Tips On Running A Small Home Based Business

Many people have considered the incredible dream of being able to open a home based business for themselves. Not only are you your own boss, but you can work whenever you want to. It can be difficult, however, to make that dream into a reality,

which is where the following tips can help.

Have a clear and understandable contract written up as a part of your business when providing service. To ensure that you are legally protected if something goes wrong, you should sign a contract that will outline all expectations. I also recommend having milestones for longer or more detailed work, that way you can review your current progress with your client before you go to far in the wrong direction.

You should have an opt-in email list. Put this opt-in opportunity on all the pages in your website, so people have ample chances to enter their information and join in the fun.

It's always appealing to be reasonable about payments with customers when you first start out, but this is a bad business model. Include your payment terms on invoices and other relevant documents. The terms should be very clearly stated, including the penalty for failing to pay for the item or service in full within the specified time period. A realistic penalty is roughly eight percent of the total on the invoice.

This next point is imperative. It is important to never start work or involve resources on a project without getting paid a certain portion up front. You would be surprised how many times a client could change their mind leaving you with nothing for the work you've done.

Let the client know that a percentage of the total project cost is required before you can alot any time to it. If the client is serious about the work being performed for them, then they won't mind. Besides, the client needs to have some skin in the game so that they will be forced to take your work and your time seriously.

Having all of your business contracts in a single place makes it easy to reference them when discussing issues with your clients. Keep a separate folder in your files where you can place other contracts until you need them, such as with your phone company or internet service, so they're handy if you need to review them.

Back up all of your data on an external hard drive or pay for an online backup service for peace of mind. It's better to have it and not need it than to need it and not have it.

Be aware of the prices the competition sets and keep a lookout for any price changes. If you compare your price point to that of your competition, your sales figures will make logical sense.

Do appropriate background checks on potential employees, joint venture partners or virtual assistants. Likewise, verify their references. You will want to know that the people you are employing or working with have the necessary skills to sell your product. Do your due diligence ahead of time and you won't be sorry afterwards.

As you can see, it will require a little bit of work and dedication to make the jump. If you can manage to pull through and stick to the plan, you will be able to accurately represent your dream in the company's image and create something that is long-lasting and profitable over the years. You too can be on your way to a profitable home based business in no time at all.

If you are not interested or know how to do all of the legwork and research associated with new business, I have recently reviewed a business opportunity that might be a perfect fit for you. Check out My Blog for more information. This might be a much easier start for you as a beginner.

Feel free to contact me to discuss this article or to ask any questions. I'm usually online coaching, so I don't mind.

Until next time,

Kim Banks