Tag Archives: home business

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Having A Successful Home Based Business Made Easy

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There are numerous reasons why you might be interested in starting your own home-based business, along with a great deal of doubt, concern and questions. The following article offers some tips and advice to help quell the concerns, and offer resolution to common issues many people face in the operation or start-up of a home business.

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Image by StockSnap from Pixabay

Before starting a home business, be sure to research your market fully. If your product is something that your target market doesn't want or need, you won't get many sales. Rather than spending all your energy trying to force the market to buy your product, spend that energy designing and promoting a product the market wants.

If you are going to splurge on any home office furniture, splurge on a very comfortable office chair. You are going to spend many, many hours in this chair and if it is uncomfortable, you will not be as productive as you could be and you could technically, do damage to your body.

Since your home is also your work place, make a point to get out of the house on a regular basis. Don't isolate yourself for the sake of convenience. Go have lunch in the park, grab your coffee at a bookstore, etc. Just make sure you are out breathing fresh air at least once a day.

If you have a business, then you need a budget. How can you run a cost efficient business without a budget? It is impossible, and therefore imperative that you incorporate a well devised budget into the planning process. This budget should include what your expenses are of course and it should itemize them. Make sure you are thorough and include everything so that you are not misleading yourself.

Use your web site to advertise a free product for visitors. This will increase traffic on your site and give potential customers the ability to sample your product. Although it may cost a little money in the beginning, you should make up for it in sales from impressed new customers.

Do not be afraid to post your email address on your web site. Make sure that you include it on every separate page that you have. You do not want potential customers to search to figure out how to get in touch with you. The more effort that it takes them, the more likely they are to go on to something else without purchasing from you.

Make sure you have a support network before starting your home business. This includes family members who need to be aware of the time commitment involved, as well as an external networks you can reach out to for advice or support. Working from home has numerous benefits, but remaining a part of a group outside your home is invaluable.

Making the decision to start a home business or to invest more time in the one you've already gotten off the ground can be a cause of concern. There's so many questions about what to do, when to do it, how to do it, and why to do it, from marketing to overhead to product choice. Whether you just graduated with your MBA or are a stay-at-home mom or dad, you can simplify the answers to these questions by using the sensible advice in these tips.

I cannot end this article and not mention the GREATEST resource for small business on the entire internet.

It is Markethive and you can explore it HERE.

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Maxwell Jacobs is the Owner of http://SolutionsforHomeProfits.com. Check us out anytime for marketing tips and a free subscription to our cutting edge newsletter.

General

Residual Income: What Is It and How Does It Work?

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A residual income stream will earn you money even when you're not on the clock. Owning rental units, collecting royalties or investing in a savings and investment program are examples of such passive incomes.
 

residual income

Residual Income: What Is it and How Does It Work?

Wouldn’t it be nice to earn money while not working? That money is called residual, or recurring, income. It's what can happen after you put a lot of time, effort and sometimes money into a job to continue to get paid for the work months or years after it's done. (Salary jobs are part of linear income. This income is directly related to the number of hours you work. If you work 40 hours, you get paid for 40 hours of work.) Once you set up your business to earn residual income, you continue to make money while doing other things – maybe even starting a new business to generate more residual income!

Types of Residual Income

Some examples of residual income sources include:

  • Royalties from intellectual property, such as books and patents
  • Subscriptions, advertisements, donations or affiliate links from your blog or website
  • Transferring the rights to a song you recorded, a book you wrote, a software program you created or a gadget you invented to a company agreeing to pay you a percentage of each copy of your work sold
  • Purchasing an office or apartment building and leasing or renting out the properties
  • A savings and investment program that earns interest
  • E-book sales
  • Stock photography royalties

Does the Money Just Keep Rolling In?

The ideal residual income stream will produce money 24 hours a day, 7 days a week and you don’t have to personally market or interact with the business in any way. All you have to do is watch your bank account grow.

But that’s more like a fairytale. You’ll have to put in some effort to continue receiving residual income on the business you started. Talking to your managers and representatives will help them be more productive and run your business better. Marketing your online sales through social media and your network will help earn you more money. But you just won’t have to work at it as your full time job. Think of it as a part time job that can potentially bring in full time pay.

Advantages to Residual Income

  • You do have the potential to be financially independent if your residual income produces enough money.
  • Having residual income allows you to do more important things with your time. Whether that’s a hobby or another job, making money from your residual income stream won’t be the primary focus of your life.
  • No matter what, you will have a constant flow of income (however large or small it may be). This is critical if you get injured or sick, can’t work because of another emergency, or if you just want to take an extended vacation.
  • You will make money no matter where you live, unlike a linear income which ties you down to your position.

Of course, before the money starts rolling in you will probably have to put a lot of time, effort and money into the business or project. You’ll need a lot of patience and determination to see the residual income in the future. Instant gratification is not possible when it comes to residual income.

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Stephen Hodgkiss
Chief Engineer at MarketHive
markethive.com

Alan Zibluk – Markethive Founding Member