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Home Business Strategy is Key to Success

Just as you wouldn't play a game of chess without some idea of how to win, so trying to start a home business or any small business without a strategy will probably return poor results.

It's about rules and strategy
Originally uploaded by pshutterbug

George Rodriguez of PowerHomeBiz.com makes these three suggestions when "Choosing Your Business Strategy":

• Decide whether to lead or follow. Will you innovate in the kind of service you provide, create your own product etc. or have you identified a trend that another business may have pioneered but you can jump on? (Some businesses are a bit of both.)
• Decide between niche and a broad market. And remember what marketing guru Seth Godin says about the dangers of targeting that broad market in the middle.
• Decide between Wal-mart and Neiman-Marcus. As Rodriguez explains with these two brand examples, it's important to determine the kind of products or services you will offer

Remember that just as in a chess game, when circumstances change, you're strategy will likely need to change as well. Give your approach time to work but don't be afraid to try something else if it isn't working.

Take the Mystery Out of Home Business: Become a Mystery Shopper

Take the mystery out of home business or home based business and become a mystery shopper either as a way of earning supplemental income or as part of an existing business.

Sure the "mystery" woman interviewed in this video from Martin Lewis' MoneySavingExpert.com made just £500 (about $770) last tax year and only fits her mystery shopping in part-time around her lifestyle.

But she also saved a considerable amount in hotel bills and meals for which she was eventually reimbursed so there may be a business model here.

As Wikipedia explains:

Mystery shopping was standard practice by the early 1940s as a way to measure employee integrity. Tools used for mystery shopping assessments range from simple questionnaires to complete audio and video recordings.

Starting a mystery shopping business could mean contracting out with businesses for your services on your own or registering through one of the many online mystery shopping companies.

But take care to avoid mystery shopper scams and pick only the most reputable sites, warns Janet Richard's. Check out Janet's MysteryShopping Reviews.com for more on how to tell the good opportunities from the bad.

Online Advertising For Your Home Business: A Web Marketer's Guide

If you've started a home business, chances are online advertising may be a great tool to attract customers.

Advertising
Originally uploaded by Wrote

But with limited experience in online marketing, what's a home based business entrepreneur to do in order to shorten that learning curve and start making sales today.

Well, fortunately online advertising is not all that different from advertising in traditional media, says one expert, and a few simple tips should be enough to at least get you started.

Follow along as Web marketing expert Kim T. Gordon takes you through the process in her post "Online Advertising Made Simple" from Entrepreneur.com.

Online Tips for MLM Home Business

MLM or multi-level marketing can offer an excellent home business opportunity with the right product and company and putting your MLM business online can definitely help with generating leads.

playing with the web
Originally uploaded by A writer afoot

Simple tips for getting your multi-level or network marketing business online include:

• Choosing a domain name for your business
• Creating a Website showcasing your product
• Choosing a Web host for your Website

For more on how to create a Web presence for your home based MLM business check out Michael Smith's "6 Steps You Need To Set-up Your MLM Business Online" at OneAverageJoe.com or our own post "Get Your MLM Business Online" at the MLMMarketing-Weblog.

To choose the multi-level marketing opportunity that is right for you, see our "How to Find the Right MLM Business Opportunity" article also at MLMMarketing-Weblog.com.

Challenges of the Working From Home Lifestyle

The home business entrepreneur faces many challenges when it comes to the working from home lifestyle.

Working From Home
Originally uploaded by brad montgomery

Among the most important, according to Matthew Toren of Blogtrepreneur.com, are the need for:

• Socialization. Hey, let's face it. You're at home all alone.
• Independence. Remember, just because you work from home doesn't mean you are not working and can go out and run errands for people.
• Productivity. If you couldn't do it at the office, don't do it at home during working hours!

Happily, the solution to all of these problems is to simply act in the same professional manner when running your home based business as you would when at work in an office.

For more thoughts on the plight of the home based entrepreneur, read Matthew's full post on "Three Common Challenges and Tips for Running a Home-Based Business" on Blogtrepreneur.

Layoffs Lead to Growth in Home Business

Layoffs are leading to growth in the small business sector including home business as some who have gotten their pink slips or cannot find work are turning to self-employment.

Pink Slip
Originally uploaded by Mykl Roventine

According to a report from Kiplinger Small Business, franchises are also experiencing increased popularity as some laid off workers turn entrepreneurial.

But home based business especially, which already makes up 52 percent of small business in the US, sees growth with economic downturns, as economist Brian Headd of the Small Business Administration explains:

Non-employer firms have the highest growth when the labor market struggles and the lowest growth when the labor market is doing well.

Look for home based business to grow in the near future and, of course, businesses that start in the living room could transform into more traditional small businesses and continue to grow as the economy recovers.

Tax Planning for Your Home Business

As with any small business, a home business or home based business can benefit from tax planning.

In fact, many home business entreptreneurs may still not realize how much flexibility they have in planning for the future by making intelligent decisions about their business earnings.

David John Marotta, president of Marotta Wealth Management, explains how products like the "solo 401k" can help fund your retirement and how the right tax planning can help your business meet your life goals instead of simply being self-sustaining.

Watch Marotta's video on this page and for more information on tax planning for your work from home business see "Tax Planning for the Entrepreneur or New Small Business" from MoneyInstructor.com.

Start a Home Based Snow Plowing Business

If you have a truck with four-wheel drive, a snow plow and a garage to store both, you likely have all the necessary tools to launch a home based snow plowing business.

snow plow for sale
Originally uploaded by jronaldlee

Depending on where you reside, especially in the northern U.S., you likely will find sufficient work during storms like the recent snowfall that blanketed the U.S. northeast.

To turn your resources into a viable business, you'll need to:

• Calculate your expenses from tires to gas to maintenance of your equipment.
• Set your prices based on making enough profit over your costs and taking into account the amount of time you will be spending on the job or en route to customers.
• Market your business by talking to neighbors about your services, distributing flyers especially during the winter months and even setting up a simple Website or blog with information on your radius or service and prices.

For more advice, read "Starting a Snow Removal Business" at Starting-a-SmallBusiness.com.

Using Social Media For Your Home Business

Using social media to market your home business can be an efficient strategy especially when starting out.

50 Social Media Icons
Originally uploaded by Ivan Walsh

Blogs and social media sites (Twitter, Facebook etc.) are:

• Affordable. Most cost little or nothing at least for basic service
• Effective. They can allow you to speak directly to customers, potential customers and partners in a broader community
• Beneficial. Social media allows a more conversational tone than more conventional marketing messages

So why aren't more local businesses using social media, asks Don of DonPower.com? If you've got a great example of using social media for home based business or other local business ventures, he'd like to hear. And mention us when you do.

How to Launch a Home Based Catering Business

If you have a passion for food and a desire to share it with others, a home based catering business may be one option for you to express it.

Catering for 160 (1)
Originally uploaded by chelmsfordblue

But getting started in the catering business may require more than simply knowing how to create the perfect soufflet.

In addition to just knowing how to create those marvelous menus there are other business related concerns, some unique to the industry, according to "How to Start A Home-Based Catering Business", a beginning guide from eHow.com

These include:

• Health regulations
• Insurance
• Safety
• Contracts and
• Marketing

For more resources on getting your home business in catering off the ground, see "How to Start Your Own Highly Profitable Catering Business" from PowerHomeBiz.com and resource on "How to Start a Catering Business" from Home Business Center Inc.