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Finding Lucrative Home Business Ideas

These days, it seems like it is difficult to throw a rock into the air without having it come down and land on someone who has made the choice to launch a home based business. With the wide variety of home based business types – from network marketing, to selling homemade items, to offering services or becoming a wholesale distributor – it seems as though finding lucrative home business ideas would be simple.

When you are looking for home based business ideas, however, you are going to find that there are a number of clear challenges that will assuredly affect your success. One thing that you are likely to find is that, while there is a great deal of information available about home business opportunities, a lot of what you are going to read may sound a little too good to be true. Another challenge is that, when you are looking for home business ideas, it is not at all uncommon to find a great deal of bait in the water.

Suggesting that some of the home business ideas that you will find are just bait is not an intimation that you are likely to be taken, however the reality is that many people are. They’ll look into advertisements that discuss just how huge the travel industry is and, based on the successes of some internet businesses will try to steer you toward getting “your piece of the pie.” Many people see this, know that they love to travel and think that of all of the home business opportunities that are out them, getting into the travel business will be the thing that enables them to make it big.

That isn’t to say, of course, that if you are looking for a great home based business you should not make an effort to find something that you will enjoy; ultimately, if you do not enjoy the business that you go into, it is going to be extremely difficult to find success. Without a passion for what you are doing, after all, you will find that it is difficult to stick with your business and to follow through with marketing and promotion: if you don’t love what you are doing and you don’t enjoy the product or service that you offer, how can you expect anyone else to either?

Ultimately then, when you are looking for home business ideas, you are going to want to be sure that you are looking into something that you know that you will feel good about doing, but what else should you be looking for?

1. Look at the interests and hobbies that you have to determine how common they are. When it comes to home business ideas, you should be looking into those products and services that a large number of people are looking for but that a small number of businesses offer. Whether you are starting an online information business or you are looking into providing a service such as speech writing, you want to be sure that there is interest in the product and that the market is not already flooded with it.

2. Look at the amount of time that you have to develop your home based business. While some work at home mothers and fathers will find that they have plenty of time available, others are going to want to schedule in starting a business during the evenings or on the weekends. If you only have limited time to commit to your home based business right now you are going to want to take that into consideration.

3. While you are looking at your interests and the amount of time that you have, you are going to want to start researching what it takes to create a solid business plan, to secure funding if you need it and to establish realistic goals for your home based business. Even the best home business ideas struggle to become a reality when there is not a planning process involved.

In other words, when you start looking for home business ideas, you are going to want to be sure that you understand that you are going to be starting and running a business. You are going to want to be sure that, when you are starting a home based business, you are looking at the concept of supply and demand because it will have an affect on the success of your business. Similarly, you are going to want to be sure that you are looking at those home business ideas that you believe that you can stick with for the long haul.

There are going to be many great opportunities for making a living with your own home based business and all of those opportunities begin with the same thing: lucrative home business ideas and a will to succeed.

Using Multiple Sources of Small Business Financing

One misconception about starting a small business is that the only way to receive small business financing is through a bank. Though the bank is a viable option, it is not the only option. Looking towards multiple sources of financing can get your small business the financing it needs. Alternative sources of financing can be used instead of, or in addition to a bank loan. Using multiple sources of financing can help a new or veteran business owner maximize his/her business’ working capital.

Listed below are a variety of small business financing sources, that small business owners can utilize when building, expanding and maintaining their businesses.

Small Business Administration

The small business administration was created to help small businesses get on their feet and remain on their feet. Their mission is “…to maintain and strengthen the Nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters.” So why not look to the SBA for assistance?

The most common SBA loan program is the basic 7(a) loan program. This program is specifically designed for small business owners who may not be eligible for business loans through normal lending channels. Other loan programs offered by the SBA include the 504 Program, which provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings, Micro-Loans that provide very small loan amounts for startup small businesses, with a maximum loan amount of $35,000. Disaster Recovery Loans, which can assist in the recovery of your business if it is involved in a disaster, and Special Purpose Loans, that can be used for any special purposes within your business.

Grants

Just like there are scholarships available for just about anything, if you do enough searching, you could find the small business grant that works for you and get free money to finance your business. Though the federal government does not offer grants to small business owners, there are numerous other grants available for small business owners. You can look to your own state to find free funding your small business. Every state has a state development agency, and many of these agencies offer small business grants, and/or information on where to find them.

Small Business Cash Advances

Though a small business cash advance is not plausible for startup businesses, it can be used after your business has been up and running for a period of time. A business cash advance can offer fast and easy-to-obtain money for your small business’ financial needs. With few requirements, even business owners with average or fairly below average credit scores can qualify to receive a business cash advance.

Financial Intermediaries

A financial intermediary is a person who specializes in finding funds for business owners. Once you’ve done all you can to find money for your business, try hiring a financial intermediary to find the funds that you may have overlooked.

You can decide to use the expertise of a financial intermediary in order to give yourself the time to work on other aspects of your business, or you can use them in combination with your own expertise; as the saying goes, two heads are better than one.

Financial intermediaries can also be used to help in the start up of your business, offering help with the writing of business plans, proposals, etc.

Business Credit Article #3

Banks are businesses too. They certainly are not charities waiting to hand out money to everyone who asks, and though that fact may seem obvious to many of us, there are some entrepreneurs who almost expect banks to hand them over cash just because they filled out an application. If you are a business owner who has been turned down on a loan request, it is time to learn the real tricks of the trade for getting cash for your business needs-it is time you start building corporate credit.

If you have been making the costly mistake of using your personal credit to sustain or build your business you must come to understand that there is an easier, less risky option. Building good business credit can take your business to levels of which you have never even dreamed. This is what business credit can do for you:

o It can get you the money you need. Without proper financing, you will never be able to launch or expand your business and pretty soon it will hardly be worthwhile to be in business at all. Business credit gives you access to more money.
o You can sustain your business through tough times. You may not always foresee how the economy will change and affect your business for the worse. Business credit can save your business during a slow period.
o It can save you money. Business credit rates are usually lower than personal credit rates, and even just shaving off a few percentage points of interest can add up to thousands of dollars in savings. Business credit keeps you from spending money you don’t have to.
o It protects you. If your business fails, as 95% do in the first five years according to the Small Business Administration, any loans you secured on a “personal” level will follow you forever. Business credit protects you as an individual.
o It helps you establish credibility. You will only be able to secure sizable business loans if you look good on paper. Business credit built up properly over time, establishes a credit history for your business and gives you access to more money.
In order to build good business credit you must follow some very specific, yet simple, steps. The process, however, is not quick, but the goal is worth it. Ultimately, the goal for establishing business credit is to eliminate the need for an owner to sign a personal guarantee on a line of credit.

Now business credit comes in two forms-one is useful and the other is not, so borrowers beware. The least useful line of business credit and of course the easiest to obtain, is a line of credit with an individual vendor. Vendor credit is only good at one location. For example, an office supply store may extend your business a $2,000 line of credit to buy paper, pens, etc. The problem is that you need money to build your business not stationary, and the only way to get money is from a line of cash credit.

A line of cash credit is the true “pot of gold.” You need access to money that you can spend when, where and how you want, and that money comes from banks, not individual vendors. So when you begin building business credit make sure you are building the right kind of credit the best way you can.