A Home-Based Business Online
Issue 140 : July 8, 2017
Sent to 12,526 Opt-In Subscribers
Editor: Elena Fawkner
Publisher: AHBBO Publishing
Contact By Email
IN THIS ISSUE
1. Welcome and Update from Elena
2. Home Business Idea of the Week
3. Feature Article - Beyond Startup - Are You Stunting the
Growth of Your Home-Based Business?
4. Surveys and Trends
5. Success Quote of the Week
7. Subscription Management
9. Contact Information
1. Welcome and Update from Elena
Hello again and a warm welcome to all the new subscribers
who have joined us since the last issue.
This week's article is for those of you currently running a
home-based (online or off) business and going it alone.
At some point in the not-too-distant future, the time will
come when going it alone means you're stunting the growth
of your business. At this point the time has come to employ
others to allow the momentum to continue. "Beyond Startup
- Are You Stunting the Growth Of Your Home-Based
Business?" is at segment 3.
As always, thanks for reading and I hope you enjoy this
Remember, AHBBO is for YOU! If you have comments or
suggestions for topics you would like to see addressed, or
would just like to share your experiences with other
subscribers, I want to hear from you. Please send
comments, questions and stories to Contact By Email .
2. Home Business Idea of the Week - Cleaning Broker
I'm the first to admit cleaning house is definitely one of my
least favorite activities. Couple that with a chronic lack of time
and you're describing a huge segment of the population. One
that isn't going to be shrinking any time soon.
As a cleaning services broker you can tap into this market. A
cleaning services broker basically brings together people wanting
cleaning services performed and those prepared to perform that
service for a fee.
Start out by advertising for cleaners. You'll need to check
references and test their skills. You may also want to consider
bonding them. Once you have several cleaners on your books
(as independent contractors, not employees), you can then
start advertising your services to prospective clients.
A Yellow Pages listing is a good place to start (although this
does require quite a bit of forward planning) as well as classified
ads in your local newspaper. Professionally produced flyers/
brochures that can be distributed in a letter box drop in the
geographic area you are targeting will also generate good enquiry.
You should set yourself up so that you bill the client for the cost
of the service and you pay your cleaning contractors. The
difference between what you pay your contractors and what
you receive from clients is your commission.
You can gradually expand your business too by adding more
services over time. Logical extensions include window washing,
garden maintenance, carpet cleaning and pet sitting, to name
just a few examples.
And don't forget to think outside the box when targeting clients.
Consider, for example, real estate agents who need cleaning
services for rental properties between tenants.
This is just one of over 130 ideas from the new "Practical
Home Business Ideas From AHBBO" e-book. Find out more at
New Home Business Ideas .
3. Feature Article: Beyond Startup - Are You Stunting
the Growth of Your Home-Based Business?
© 2017 Elena Fawkner
If you've left the corporate world to strike out on your own in
your own home-based business, you'll be acutely aware that
your financial success is up to you and you alone, perhaps
for the first time in your life. For obvious reasons, therefore,
your home-based business is probably run on a shoestring.
This means, of course, that you do everything. Although you
are now CEO, you are also secretary, marketing director,
receptionist and gopher. But hey, that's the way you like it,
right? Just as well too since when you're just starting out you
don't have much of a choice anyway.
But sooner or later, if you keep doing everything yourself you'll
necessarily curtail the growth of your business. It will grow to
a certain point but no further because you're only one person
and there are, after all, only 24 hours in a day.
Now, if you're satisfied with making a little money on the side,
that's fine. But if your business is your only source of income,
you must move beyond start-up if you are to become financially
successful and avoid stunting the growth of your business.
This article looks at the growth stages of a typical one-person
home-based business and how to gradually grow your business
without being run over in the process.
=> One-(Wo)Man Band
As already stated, when you first start out, you do everything
yourself. you're both chief cook and bottle-washer. And you
can continue like this for quite some time because, initially,
you are unlikely to be fully stretched. This is exactly what
you should be doing.
This is NOT the time to go out and spend money with
advertising agencies and hiring employees. For so long as
you CAN do everything yourself and everything that needs to
be done is getting done, this is the most efficient use of your
=> don't Overcommit Yourself
During this stage, however, it is important to be careful not
to overcommit yourself. You are a fledgling. You must learn
to fly like a sparrow before you can soar like an eagle. So,
when you first start out, underpromise and overdeliver.
Also, don't embark on an aggressive marketing campaign
until you have the business resources to satisfy the demand
you will create. Let your advertising grow in line with the
growth of your business, the addition of employees and
increased financial capacity.
=> Pay Yourself
Be extremely careful with your pricing during this stage also.
Make sure you include a wage for yourself in your overhead
costs and add a realistic profit margin (say 15-20%).
Remember, price equals costs plus profit margin. Costs
include direct, indirect and overhead costs. For a more
detailed treatment on pricing, read "Pricing Yourself to Get,
and Stay In, Business" at http://www.shelteredturtle.com/pricing.html .
=> Profits Belong to Your Business
Plough your profit back into your business. This is most
important. This is where your funds for expansion during
the next growth phase of your business come from. NEVER
use your business's profits to pay personal expenses. This
is what you pay yourself a wage for. Your business's profit
does not belong to you. It belongs to your business. There
IS a difference!
=> Avoid Premature Expenditure
During your shoestring days, look for lower-cost substitutes
before incurring substantial expenditure. For example, don't
go out and buy a new fax machine, a new answering machine,
a new photocopier. Get one of those three in one jobs that
sits on your desktop and only costs a few hundred dollars.
Use a good accounting software program rather than hiring
an accountant and hire from your family first if you need
temporary help. Another good idea is to negotiate with family
members to take over some household chores you would
normally do yourself to free your time to work on your business.
This works especially well with pocket-money age children
During times of temporary overload, hire temporary staff from
a staffing agency if no family members or members of your
social circle can do the job.
=> The Glass Ceiling
After a while, somewhere between the two year and five
year mark, you will notice that your business is beginning to
stagnate. At this point, you've stretched yourself and your
resources as far as they can go. You've hit the glass
ceiling, in other words.
At this point, if you want your business to grow further, you'll
have to grow it. It won't happen as part of an evolutionary
process beyond this point.
BEYOND THE GLASS CEILING
=> Hire Permanent Employees
The time to hire permanent employees is when you reach the
point that you can't complete all tasks alone (or with the help
of family members) and/or your time is worth more than it would
cost to hire someone to complete your less complicated tasks.
Before adding employees, carry out an inventory of the
necessary tasks required to operate your business. Once
you've identified all necessary tasks, assign primary
responsibility for each task to one person. Although one
person will be assigned more than one task, make sure no two
people are assigned the same tasks.
Also, make sure at least one other person knows how to do
each task to cover yourself during times of staff shortages,
whether due to temporary absence due to illness, or when an
employee resigns and it takes you a while to find a replacement.
Finally, and most importantly, when assigning tasks, assign
yourself the tasks you do best (NOT just what you like to do).
To grow beyond the start-up and initial growth phases, you will
need capital to inject into your business. Now this,
unfortunately, is easier said than done. Banks can be leery of
entrepreneurial ventures and venture capital is not easy to
obtain. But, although obtaining borrowed capital is difficult, it
is by no means impossible. Here are the main sources of funds:
Cultivate a good relationship with your banker. The more he or
she understands your business and knows you, the more
likely it is that your application will be approved. And this means
more than just fronting up when you need money. Keep your
banker informed of all significant developments in your business
and routinely provide copies of your annual business plans.
Be prepared to demonstrate that your business is capable of
generating cashflow and think about what collateral you have
available to put up if necessary.
* Venture Capital
In addition to a solid business plan and track record, venture
capital providers want to see that you understand your
customers and how your business is a good fit with their
needs. So arm yourself with competitive intelligence and
satisified customers as references. Also, be prepared to
show you have access to experienced management staff.
These individuals need not be on your payroll but you should
expect to show that you have a depth of experience and
talent available to you at least in an advisory capacity.
* Revenue Stream
Instead of selling equity to raise capital, consider selling part
of the revenue of the business. In other words, investors
advance loan capital and get repaid by way of a percentage
of the sales of the business. This preserves your equity in
the business and is attractive to investors because they
receive an immediate cash return.
This method has the considerable advantage of avoiding
securities laws (it's a loan rather than a sale of securities)
but it's only viable for businesses with high margins and
* Angel Capital Electronic Network
ACE-Net brings companies looking for capital together
with angel investors. You can find links to ACE-Net at
* Direct Public Offering
If your business has a strong relationship with its constituents
(employees, customers, vendors and community), consider
selling stock via a direct public offering. The securities laws
involved in such an offering are complex though so be prepared
for some pretty hefty legal fees if going down this road.
Other miscellaneous sources of funding include 401(k) plans
and provision of loan guarantees by the Small Business
Administration (http://www.sba.gov), family members or friends.
=> Work On the Business, Not In the Business
The third and final point to note about breaking through the
glass ceiling is that you must make the mental transition from
working IN the business, to working ON the business.
Until your business hit the glass ceiling, you were effectively
working in the business, much as an employee would. In this
sense, the business was your job, a place to go to work. But
beyond the glass ceiling, your business becomes an entity
unto itself. It is no longer your "job" to work at the tasks that
make up the business's operation. Instead, your role is to
work "on" the business as a separate entity, leaving the tasks
to your paid employees.
Hopefully you can see that shifting your perspective in this
way is the key to the long-term growth of your business and
the difference between true autonomy and indentured servitude.
include the following resource box; and (2) you only mail to
practical business ideas, opportunities and solutions for the
4. Surveys and Trends
© 2017 Ryanna's Hope
AN OPEN SEASON ON WEIGHT REDUCTION!
Among people over 25 (the population for which the
Metropolitan Life tables were developed) 80% of the public
are overweight, up from 58% in 1983, 64% in 1990 and 71%
Fully 33% are now twenty percent overweight, a reasonable
measure of obesity, compared to 15% in 1983, 16% in 1990,
and 22% in 1995. In other words, obesity has more than
doubled from less than one-sixth of the population eighteen
years ago to one-third today. (harris poll, 2017)
WHAT WOMEN WANT IN HEALTHCARE PLANS
The two major predictors of women's satisfaction with their
healthcare plans are preventive care and prescription benefits.
Thirty-one percent of women choose a plan on the basis of
preventive care services compared to only 25% of men. The
more preventive care services women are encouraged to utilize,
the more likely they are to choose that healthcare plan. For
example, 85% of women who are encouraged to use five or
more preventive care services are likely to re-enroll in the plan.
Women (52%) are more concerned than men (44%) about a
healthcare plan's prescription coverage. Lower copayments are
a major draw for 34% of women and 28% of men. Other key
issues to women are the ability to obtain the medication that
the doctor believes is best and the cost to enroll in the
prescription plan. Among women who are very satisfied with
their prescription coverage, over 80% are likely to re-enroll in
their healthcare plans. (source: Keymarketing)
INTERNET'S TEEN ROLE WITH FINANCES
Today's teens are swarming to the Internet for video games,
music and other entertainment. Researchers expect that, once
they have outgrown their teen preferences, the web will be an
integral part of their lives. It will be natural for them to use the
Internet to handle their financial matters. Already, one-third of
teens with bank accounts transfer money over the Internet and
25% pay bills online. Of those with brokerage accounts, 55%
trade stocks online. (Keymarketing)
ARE YOU OFFENDING YOUR CUSTOMERS?
Nearly everyone (93% of all adults) believes that there are some
words or expressions that should not be used in front of young
More than two out of every three adults (69%) say there are
some words or expressions that they would prefer not to hear
people use around them. People over 65 (85%), people ages
50-64 (78%), women (78%), and African-Americans (78%) are
the groups most likely to say they would prefer not to hear
words and expressions which offend them. Young people ages
18-24 (58%) are the least likely to be offended by bad
SO WHY DO YOU CONTINUE DOING IT?
While most people (62%) who receive telephone calls from
telemarketers or customer service people don't care whether
they are called by their first or their last names, over a quarter
(28%) say they would prefer to be called by their last names
and that it bothers them (29%) to be called by their first names.
Hardly anyone (5%) prefers being called by his or her first name
?a common practice among some telemarketers.
A marked preference for the use of the last name is reported by
college graduates (35%) and those with post-graduate
education (39%) and those with higher incomes, who are
presumably more important targets of telemarketers. Women
(34%) compared to men (23%) are also more likely to prefer the
use of their last names, as are African-Americans (43%).
LOOKING FOR SOMETHING TO SELL?
Garlic consumption per capita grew to 3.1 pounds in 2017 ?
triple the 1989 consumption level. No other vegetable has
undergone such phenomenal demand growth in the last 10
5. Success Quote of the Week
To dream anything that you want to dream. That is the beauty
of the human mind. To do anything that you want to do. That
is the strength of the human will. To trust yourself to test your
limits. That is the courage to succeed.
-- Bernard Edmonds
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