Okay, you have the ideas for your home based business… now what? It’s not hard, I promise, but you do have to get ready to put your plan into action. You’ve already done a lot of reading and research, so it’s time to out a pad and pen and brainstorm. That will lead to an action plan.
How Will You Make Money?
Are you selling your services? Or products? If you’re planning to blog then how will you monetize the site?
Write as many ideas for bringing in money as you can. If you’re offering virtual assistant services, what are they? List all the possible things you can do for other business owners.
For writing services, where are your markets?
If you’re selling things online, jot down the items you’d like to sell. Also, determine how you’re going to source these products.
And if blogging, how and what with will you monetize your site. Ad networks, affiliate marketing or your own informational products.
What are You Going to Charge?
From your research, you should have a good idea of what you can charge for each piece or work or product. Or what you might make through your monetization efforts.
It will also help you determine how many products and services you need to sell to make the income you need. If the products you sell on eBay or Amazon and net $5 each, how many do you need to sell to make a $1,000 per month? $2,000 per month. $3,000 per month.
Same goes for the services you offer as a writer or virtual assistant. Will you be paid by the project or per hour? Determine how much can reasonably charge and then estimate how many tasks or hours you need to make your needed income.
What are Your Next Steps?
Keep brainstorming to figure out your next steps. If you’re selling things online, what platform are you using? Have you signed up for an account?
If you’re writing, are you signed up with freelance sources such as the freelance platform Upwork? Or with content sites? Are you checking the online ads and or advertising your services on forums such as Warrior Forum.
And here’s a biggie. Do you need to set up a business banking or PayPal account to get paid?
Again, your research should have given you loads of information to get you moving on each of these steps. Now is the planning and doing time.
A Real World Example
Here’s a brief walkthrough for a business I was considering. (I put this one aside to concentrate on other areas of my business, so if this idea seems appealing and workable for you, please snag it. Or, at the very least, use it as a template for your own ideas).
I already sell physical products on eBay and Amazon FBA, but one day I was thinking about adding Etsy to the mix. Specifically, selling crafting books on the site.
My theory then (and now) is that Esty is already the go-to place for buying crafts and crafting supplies. It made sense that people looking for crafting ideas would also look there, if for nothing else than inspiration.
And, my library is filled with crafting books that need to be moved (to make way for new books!).
I also find then regularly when I source at thrift shops, estate sales and library sales for my other two selling platforms.
Based on my research it looked as if crafting books on Etsy brought in more money than on eBay or Amazon. It looked like I could easily earn upwards of $10 per book after fees and costs. That was usually five to ten times my original cost.
The downside was that I would have to merchant fulfill, but since I was already doing that, it was that much extra trouble. And I would be able to ship media mail and for an extra charge upgrade a faster shipping method.
I already had my banking methods set up and I was signed up with Etsy. Setting up a shop just took minutes.
Photos and listing are time-consuming tasks, but part of the business. And besides, I’ve got most of my systems in place from my eBay selling.
If I went with this new Etsy business model, I would have heavy promoted on Pinterest and probably Instagram. Both platforms are craft and image heavy.
Geez, as I look at it, I’m getting all excited again… but no, I have a new plan and I am determined to stick to it.
And that’s an important thing to keep in mind no matter what business you decide to pursue. You have to be disciplined and consistent and not let anything keep you from plugging away at your business.
Now that you know the steps to starting your home based business, why are you waiting?