7 Ideas For Starting Your Own Home Based Business
Most people have the mentality that starting your own business empire requires a huge amount of capital and that only rich people can do it. I can say that it only requires brains and a certain inquisitiveness. Wanna know more about how you can start your very own low cost high profit margin home based business? Go ahead and read the article.
Ideas for home based business are aplenty in the world. All it takes is a little creativity and the correct mentality. This in itself disqualifies many people who just don't make the cut in the "mentality" department.
Let me explain, there are typically two types of people in the world. Those who see the glass half empty and those who see it half full. This started becoming ever so clear to me when I had lunch with an old friend from university and he began to whining about how only people who are considerably wealthy could start businesses. I thought he was joking.
As I sat and listened he, being the whiny little boy that he is, whined for almost twenty minutes giving all the reasons he could not get out of the rat race and start his own business. Well, not everything he said was totally rubbish, for example, the high costs associated with start ups, franchising and real estate development. But what he did not realize was that he was just stuck in the muddle of conventional wisdom. So I asked him. "Brian, have you ever asked yourself what kind of low cost businesses with high profit margins are out there?"
The awestruck look on his face told me that my words struck him hard like an iron to his skull. To make things clearer, I went on to say, "You are just asking the wrong questions." He sat on a thought for a moment and blurted, "Uh huh, if you're so smart give me some ideas to start up my own home based business." I said, "No problems" and with an ostentatious air of cockiness I said "Oh and by the way let's make it fun. We'll just focus on the ones you can work from home in your pyjamas."
Here are the 7 low cost high profit ideas for home based businesses I shared with Brian.
First of all, Internet Marketing. If you have a computer, with internet access, at home, you are sitting on a gold mine. The problem is that you still don't know that you are sitting on a gold mine. The sky is the limit when it comes to Internet Marketing. People are building multi million dollar enterprises selling everything from information products to hand crafted jewellery. Furthermore, with minimal investment in education, there is a wealth of Internet Marketing "gurus" out there that can help you out, like Armand Morin, Jeff Walker, Joel Comm and many others out there.
Next on the list, tele-seminars. What is a teleseminar? Well, tele-seminars are basically seminars conducted over the phone, or through Skype where you will be talking and your subscribers listening to what you say, live. Well, tele-seminars are not as technical as it sounds. With simply a telephone and a conference call line for your guest to call in on you can offer a class or seminar. Tele-seminars are also very versatile as you can either use it as a lead generator or you can sell your product or service from the seminar itself. Furthermore, additional products can come from recording the class which can become a great source of passive income.
To start a business, you typically need 2 things, a great product and money. If you lack either, than the idea of joint venturing is perfect for you. Well, as simple as it sounds, I would suggest to whoever that is interested to invest some money in improving your deal-making skills. You are paid in direct proportion to your ability to bring together two parties who would not otherwise know each other outside of your introduction. For example if you combine company A's products, knowledge, resources and partner it with company B's client list you get to share in the profits. The best part is, it would cost you nothing.
The beauty of Affiliate Marketing is that you can run a business with no inventory or overheads. Why? Well, affiliate marketing is where you become a sales representative for a product, or multiple products for that matter, and you keep a portion of the sales (commissions). Typically, you can on average look at getting almost 50% of the price of the product in commissions. Not bad for a sales job huh?
The information product market is one of the most highly lucrative low cost home-based businesses you can get into. All you need is specialized knowledge or the ability to research and reproduce information. Then, you can make products that will bring you a huge windfall. For example, one of the fastest ways to success is to interview experts in a high demand niche market. After interviewing these "experts" you will get a wealth of information that can be packaged into several different products from that one particular interview. This is not something new. Napoleon Hill's famous book, Think and Grow Rich, was written using this particular method as it is a collection of interviews.
My personal favourite idea for a home based business would be Network Marketing or Multi l. I would say it is the best place for beginners to start off their Internet Business career because the business model is as much about self-development as it is building a business. The whole concept is you find a company with a product you are passionate about, has a proven system and strong team leadership. Most of these companies have an extremely low cost of entry. And your businness empire is built upon leveraging the efforts of many people. The very core of network marketing is built on the fact that you get paid in direct proportion of your ability to recruit, coach, inspire, support and lead a voluntary group of people. For those who can do this the rewards are great, for those who don't, they still get to learn from some of the best minds in marketing today.
Then there's EBay. EBay is probably the biggest auctionhouse in the world right now. I was introduced to the EBay craze by someone who was broke in the beginning. He found this tape set a friend had created and decided to put it up on EBay. This product was a compilation of interviews with successful entrepreneurs gathered from recording live broadcasts on radio. Their first sale was $37.00 and they went on to build multi-million dollar empire. EBay is one of the quickest ways to get to a profit. You can sell anything on EBay and make a profit. Remember! "One man's junk is another man's treasure"
At the end of the lunch something interesting happened. My friend Brian was starting to see the glass half full and started scribbling away on his notepad the ideas that suddenly sprung from his brain which was previously long in slumber. How about you? Still looking for a business you can start without breaking the bank? The above seven ideas for home based businesses are just a few ideas to jump start your thought process. So, who says you can't start a low cost high profit home based business and enjoy it while lounging in your pyjamas? You just need to always look at the glass half full. Life is too short to waste on doing something you don't like, wasting away ur youth in exchange for a more comfortable old age. That is essentially what a job brings you. So, work your way towards financial freedom.
"Saving up cash for retirement is like saving sex for old age" -Warren Buffet-
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ABOUT THE AUTHOR
Johnson Goh is a young Malaysian entrepreneur and Network Marketing Success Mentor who researches, reports, coaches and practices Internet and Network Marketing.
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