2 Keys to Starting a Successful Home Based Business

Tips for a home based business or how to make money on the Internet.I started writing these articles to show readers how to make money online and I’ve written about several specific ways to leverage the Internet to improve your finances. I’ve done them all.

Here’s my problem. I’m getting so busy earning money on the Internet that I’m left with little time to share these ideas with you. However, I wanted to share a “big idea” or two that, if taken to heart, can dramatically increase your income and reward you with a strong launch as you’re starting a home based business.

First, Albert Einstein said, “Imagination is more important than facts.”

If you’re struggling to make ends meet, that may be today’s “fact” but can you imagine a better tomorrow? That’s the first hurdle you need to overcome.

For some reason there are people who would like us to think that the rich will always be rich and the poor will always be poor, but that’s not the picture painted by U.S. income statistics.

During the decade between 1996 and 2005, half of all U.S. taxpayers moved to a different income bracket. For example, half the earners in the bottom fifth of income, moved up to a higher bracket by 2005.

At the other end of the scale, 75 percent of the people who were in the top 1/100 of 1 percent of all earners—the most wealthy—fell out of that group. To put it another way, different people came up from below to knock them out of that ultra-elite group of earners. For the top 1 percent of earners, the turnover rate was about 60 percent.

Can you imagine yourself rising above your current income level? These statistics show that it happens all the time. Why not for you?

Maybe you think that’s easier said than done. I want to give you a one-two punch that will help you take the first steps to start a business from home:

  • Figure out how to create value, and
  • Start out small.

I’ve written a lot here about how to make money on the Internet selling on eBay, Half.com and Etsy. Underlying all of those ideas is your ability to recognize or find value in something that you can turn around and sell.

I’ve also discussed making videos and writing as ways to make money on the Internet. Writing has been where I’ve been able to create value, and I started out small. The first articles I wrote for the Internet paid as little as $1.50. Some of the articles I write now earn me $100 and I expect that to increase even more over time.

What do you know or what can you do that creates value? Start doing it. If you have a regular job, but you see it as a dead end, start to pursue your “value creating” activity on the weekends or in the evenings. You can start a home business with a very small investment, at least in terms of your finances—you time is another story.

The beauty of the Internet is that it is a low-cost way to reach people. Let’s take two simple examples: house cleaning and catering. These are two businesses you can start on either a full-time or part-time basis.

If you have a presence on Facebook, you already have potential customers, or at least potential references. Let all your friends and family know what you want to accomplish. If you can afford it, build a very simple, clean website to communicate what you’re doing. Make it reflect the value you are offering.

Start small and then ramp up. Again, using our housecleaning and catering examples, you can start as a one-man or one-woman show and as you become successful, add employees. When you’re small and make mistakes, the mistakes are small, but the lessons learned can be huge. The most recent example of this approach is Mark Zuckerberg, who started Facebook with just the students in the dorms at Harvard. Now there are nearly one billion active users.

Find a way to create value, start small and scale up.

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