two ways. Enjoy the customization by choosing between coffee grounds or pods. The carafe side boasts easy to use programming that can have your coffee ready right when you wake up. After brewing, the coffee will stay warm for two hours so you can stay alert all morning. Find it on Amazon. Dell UltraSharp Webcam
BeachHamiltonCredit:PhotoSouthTwelveCredit:PhotoVidboxCredit:PhotoNestGoogleCredit:Photo PRODUCT REVIEW Cutting Edge and Innovative Products for Your Home Office BY EDITORREVIEWPRODUCT
VIDBOX VHS Video Converter
The all-new BenjiLock Fingerprint Door Lock is the perfect addition to a family’s home! The deadbolt is a hybrid, just like the padlock, but with another twist. You’re able to unlock in three ways. With your fingerprint, your personalized code or with a set of traditional keys, either route you take, you can enter your home with the convenience of ease, including an illuminated capacitive touchscreen and state of the art fingerprint technology. With a unique and sleek design, BenjiLock features a Grade 2 certified security rating to offer a wide variety of residential and commercial applications. On another note, the BenjiLock Fingerprint Door Lock is very easy to install, program and use, and in partnership with Duracell, it operates on four AA included batteries. Your finger is now becoming the key to your home. Just with a touch, you’re able to unlock! Find it on the Benjilock.com, Walmart, and Amazon
24 HOME BUSINESS ® SUMMER 2022 WWW.HOMEBUSINESSMAG.COM
Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022).
It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
Photo Credit: Dell Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022). It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
Google Nest Doorbell and Wasserstein Horizontal Mount Bundle
Hamilton Beach FlexBrew® Trio Coffee Maker
Give the gift of security with the Google Nest Doorbell. The Google Nest Doorbell can tell the difference between people, packages, animals, and vehicles. The alerts help you know what’s relevant to you. And with Nest Aware, you’ll get notified when a familiar face is at the door. Nest Doorbell is designed with a vertical field of view. A 3:4 ratio means you can see people from head to toe, and packages left on the ground. HDR helps with bright, high-contrast light at all times, and night vision gives you a clear image of what matters, even in low light and darkness. The Wasserstein Horizontal Adjustable Mount can be horizontally adjusted from 35° to 55° to achieve your desired viewing angle, improving the viewing angles of your Nest Doorbell. Passed the Made for Google certification to ensure compatibility with Google Nest Devices. Buy the Google Nest and Horizontal Adjustable Mount bundle on the Wasserstein-Home.com.
Moms, Father and Grandfathers have chased us around with a video camera our whole life at home, on vacations, and for special events. Many of these are locked away in old VHS, VHS-C and Beta tapes. Save the precious memories from your own childhood, elder relatives, and your children as they grow. Save and share them before they are lost to time and technology. Get organized before it’s too late! VIDBOX Video Conversion and Audio Conversion products enable you to transfer your old VHS, VHS-C, Beta and other analog format Video, as well as cassette and Phonograph records, to DVD and digital formats. Save space, organize your collections and, most importantly, save Your Precious Memories! Convert and save videos on your PC or MAC. Plus, you will save money by doing it yourself! Find it now on the VIDBOX.company
Benjilock Fingerprint Door Lock
SUMMER 2022 HOME BUSINESS ® 25WWW.HOMEBUSINESSMAG.COM BY EDITOR
TruSens Z-2000 Air Purifier
Shelled in a retro-chic casing, the Hurom HP Slow Juicer has a small footprint that won’t take up too much counter space. While it’s perfect for all your personal juicing needs, don’t be fooled, the juicer can also yield up to ten batches of cold-pressed juice in just a few minutes and create nutritious nut milks, tofu, sorbets, and more. Buy it now on Hurom.com and Amazon.
It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience.
Hurom HP Slow Juicer
The GBC AutoFeed+ Home Shredder 60X shreds sensitive information with ease. Its compact size fits perfectly in any home office or workspace for an easy way to shred confidential documents. With a run time of up to 10 minutes, it can automatically shred up to 60 sheets at a time, even shredding through staples and paperclips! Its whisper shred technology is very quiet, minimizing distractions in the office. This model automatically reverses paper if it is causing a jam, with an indicator light that alerts you when the machine is reversing. Its large 5.25 gallon bin provides a large shred capacity for all the shredding needs of your business. Find it on GBC.com Dell UltraSharp Webcam Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022).
GBC AutoFeed+ Home Shredder 60X
What sets TruSens Z-2000 Air Purifier apart from the competition? Their DuPont™ 360 degree filtration system captures dust, mold, ash, pollen, and pet dander particles as small as 0.3 microns. Once the bacterias, viruses, and other germs are detained, the UV-C sterilization system destroys them on the spot and the PureDirect technology pushes filtered air in two directions. TruSens is also the only air purifier that uses a SensorPod to measure pollutants in the room in “real time”, adjusting the filtration power as needed. Placed across the room, the SensorPod communicates with the TruSens unit to assure clear air for the entire room, not just near the purifier. The Z-2000 is ideal for mediumsized spaces, producing a full-room air change up to 668 sq ft per hour or 334 sq ft every 30 minutes. Buy this air purifier now on Trusens.com
Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
GBCCredit:PhotoAeroGardenCredit:PhotoHuromCredit:PhotoTruSensCredit:Photo PRODUCT REVIEW REVIEWPRODUCT
A hands-on entrepreneur who likes to watch things grow would appreciate the gift of an AeroGarden, the smart, hydroponic countertop gardening systems that produce tasty, fresh and healthy vegetables, herbs, microgreens and beautiful florals year round without the need for sun, soil or space. Many models and configurations are available. AeroGarden’s new, larger Harvest XL grows up to 6 different herbs, veggies, or flowers at the same time and produces a bounty of produce, perfect for creating cocktails or recipes to share with someone special. Another popular model is The Harvest 360. It is a compact, round shape and super easy control panel makes it a great fit for any home or office. The smart, hydroponic system produces fresh flavors perfect for sharing that are right at your fingertips, no matter what the weather is like outside. Find both models and more on Aerogarden.com.
Photo Credit: Dell Shoot 4K video direct to your PC with the Dell UltraSharp Webcam (WB7022). It is a top webcam choice for both work and play with the best image quality in its class, intelligent features, and seamless mounting solution. This beautifully designed 4K webcam is set to redefine your video conferencing experience. Digital Overlap HDR delivers true-to-life color in extreme lighting environments, while 3D/2D video noise reduction automatically eliminates motion blur and grainy images, even in low light. Price: $199. Visit Dell.com
AeroGarden Hydroponic Countertop Gardening Systems
industry worldwide is
26 HOME BUSINESS ® SUMMER 2022 WWW.HOMEBUSINESSMAG.COM
Nouhaus Classic Massage Chair with Ottoman for Business Owners
Summertime involves a boost of activity as business owners juggle fun in the sun, time with family, and optimizing work hours each day. These busy go-getters could use a convenient way to ease their stress — right in their home office workspace. Imagine a world where a massage chair enhances home office decor! Meet the Nouhaus Classic Massage Chair with Ottoman. This gorgeously designed, multi-feature massage chair with an ottoman enables relaxation year-round at home in one’s home office, basement space, or living room. You can even put it in your bedroom should you need a massage before getting some much-needed shut-eye. Its chic look meshes well with any living space, and its sure to impress clients when they visit your home Thisbusiness.must-have gorgeous and luxurious piece for the home has thought of everything when it comes to providing a humantouch like experience to help a businessperson relax! Gone are the days of embarrassing massage chairs that look like one-man spacecrafts. The Nouhaus Classic Massage Chair with Ottoman looks as good as it feels. Notice the modern half-dome look, stylish base, and compact size. It is one very attractive “everyday” chair with some “big massage chair” technology! In fact, it is no wonder this design innovation received the prestigious Red Dot Award in 2020 for its “Incomparable Functionality and Aesthetic.” Today, the noustandard across the furniture luxury your body home. Chair
and your
Features of the Nouhaus Classic Massage
entire
with Ottoman Check out the features of this wonderful product: ■ Multiple Setting Control for Full Body or Spot Massage (Fixed or Range) ■ Detailed Massage of 6 Automatic Modes ■ 3-Step ThermoMassage Modes ■ 90 Degree Swivel and 15 Degree Reclining ■ Remote Control and Built-in Bluetooth speaker ■ S&L-Track Rollers Massage from Shoulders to Buttocks with 42 Deep Pressure Kneads/Minute ■ Auto and Manual Function ■ 4x Airbags Massage Hips with On/Off Function ■ Includes Percussive, Straight Roll, Shiatsu Kneading, or Mixed Massage ■ Positional Head Cushion ■ USB Charging Port ■ Soft Throw Pillow Included ■ Five Color Options (Ash Grey, Pale Rose, Midnight Blue, Caramel Brown, and Elder White) ■ Reclining Massage Chair / Stylish Lounge Chair Style/ Type BY EDITOR NouhausCredit:Photo
for
Final Thoughts Take time this summer and beyond to sit back, relax and experience the ultimate massage chair with a human-centric touch! Managing a business can be stressful but many businesspeople neglect their physical and mental well-being in favor of work output. Investing in the Nouhaus Classic Massage Chair with Ottoman is a fine solution to the issue of having enough time. Instead of driving to a spa and getting a massage, you can have an innovative massage chair right on hand during moments of high anxiety. The chair retails for $2499.99 and is available on the following websites: https://www. nouhaus.com, Amazon, and Walmart.
The detachable head cushion lets you adjust for alignment and neck massage intensity. Inbuilt Bluetooth Speakers enable you to listen to music or TV during a massage and also functions with massage off. The separate footrest allows for placement anywhere, and helps you recline. It’s Position-Perfect Comfort for everyone, and business owners will find it to be integral to improved fitness.
About Nouhaus Nouhaus’s mission is to go beyond the old idea that furniture should only focus on one thing. In today’s smart and capable world, design, function and affordability are easy — and in fact, fun! Allencompassing furniture is no longer a luxury that comes with a sacrifice, but instead a luxurious, meaningful must-have for anyone who chooses it. Elder
White Chair Nouhaus Midnight Blue Chair
Easy-to-read instructions are included. Simply push the base to the swivel chair, small base to ottoman, and plug in to start enjoying your first massage in just 10 minutes! You can utilize the 4 robust rollers to knead tight muscles from your neck to the back of your thighs! Select a full body massage, or any precise spot of your choosing. Make it a fast or slow percussive, straight roll, circular kneading — or a mixture! On/off airbags gently massage your hips and glutes if you want.
Nouhaus
SUMMER 2022 HOME BUSINESS ® 27WWW.HOMEBUSINESSMAG.COM Nouhaus Classic Massage Chair Continued ■ Seat to Floor Dimensions: 16″ / Depth 21″ / Width 15.5″ ■ Chromed Steel Base ■ 9 lbs Chair Weight ■ 250 lbs Maximum Load ■ Minimal Assembly ■ Genuine Cowhide Leather, Top Grain Leath er and Fabric ■ 108 lbs Gross Weight
28 HOME BUSINESS ® SUMMER 2022 WWW.HOMEBUSINESSMAG.COM STORYSUCCESS
Above all else, have faith. Opening a business is difficult to do with a lot of money, so doing it with very little is extremely hard work. Have faith that you will succeed. There very likely will be endless obstacles in your way, with banks, family, and friends questioning your abilities. If you do not believe in yourself, then others will not either.
There are possible opportunities in your immediate area to be a sponsor for an event or cause, which likely gets your business’s name and brand in front of influential people. If you have a gift for the written word, offer to write guest posts on blogs with subject matters adjacent to your business. Email marketing is also a fabulous way to generate buzz for your venture. If you start building an email list early on, it pays dividends multiple times over later down the road.
Social media is a great tool for an entrepreneur on a low budget. It is imperative that new businesses establish social media accounts, take care to post consistently, and build presences. Create a social media plan with a clear message and stick to it. Brand consistency is the Word-of-mouthkey. is still a very viable way of promoting your business, and these days social media plays a huge part in word-of-mouth advertising. Post content that is engaging and shareable, and let those who love your product or service spread the word for you.
3. Provide Service, Ingenuity, and Resourcefulness
1. Bring a Product or Service to the Market That Is Needed Whether your venture is well-funded or you start a business with zero dollars, any business needs to be built on a great idea. When bringing your product or service to the market, do your due diligence in researching the demand for your product or service. Anyone can do business research for free with an internet search. Look at how many businesses are in your area that provide the same products or services. How many similar businesses are in your target market, and which ones might expand beyond your immediate geographic area? Speaking of a target market, researching the purchasing habits and wants or needs of a market is also potentially free. One can easily research demographic information and market statistics online. Statista, Pew Research, and Quora are some of my favorites. You can learn all you need to bring a needed and desired product or service to the market with dedicated research. If you are not bringing something wanted or needed to consumers, you are almost sure to fail.
For the entrepreneur on a budget, the internet is an important research tool. Look at other businesses in your market that may be offering similar products or services. One important component to this is direct and indirect competition. Direct competitors offer the same products in the same markets, while indirect competitors offer slightly different products in the same market, or the same products in different markets. This information is important, because it shows you potential new opportunities while highlighting loss risks from competitors. Include research of their websites and use of social media.
Reviews are another great tool. See which areas your competitors excel at and where they fall short. Make improvements to your product to adjust for your competitors shortcomings, thus making your product more attractive to consumers. The more information you gather, the more you stay one step ahead of your competition.
How to Start a Business with Zero Dollars: CEO Donnie P Knows BY EDITOR Entrepreneur Donnie P (www. donniepbooks.com) has over twenty years of experience taking ideas and turning them into a successful business ventures. He literally wrote the book on helping cash-strapped entrepreneurs start successful businesses with How to Catch Mouse with No Cheese: Real World Lessons and Experiences from an Entrepreneur. Here, Donnie P gives us his five tips how to start a business with zero dollars — in other words, even when you are flat broke.
The most successful business owners — from small mom-andpops to huge organizations — are rooted in the idea of providing service, business ingenuity, and above all, resourcefulness. When you start a business with zero dollars, resourcefulness is vital. One great way to secure funds for your business is seeking small business grants. The federal government offers several, as well as local governments. There are even corporate grants from big companies.
It takes a lot of paperwork and patience to secure these kinds of grants, but they are worth it if you’re strapped for cash!
4. Leverage What’s Free Resourcefulness and ingenuity again play roles when looking for free ways to build your business. Many small business owners begin by offering “free samples” or “pro bono” services to a select few people. This is in exchange for reviews or promotion. Whether you want to do this or not, however, is up to you.
About the Author Donnie P. is an author, entrepreneur, business mentor, and philanthropist. His book, How to Catch a Mouse With No Cheese: Real World Lessons and Experiences from an Entrepreneur explains five life-changing principles that help any cash-strapped entrepreneur start his/her own business.
2. Watch Your Competition
5. Roll with the Punches and Have Faith Going into any business venture well-prepared is always advisable. You do not necessarily need any start-up funds to get a business rolling. However, a healthy personal savings helps you “roll with any punches” that may come along — and they will come. Your personal savings will let you weather any difficult storms that come along to prevent hard times from derailing your business dreams.
Advertising is potentially expensive as well, but one promotes his/her business for next to nothing by being resourceful and creative.
Most people think of sustainability in terms of environmentalism, but the concept is much broader than that. The United Nations’ Brundtland Commission defines sustainable development as “meeting the needs of the present generation without compromising the ability of future generations to meet their own needs.”
Sustainable practices help you to reduce your company’s carbon footprint and improve its environmental performance. This makes your business more resilient to climate change and helps you avoid environmental regulation.
First, assess your company’s environmental impact and develop strategies to reduce it. Your company’s carbon footprint is an excellent place to start.
Sustainable businesses often attract and retain the best employees. Victoria Gerrard, La Crosse WI, says this can give you a significant competitive advantage.
In addition to the financial benefits, there are also many environmental benefits of sustainable practices.
Finally, educate your employees and customers about the importance of sustainability. This is accomplished through training programs, marketing campaigns, and public relations initiatives.
What Is Sustainability?
Environmental Benefits of Sustainable Practices
There are many ways to make your business more sustainable.
It also helps you build relationships with stakeholders interested in your company’s environmental impact. These relationships create new opportunities for your business. Implementing Sustainable Practices in Your Business
Finally, sustainable practices also improve employee morale. Employees who work for sustainable companies are often more engaged and productive. They also tend to have a higher sense of job satisfaction.
Vikki Gerrard Discusses Why Sustainability Is Important in a Business: How Green Practices Benefit the Bottom Line BY EDITOR Sustainability is important in businesses especially as of recent years. Customers are increasingly interested in the environmental practices of the companies they do business with. Many are willing to pay more for sustainable products. There are numerous reasons why sustainability in business is essential. In this article, Victoria Gerrard, La Crosse WI environmentalist, focuses on three ways green practices benefit the bottom line: reducing costs, attracting customers, and improving employee morale.
Conclusion Sustainability is an essential consideration for businesses in recent years, as consumers and investors alike look for companies that align with their values. Going green saves your business money in the long run by reducing energy costs and waste while also providing environmental benefits. Sustainable practices also make your company more socially responsible, which is something today’s consumers value. Implementing sustainable practices may seem like a daunting task, but our team of experts is here to help. Follow these tips to get started on making your business more sustainable.
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Attracting Customers
Also, develop policies and procedures to help your employees implement sustainable practices in their work. For example, create a recycling policy or an energy-saving policy.
In addition to reducing costs, Victoria Gerrard La Crosse WI native says sustainable practices also help you attract customers. An increasing number of consumers want to do business with environmentally and socially responsible Ifcompanies.youshow your customers that you are committed to sustainability, you differentiate yourself from your competitors. This gives you a significant advantage in the marketplace. Improving Employee Morale
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In other words, sustainability is about more than just conserving resources for the future. It is about finding ways to use resources more efficiently to meet our current needs without jeopardizing the ability of future generations to do the same. Many businesses embraced this definition of sustainability and work to implement sustainable practices in their operations. Here are three ways that these practices benefit your bottom line. Reducing Costs One of the most obvious ways that sustainability benefits your business is by reducing costs. Implementing sustainable practices helps you save money on energy, water, waste disposal, and other operational expenses. For example, you reduce your energy costs by investing in energy-efficient lighting and HVAC systems. You reduce your water costs by installing low-flow fixtures and using droughttolerant landscaping. Additionally, you reduce your waste disposal costs by recycling and composting.
If it is an original idea, next, you need to investigate if people want to buy and use it. While Kickstarter itself is a good way to discover a product’s commercial viability (if people fund it, people will buy it), you should still conduct a significant amount of research before going through all the work of setting up a crowdfunding campaign. Be Descriptive To be successful, you need to sell people your business idea. This means that your description on Kickstarter must do more than just talk about the nuts and bolts of your product. The description needs to draw people in and help them imagine a world in which they use it and find it useful. Written words do this to an extent, but other media is also helpful. This means including high-quality images of product prototypes and any other designs you have — without giving away unnecessary intellectual property.
For any entrepreneur, one of the first stumbling blocks to come across is how to find funding for your project. You probably look for business loans or sell equity in your company to venture capitalists. However, both of these options have significant potential drawbacks. Luckily, there is a third option available — crowdfunding.
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What Makes a Crowdfunding Campaign Successful?
To ensure that any Kickstarter.com campaign is successful, you first need to conduct extensive market research. You need to ascertain if your idea is original and analyze any potential regulatory issues.
People pick Kickstarter projects in part because they give an otherwise unparalleled amount of access to the development of an exciting product. So, follow through on your side of the promise and keep them involved through the ups and downs of starting your business.
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People have more interest in things they have not seen before. Consumers do not go on sites like Kickstarter to look for ‘normal’. Instead, they want something new and exciting, like the company Mercator, the London based design studio responsible for the space-inspired Nominal pen.
Keep People Updated Kickstarter is a great crowdfunding tool to keep people excited about a project. However, this requires continuous input from you as the company’s founder. Keep updating people on the project, whether those updates are positive or negative.
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Part of what differentiates sites like Kickstarter from other crowdfunding models is the unique approach to rewarding financial backers. You set your rewards as you like, but you need to get creative. Set multiple funding tiers. For example, one tier offers the chance to get advance orders on the finished product, another offers the chance of involvement in the product development process, and another has opportunity to receive well-designed company merch.
One of the most popular platforms to conduct crowdfunding campaigns is Kickstarter. Here is a guide on how to launch a successful campaign to make your business idea a reality.
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Creative Backer Rewards
Market Research
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2. Know What You’re Good At
One of the most important things you need to do before starting your business is figure out what you’re good at. This will help you to avoid the most common mistake entrepreneurs make. They spend a lot of time trying to figure out what they’re bad at. Instead, they should spend time figuring out what they’re good at. The best way to do this is to pick a particular niche and spend some time researching what other successful businesses are doing in that niche. You can also pick a related, but different, niche to get a broader perspective.
One of the biggest challenges entrepreneurs face is taking risks. We often associate risk with danger. But it’s also a very important aspect of business growth. The only way your business is going to grow is by taking risks. If you don’t take any risks, then you won’t reap any rewards. This isn’t because you didn’t try or didn’t work hard enough. It’s because you didn’t take any risks. And the same is true for entrepreneurs as it is for other people. If you don’t take any risks, then you won’t reap any rewards. This isn’t because you didn’t try or didn’t work hard enough. It’s because you didn’t take any risks.
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Another important aspect of growing your business is honing your skills and building a network of contacts. If you’re going to work from home, you’re going to have to have some skills related to your industry. It’s a little bit like being a doctor. You might not know much about medicine, but you have to have some basic skills in order to be effective. The same goes for any other type of business. You have to have at least some knowledge related to your industry. And you also have to have some skills related to your industry that other businesses can benefit from. You can also build a network of contacts by
One of the first things you need to decide is where you’re going to start your business from. Do you want to work from home, from an office, or from a coffee shop? The type of environment you work in will have an enormous impact on how successful your business is going to be. If you want to work from home, then your best bet is to find the ideal home and office combination that will allow you to separate both while tending to each. For example, if you are looking for real estate for sale in or around Woodinville, Washington, you’d want to connect with a real estate agent who knows the licensing procedures for home-based businesses in that area so you can be sure you buy the perfect home to set it up in.
3. Set Small, Measurable Goals
All businesses and entrepreneurs grow in stages. You’re going to grow your business in steps. One of the most important aspects of this is setting small, but measurable goals. This might sound like an obvious tip, but you’d be surprised at how many entrepreneurs don’t do it. Setting goals is a form of planning. And planning is how you determine whether or not your business is a success. You can’t know how to grow your business if you don’t know where you want to get.
The most important thing you need to remember when you start your business is that you have to do more than just talk about it. In the early days, you’re going to spend a lot of time talking about your business. But you’re also going to have to spend time doing. And the best way to do that is to start doing the work involved in running your business. You can’t expect to start a successful business while being completely uninvolved. Even if you have a partner or multiple employees, they still have to do some of the work involved in running the business.
6. Be Willing to Take Risks
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Rehan Ijaz is a business graduate, content strategist and blogger. He loves to write on tech, finance, marketing and big data. You can follow his latest posts on Twitter @ShRehanijaz
volunteering for local organizations or participating in social media groups related to your industry. These will give you a chance to make new contacts, establish a personal network, and learn new skills.
5. Don’t Just Talk About Your Business
You Can Start Your Own Business – Are You Ready? And that’s how you get started as an entrepreneur. You need to have a great idea for a business. You need to know what type of business you want to start. You need to have the right home setup and you need to be honing your skills and building a network of contacts. And finally, you need to be willing to take risks and reap rewards. There are many challenges to starting a home-based business, but they can be overcome with the right preparation.
Starting your own business can be an exciting prospect, but it’s also often terrifying. There’s the fear of failure, the fear of leaving your current job, and the fear of starting something from scratch. But starting your own business can also be an incredibly rewarding experience if you’re willing to put in the necessary work. The business world is becoming increasingly saturated with businesses of all kinds. This means that competition to find customers is going to be especially fierce. But that also means that the opportunities for success are going to be greater than ever before. If you want to start your own home-based business, here are a few things you should keep in mind before diving in.
Six Requirements You Must Meet Before Starting Your Own Home-Based Business BY REHAN IJAZ
4. Hone Your Skills and Build Your Network
1. Have the Right Home Setup
