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· Detail your start-up investment needs · Have an advertising plan · Show production costs · Outline your business procedures · Note your sales program · List how your time will be allocated.
Too often, enthusiastic and ambitious entrepreneurs jump in on an extra income project and suddenly find that costs are beyond their abilities and time requirements are more than they can meet. It pays to lay it all out on paper before you get involved, and clearer you can "see" everything before you start, better your chances for success.
The Secret is...
Now, assuming you've got your market targeted, you know who your customers are going to be and how you're going to reach them with your product or service. And you have all your costs as well as time requirements itemized. The next step is to set your plan in motion and start making money.
Here is most important "secret" of all relating to starting and building a profitable home-based business, so read very carefully. Regardless of what kind of business you start, you must have capital and available time to sustain your business through first six months of operation. Specifically, you must not count on receiving or spending any money coming in from your business on yourself or for your bills during those first six months. All income from your business during those first six months should be reinvested in your business in order for it to grow and reach your planned first year potential.
Once you've passed that first six months milestone, you can set up a small monthly salary for yourself, and begin enjoying fruits of your labor. But first six months or operation for any business are critical, so do not plan to use any of money your business generates for yourself during that period.
The Enterprise Called YOU
If you've got your business plan properly organized, and have implemented plan, you should at end of your first year be able to begin thinking about hiring other people to alleviate some of your work-load. Remember this: Starting a successful business is not a means towards either a job for yourself or a way to keep busy. It should be regarded as beginning of an enterprise that will grow and prosper, with you as top dog. Eventually, you'll have other people doing all work for you, even running entire operation, while you vacation in Bahamas or Hawaii and collect or receive regular income from your initial efforts.
Article by Jay Harris of IMI Concepts. Visit his website http://www.home-jobs-directory.com