Home Based Business on a Budget
Written by: Don Miller
Posted on February 5, 2008
Filed Under Starting your Online Business
Perhaps you have decided you want that home based business. You have read and researched all the available opportunities. You have discovered most take lots of money to start .That is not unusual, but it is not mandatory. For less than the average electric bill or trip to the grocery store you can be the owner of your own home based business. It will not be easy, real business requires work and dedication. I have taken 3 different options for us to explore. You can follow the crowd and get lost in the shuffle or you can choose to determine your own destiny. I have chosen the latter. That choice is available to you as well. You can do what you love and love what you are doing.
Franchises
You will find no shortage of home based business opportunities centered around franchises. You can virtually own a franchise for anything. I conducted a search and found hundreds of opportunities in any niche you can think of. All of them provide training, education and materials to get your home based business off the ground. If you are willing to fork over franchise fees in the 10’s of thousands of dollars you can own your own home based business. First off, my thinking is most reading these posts don’t have that kind of cash laying around. Second you will likely be in a business that you like, but don’t love, and if you don’t love it, your chances at being successful diminish greatly. One more thing with all the policies and regulations you will be forced to follow, are you really your own boss? I think not, so Ill pass on this opportunity.
MLM’s
Ahh yes, MLM’s Multi Level Marketing. There is no one in the known universe that promises riches beyond measure like the MLM’s Why, because most are dependent on recruiting others to become associates in their business, normally at a cost from a few hundred dollars and up. They sell primarily, a system. The system usually entails buying in to the program so you can then go sell your own system to your closet friends, relatives or anyone else you can find to talk with you. Perhaps I should have said this on the front end, but I am not a fan of MLM’s . I have spoken of a acquaintance of mine who is a YTB ( Your Travel Business) owner. Less than 15% of the company’s revenue is generated from selling travel, according to financial statements, the rest comes from travel agents joining the company and paying for the system. In fairness a recent report YTB anticipates that travel sales could exceed $1 billion in 2008, surpassing the total travel sold in the Company’s first seven years of business, but read the disclaimers. Is it really travel sales?.
I predicted in an earlier post that my friends business would fail. So for the purposes of this article I did a bit of research. He is no longer actively pursuing this dream for his home based business. Did he fail? Technically his site is still up, so I suppose the argument could be made that he is still in business, but the income he is producing wont buy him a short trip to the grocery store. Listen , I’m sure there are people making money in MLM’s. Any way you cut it, MLM statistically does not work for 90+% of those involved. And those who make the big bucks are in a more elite group–usually 1/10 of 1% of all distributors. That being said and that fact that I have never known anyone to actually profit from being involved in MLM’s is enough for me to see my different avenue for my home based business address. Like I said it may work for some, for most it doesn’t. I’ll pass on this one too.
Be your own Boss..Really You Can
From the moment you decide to begin your own home based business via the internet you will control every decision. You will be in control of every expense. You will be in control of the content you produce. The start up cost for such a business is extremely low comparatively speaking. Choosing a niche you love will insure you will love what you are doing. Again for the purposes of this article I chose a niche, one that I am considered to be an expert at. I went to Blue Host, researched and secured a domain name. I purchased it for $10.00 and added it to my existing hosting, that I previously paid $93.00. Now for less than the price of my monthly electric bill, I am in business. I am in the business of providing information for niche that I had previously worked for free. The point is you can too. That is home based business on a budget. Whether it is successful or not doesn’t depend on anyone except me, and that is the way I want it.
Perhaps you are still reluctant to try or get your business started. I want to make myself available to you for step by step instructions and guidance. I am here to help anyone with a passion, a dream and a purpose. You can subscribe to my RSS , add your name to my Newsletter or e-mail me through my contact form page. Pictured in this article is a gorgeous eagle photographed by Don Stilton. Don chose to make his home based business in photography. He chose it based on conversations we had and information on this website. I suspect I will be writing a post soon about him being another home based business success story. I would love to write one about you too.
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Tags:home based business, infopreneur, niche, work from home
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4 Responses to “Home Based Business on a Budget”
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Home Based Business on a Budget…
Do you want to own a home based business? Dont have the start up cost usually associated with franchises and MLM’s. Well I am here ot tell you, that you dont need big money to start your own home based bsuiness, I started another site tonight in 10 mi…
Hi Don,
I make most of my extra income from my mlm business … lol, but you wouldn’t know it by reading my main blog. I’m pretty “low key” as far as network marketers go.
I think that when it comes to mlm, the real key is to find a company with a true retail product line … ie, people actually purchase even if they have no interest at all in the business opportunity.
As for the rest of the options you highlighted … photography is definitely something I’d love to be able to earn a living from someday. lol, but I suspect I’m not at all alone in that dream.
Todd
The quick and easy way to evaluate a company in this regard, is to just make a quick visit to their company website. Which is more prominently featured … the Product/Service? … or the Compensation Plan?
I hope you will be able to write a story about my success soon too.
At the moment I am steadily going up the Technorati ratings which is nice.
After a couple of things - like moving house sometime soon - I hope I can do a couple of upgrades to my blog and kick things along.
I like your blog for its practical advice and clear writing, thanks.
Tood like I said there are those who make money with MLM, it just not my vehicle of choice, I have yet to find one that focuses on the product, add to that my inner dependence on myself, and it is just not a good fit. Good to see you around here again.
Evan, I have never written a post thinking about Technorati, but admit I like my ranking right now, less than 6 months into this business, you seem sincere in your desire to your niche and that is all you can do, BTW all you can do is enough