A good money making business can easily be birthed out of adversity. Some say that necessity is the mother of invention; and many lucrative cottage industries are developed when individuals suddenly find themselves unemployed. Husbands may lose jobs through company cutbacks, and wives may find themselves at home after having a baby. But creative individuals can start a money making business simply by using skills and expertise honed from a fulltime job. Before developing a home-based enterprise, individuals should assess which personal strengths and abilities are marketable to benefit others. Secretaries, bookkeepers, personal trainers, dog groomers, janitors — the list is never ending of formelry employed individuals who can use skills learned on a 9-to-5 job to start a new enterprise.
Just because the company closes its doors and everybody gets a pink slip doesn’t mean that a free thinking worker has to stop working. The same ethics and professionalism that earned a weekly paycheck can be put to good use as a self-employed entrepreneur. Once individuals have compiled a list of valuable skills, the list needs to be refined into two or three possible options for starting a money making business. Individuals should be realistic about marketable skills that might lead to self-employment. The key is to select a talent or service that people want and need and put a good price on it. Sometimes the search for one type of home-based enterprise might lead to actual employment in another. Novice entrepreneurs should remain just as diligent and optimistic about work opportunities as those who labor in the gospel. “Therefore, my beloved brethren, be ye stedfast, unmoveable, always abounding in the work of the Lord, forasmuch as ye know that your labour is not in vain in the Lord” (I Corinthians 15:58).
Out-of-work secretaries and bookkeepers can contract services as virtual assistants and girl Fridays, lending a hand on a contract basis to several different small companies that may not be able to afford to hire a fulltime administrative assistant or receptionist. Personal trainers can get personal with owning their own business by running newspaper ads or hosting websites offering individuals, groups or companies exercise or weight training classes. The local gymnasium may not offer personal training, but that could be a good opportunity to stop by and offer value-added services which can bring new clients to the gym and money in a new entrepreneur’s pocket! Dog groomers can offer a door-to-door service, picking up and dropping off pooches to save owners time. Pet lovers may not be able to resist the convenience of having a pup coiffeured AND chauffeured for a little extra fee. And cleaning services are really cleaning up nationwide. Janitorial companies are probably one of the fastest growing independent enterprises in the country. Everyone needs cleaning help, whether it’s a residence or corporate plant. Owners can take businesses from part time to professional by bidding on government contracts and gradually adding personnel and vehicles to build a money making business.
Writers, graphic designers, and account executives might consider pooling their talent and resources to start a money making business offering publication or promotional advertising services for small and large corporations. While one individual may lack the finances to start an independent agency or creative marketing group, five to six unemployed individuals may be able to come up with enough capital to turn a sad situation into a success. And if no one has enough ready cash, one or more team members may be able to secure credit from a lender willing to finance a promising new venture. All that’s needed is a good business plan with projections for potential earnings for two to three years. An impressive plan will cover all the bases, such as overhead expenses, wages, and the cost of self-promotional advertising. As a money making business, a creative group can incorporate and bid on government contracts, work for nonprofit agencies for a profit, or offer consultant services to other thriving companies.
A new money making business will have to comply with local, state and federal revenue laws. New entrepreneurs should visit the local licensing office; apply for an Employer Identification Number online for banking and payroll purposes; and have calling cards professionally printed. A brand new enterprise doesn’t have to incur a lot of overhead. Consider using a spare bedroom, basement or garage from which to operate for the first year or two until the enterprise can build up a substantial customer base. Home-based and cottage industries often use cheap labor by employing high school children or family members. Entrepreneurs specializing in home baked goods or catering will need to apply for a food handler’s permit to protect themselves and the public from any liability. City permit offices will want to conduct an inspection of the home’s basement, kitchen, or working quarters to ensure that the facility doesn’t present a hazard or public health concern.
Entrepreneurs who consider running a money making business should not overlook the power of the worldwide web. The Internet simply brings the world to your door with a global clientele of eager buyers. Selling like-new items on web-based bidding sites and flea markets is a great source of additional income. New entrepreneurs can build a website and feature photos of products or an online catalog of merchandise for cyberspace shoppers. Website owners can collect monies by opening a merchant or universal payment account for domestic or foreign shoppers. In spite of high unemployment rates and company closures, enterprising unemployed workers can use the same skills and talents that brought home the bacon by running a home-based business. The Internet is the door to the super highway of cyberspace commerce; and nearly anyone over the age of 18 with an innovative idea, a home PC, and a little persistence can get on board for financial success.
The 7K Team System
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