Small Business Administration

Want To Start A Home Based Business! First Get Your Funding Strategy Right.

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Proper Funding is a pre-requisite for the successful operation of a Home Based Business. The fact is that without sufficient funds even the best planned Home Based Business whether it is big or small is bound to fail. Cash is an important ingredient absolutely necessary to sustain your Home Based Business and run it. The capital you require will ofcource depend on how big your operation is going to be. Many businesses fail within a year or two for want of sufficient working capital.

Most Home Based Businesses dont often need much funds especially if you start on a part-time basis; nevertheless funds are absolutely necessary even if you start a Free Home Based Business.The fact that you do not have sufficient funds need not put you off from starting a Home Based Business because you can always apply for a loan.

Given below are 6 sources from where you could obtain loans and get your home based business up and running.

Credit Cards:
Many Home Based Business entrepreneurs looking around for finance are not aware of the fact that many small business owners partly finance their business with credit card loans. Just take a count of the number of credit card offers you receive in your e-mails every week! The credit cards are very convenient and easy to manage. The interest rates are of course high and you should act smart and obtain one with the lowest interest rate. Since the interests are generally high, unless managed properly it can be counter productive. Credit cards are certainly very useful for your Home Based Business if used carefully.

Personal Loan:
Every time someone wants a loan, he makes a bee line to the bank to take a personal loan. These loans are given to individual applicants based on their personal income and credit worthiness. Hence a good income and good credit rating will qualify you for a loan that you need for your business. So to Start a Home Based Business, you can apply for a personal loan. If you have an intention of leaving your job and starting a home based business, it is advisable to apply for a loan while you are still employed. In this manner you are assured of a loan and a higher amount as well.

Business Loan:
Another way of obtaining a loan is to apply for a business loan but it is often difficult to obtain for a new home based business. This is because the business has little or no equity and they don’t possess a track record of success. The interest rates are of course reasonable. In this instance you must have a business plan to obtain a loan.

Home Equity Loan:
This loan is similar to that of a personal loan but in this case you have to pledge your home or some property as collateral in the event you default on your loan payment.

The advantage here is that a large amount of money can be obtained for your home based business for a long term of 15 years or so. There are two choices, either you obtain a lump sum amount or draw amounts as and when you require money for your business.

SBA Loan:
This loan can be obtained easily by Home Based Business entrepreneurs. The SBA loans no money directly. In America this loan is backed by the US. Small Business Administration and it guarantees 75% of individual loans made by banks. Hence lending banks have less risk in the event of default.
More information can be obtained from http://www.sba.gov

Savings:
This is one popular place many Home Based Business entrepreneurs turn to when they need cash to start a home based business. Here you will get an immediate approval for your loan with no interest.

To Start a Home Based Business you don’t need a huge loan. Just because you can obtain a big loan it does not stand to reason that you should obtain one. The success of your home based business depends on the optimum loan obtained and how well you manage your financial commitment.

If you do not have the funds but have the passion, drive, determination and the staying power then go ahead, get a loan and Start a Home Based Business.

Copyright 2006 Kanaga Siva.

Domain Flipping By The Millionaire Society Review-best Guide To Start An Online Home-based Business

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There’s much to consider when starting an online home-based business. The thought of finding a niche, building a website and marketing to the world wide web can be daunting, but utilizing several basic tips will help get your business up and running.

General instructions :

1. Decide on a product or service. If you are a retail website, understand that there are many retailers online, including big-box stores such as Target and Walmart. Look for a niche and provide a distinctive item. Research Ebay and Amazon.com to see what the market may be for that product in store. If you are promoting a service such as graphic design, take a look at competition to see what they’re offering to potential clients.

2. Write a business plan. Books an internet-based resources will offer suggestions on how to do that if you’re uncertain where to begin. Regardless of how you’re funding the Internet venture, your business plan will outline your needs for funding, discuss your business idea in detail and can include your marketing plan, which is critical in advertising your goods or services about the Internet.

3. Create a website. If you have little if any web design experience and therefore are uncomfortable trying to design your personal site, contact local web designers to go over your ideas and also to receive bids about the price of building your sites. Let your web designer know that you may need a shopping cart and will need to accept and process payments if you are creating a retail site. Joomla.org is a great resource for people considering building their very own site in order to keep initial costs down (see Resources).

4. Market your business creatively. When your site is done, the next step is letting people know about your product or service. Consider offering affiliate marketing, which allows others to get rewards for marketing your product or service or service on their sites. Utilize social networking, such as Facebook, MySpace and Twitter to spread the word about your new business. Don’t forget to market your new online business locally, sharing details about your new venture with friends, relatives, neighbors and colleagues. If you have the budget for it, remove a small ad in your local weekly publication.

5. Offer quality customer service. When your site has traffic and visitors interested in purchasing your product or service, be immediately responsive in answering questions and shipping. Encourage customers to return with special discounts and provide promotions or sales via email. Customers or clients who are pleased with their experience will in all probability return or will tell others about your website.

Some suggestions you should know :

– Research any licenses or permits you may require for operating your business. Utilize accounting software to maintain track of revenue, expenses and tax information. Take a course in entrepreneurship. Visit Entrepreneur.com and the Small Business Administration (sba.gov) websites for helpful resources.
– Avoid starting your business around a product that can be available on countless other websites, if you don’t are offering it at a discounted price. Don’t underestimate start-up costs. Don’t skimp on your website; design an easy-to-use, attractive site that customers will enjoy using.
– A practical website and effective marketing will make the main difference.

Several things you’ll need :

– Niche product or service
– Business plan
– Website

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