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7.Home Business: Finding a business opportunity

What most new business owners are looking for are legitimate, profitable and easy to start types of businesses. They can stretch across a variety of different categories, industries, products and services, borders etc.

Work at home business and work from home business opportunities, online ventures and the like, will have you looking at things you never would have considered before. You can look at business ideas that have worked and failed, why, learn from the mistakes and successes and utilize that knowledge in increasing the odds of success for yourself, getting through that first crucial year when most businesses fail. 

You can pursue one or  several different work at home business type programs and companies. It is especially important to decide whether you are going to work for/by yourself or for / with someone else. Both have had success in the marketplace and some new business owners might not have the start-up capital right away to make a success of a legitimate business opportunity, You need to also know that all chances and work at home business options, online offerings are ‘real’ . There are a fair amount of schemes, scams and fraudulent types on the prowl.

Here are some examples of work at/from home business opportunities:

-    distribution
-    importing/exporting
-    Internet affiliate programs
-    MLM
-    network marketing
-    online auctions
-    online dollar stores
-    paid survey opportunities
-    work at home data entry jobs

Quick searches on the internet will reveal myriads of ideas that might inspire you to go it alone, out on your own, working from/at home, at your very own, self-owned, funded and managed work at home business! There are many business opportunities, contract, temporary, seasonal, once off opportunities available. You can join, sign up, pay membership fee, join professional associations, interact with customers directly, get a website up and running, have an online campaign and in no time build a reputation as a work at home business. If you do not know what you are looking for or want to do, do not act over-eagerly and spend/waste money on seemingly get-rich-quick-schemes. It is rarely legitimate and/or successful. Remember, they are out to make money

8.Home Business : Getting Started

As a new business owner/entrepreneur, you need to familiarize, prepare and execute your own personal business plan, surveying and assessing the risk/reward equation of what you are about to embark on:

-Define what it is you want to do, have on offer, how you will make money

-Voice and word it in a detailed business plan

-Look for existing channels, products, similar businesses, partners, competitors

-Launch a website, register your business, business name and get your tax number

-Organize and structure your business

-Budget, get seeding/funding capital investment into your business

-Assess all the business risk, pros and cons of each type, product and service, industry, contract, business you are in or getting involved with

-Estimated start up costs, accurate financial estimates and projections, budgets and funding documents, reporting and accounting systems, business management administration

-Workspace, time, means and skills needed

-Advertising and marketing

-Expert advice from home business entrepreneurs

-Support, insights from others, industry

-Success stories, testimonials, building reputation and position, legitimacy and growth in the marketplace

The dream and reality of owning and running a successful work at home business might in some cases be worlds apart. It is up to you to engage and see this process through from start to finish.

Whether the first hesitant,  little, tentative steps, or bold leaps of action, deliberate purpose and brace courageous steps into the marketplace, for many Work at Home business Success may take you down many paths of discovery and adventure, even failure and times where you do not know how to make ends meet, what to do next etc.

You need to track from the start how well/poorly you are executing and doing what you set out to do, stick to and working your plan as well as continuing to plan your work!

Dream, passion, vision will get you literally nowhere without direction and effort! Be strongly motivated to make a profit and you will. Overcome all the obstacles and challenges, even  numerous roadblocks to your successful home based entrepreneurial dreams and soon you too will enjoy the spoils and the fruits of your labor.

The interest rate on the loan is actually very important, because if it is higher than what you are paying on most of your loans, you may end up in the end paying more than you would if you continued paying all of your creditors separately. Use an online calculator, or just sit down with a lot of paper, and determine how long it will take you to pay off your debt as it is now, and how long it will take if you consolidate. Balance this information against your own personal factors, such as your credit score, whether you will be looking at selling your house in the near future, and your own level of comfort with debt. Also keep in mind that many people consolidate with a bank loan or second mortgage, and then end up charging again because they cannot meet expenses. If your debt occurs because your income does not cover your bills, consolidation will not help, as it will not increase your income or decrease your bills. Also, if you use your house as collateral for the loan and then default on the loan, you could lose your home.

9.Debt Consolidation

If you are in debt, and having trouble paying your bills, you may be able to lower the cost of getting a loan, or decrease the amount of interest you are paying, by consolidating your debt. This can be done through a bank loan, a home equity line of credit, or by going through a credit counselling service.

Consolidating your debt is something that you can do fairly easily the first time, but it may be difficult if you have a low credit score – for example, if you have made late payments, defaulted on a loan, or have a charge off on your credit report. If you own your own home and have equity in it, you may be able to consolidate your debt through a home equity line of credit. Or you may be able to consolidate through a bank consolidation loan to pay of all of your creditors.

For many people, consolidating their debts seems like an obvious choice. You get one loan, and then you only have to pay one loan off each month rather than many creditors. It eliminates or reduces many creditor calls and letters, which can greatly lower your stress.

But credit consolidation is not for everyone. Not everyone needs to consolidate their debts, and not everyone should consolidate, either by borrowing money to pay off the debts, or by using a debt consolidation service.
For some people, whether or not they consolidate their debt may depend on whether or not they qualify for a second mortgage or other bank loan. But watch what interest rate you are offered on that loan, as it may be higher than the interest you pay on student loans.

The interest rate on the loan is actually very important, because if it is higher than what you are paying on most of your loans, you may end up in the end paying more than you would if you continued paying all of your creditors separately. Use an online calculator, or just sit down with a lot of paper, and determine how long it will take you to pay off your debt as it is now, and how long it will take if you consolidate. Balance this information against your own personal factors, such as your credit score, whether you will be looking at selling your house in the near future, and your own level of comfort with debt. Also keep in mind that many people consolidate with a bank loan or second mortgage, and then end up charging again because they cannot meet expenses. If your debt occurs because your income does not cover your bills, consolidation will not help, as it will not increase your income or decrease your bills. Also, if you use your house as collateral for the loan and then default on the loan, you could lose your home.

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