Are you looking for legitimate online home based businesses? Would you like to know how it feels to be your own boss? Would you like to make your own business decisions, and work strictly for yourself, instead of a thankless boss? There are many legitimate online home based businesses to choose from. The tough decision is choosing the one that is right for you.Start by researching home based businesses, and ask these questions:Is this opportunity providing a service that is both popular and in demand? The idea of a home business sounds great, but if you are not offering a great product or service, then finding buyers will become not only a headache but impossible. Keep in mind also, you will not have long-term success if the service or product only benefits a small demographic.How much will it cost you to start your business? Do you already have the capital, or are you going to have to create debt? How long will it take until your business will turn a profit? What will be the cost of maintaining the every day operations of your business? Are you going to incorporate advertising in your business, and if so, how much will that cost? These are very important factors that you need to know, before you decide which home based business is best suited for you.Is this a business that you are already knowledgeable about? If not, is there mentoring or training available to help you through the learning curve? Every entrepreneur has had at least one mentor in their lifetime, if not more. Help and support is not only important in a successful business, but vital. A mentor can provide training, support, and advice. If you are brand new to operating a business, a mentor can provide you with all the necessary tools in getting started, growing your business, and making it successful.Are you going to enjoy yourself in your business? In the business world, as well as in life, having passion in what you do is very important when it comes to succeeding. If you are not even the slightest bit passionate in what you’re doing, you are going to burn out. If you don’t enjoy the business or have any interest in your product, succeeding will be very difficult. Remember, always be passionate about what you do. Passion and determination go hand in hand.

Year after year there are many students who graduate and after that they will go looking for jobs. With the rise of the popularity of the internet a new kind of work came about. Today there are home based business ideas available and you just have to choose which one you are interested in or the once wherein you think you will be well compensated in. Not only new graduates are the ones looking for a good source of income, there are those who are still in school but needs money to support their education or material wants. Aside from students there are also people who already have a job but want to earn more.Advantage of having a Home BusinessThe emergence of the internet brought about so many things. Nowadays we can buy or shop online. Unlike before where in we line up just to purchase something now with just a few clicks we can buy whatever we want or need. The internet served as a medium for home based business ideas.At present we can pay our bills online as well. Today we can meet friends online and stay connected with our friends whether they are in the neighborhood or even if they are in a foreign country. Staying connected with friends has been made possible through chat and also through different social networking sites. By way of advance technology it has given rise to different innovations and discoveries we thought were not possible then. With the popularity of the internet and because it has been made accessible to people all over the globe, it also served as a gateway to the development of a new source of income. It paved the way to different home business ideas.Since the arrival of this home based businesses, moms can now earn money and still be able to take care of their kids at home. Now they can also help their husband generate income or they can keep the money for their personal use so that they will not need to ask money from their other half. Other people also subscribe to this kind of work even if they already have a steady job. They do this to produce extra income, for them to pay their credit card bills or maybe to save some cash for their future.Types of home based businessThis is good opportunity for people who enjoy using the internet and at the same time want to earn money. There are different kinds of home based business ideas available. For those people who are entrepreneurs by heart, you can post or publish your products and services through the net. For example you can sell your art collections, handmade jewelries or sell pastries online. If you like writing then you will probably be interested to be a freelance writer. You may write blogs or articles depending on the request of your client.Another business idea is transcription; if you type fast then this could be a good and suitable job for you. If you have a hobby or a skill, you can make use of this to make money online. So what are you waiting for, why not start with your home business idea today?

Today, more and more people are interested in doing home based business so that they can work at home instead of going to the office every day. So what is it about home based business that makes many people abandon their office wear and stay at home instead? As a matter of fact, starting a home business can give you many advantages other than time flexibility. Below are five benefits that you can get from working from home:1. You get financial assurance – Who says you cannot get steady income from doing home based business? If you can manage your finances well enough, you can even earn more than those with office jobs.2. You get the opportunity to improve your skills and talents – When you work on your own terms, you get to discover and develop your true skills and talents. Do you like writing or creating website designs? Maybe you work as a freelance writer or a freelance web designer. Whatever your skills are, you can use them to make money. Other services you can provide at home include day care, floral arrangement, and tutorial service.3. You get to meet many people, or you don’t have to if you don’t want to – Choosing to do home based business does not mean you have to abandon your social life. Offline home businesses like day care, barber shop, or a small cafeteria, for instance, require you to deal with a lot of people. However, if you are a kind of a loner and prefer not to meet many people, online businesses such as affiliate marketing, an online store, and web services are more suitable for you.4. You get to save money – It is true that office jobs provide steady income, but they cost a lot as well. First and foremost, you do not have to commute to your workplace. Daily commute can be tiring and expensive, but you do not have to spend a dime on transportation if you work from home. If your home based business is related with selling and marketing, you will be expected to go places every now and then. However, you can do most tasks such as delivering your customers’ orders or stocking up your inventory online.5. You actually contribute less to air pollution – In many parts of the world, air pollution is normally caused by motor vehicle emissions. Since working at home does not require you to travel a lot, you can actually help reduce air pollution.

Types Of Bankruptcy

There are two different types of bankruptcy that can be used in most cases. Each one has a different set of rules and guidelines that you must follow in order to qualify for and get the bankruptcy. If you are considering bankruptcy, it is important to understand the differences in these types of bankruptcy and to choose the one that best fits your needs and the one that you qualify for.

Chapter 7 Bankruptcy

This is the type of bankruptcy that is most often used by individual debtors. It allows for an individual or married couple to wipe out their debt by taking property and liquidating it. The money from the property is then used to pay off the debt that the individual has incurred. In some states, certain property can be retained. Only property that is exempt under the bankruptcy laws is eligible. In most cases, it will be cars and homes that are in good standing with their creditors. In some states, you will lose your home. This is the fastest way to get out of debt but one that is going to wipe you clean of assets.

Chapter 13 Bankruptcy

In this type of bankruptcy, the debtor and creditor work out a plan that allows the debtor to pay off their debt in a payment plan. Most of the time, this process will happen through the paycheck of the individual. As long as the payment plan is in effect, the creditor will not take your home or possessions and you will not lose them. It is a good thing for those creditors that would have lost more if a Chapter 7 were filled and a good thing for the debtor because they can work on improving their overall credit.

Determining which type of bankruptcy is the right choice for you is difficult. If you can afford to pay off the debt through a Chapter 13, it is likely to do the least amount of damage to your credit. A Chapter 7 will remain on your credit report for up to ten years. Nonetheless, it is wise to talk to your attorney about which type of bankruptcy is the right choice for your needs.

There are 28 million small businesses in the US. The sad reality is that most of them fail within the first few years of operation. The small percentage that survive stay small forever. A select few manage to grow into huge businesses. But why them and not the others? What are the factors that enable unknowns to become household brands? One thing for sure that it takes much more than hard work, luck, and timing. Read on to see if your small business has what it takes to make the leap into the big league?

Systems

Many small business owners’ lives are chaotic due to lack of systems. Systems are hard, but they enable small businesses to scale. Systems are not glorious like sales, marketing, or research and development. Some say that systems are boring, after all, it is a back office function. Systems separate struggling small businesses from those that grow by leaps and bounds. Creating systems can be a daunting task, and for many, the prospect of taking on yet another project is out of the question. For some, it is a catch-22 situation. You may say “How do I carve out extra time from my already hectic schedule.” The correct way to think of systems is that creating them is an investment in your business.

One of the greatest challenges that small business owners face is that the they are perpetual decision makers. The owner is involved in everything from sales, customer service, research and development, bookkeeping, so an and so forth. Creating systems is the first step toward a business where not every decision is dependent on the entrepreneur. Systems allow people to plug in and go. Systems include operating procedures and manuals that can bring a new team member up to speed in no time. It is what takes small out of small business.

Franchise businesses are often more successful than independently operated ones simply because they are built on systems. The franchisee may be paying a premium in upstart costs compared to an independent business, but it makes sense for many because they don’t have to worry about developing systems. Someone already went ahead and created the necessary systems for success. When you buy a franchise you are taking a system that has been proved to work. Does it mean that you have to buy a franchise to succeed? Absolutely not, but you have to think of your own independent business as a franchise. Create procedures for everything. Don’t leave anything to guesswork.

Most small businesses do without systems, but it doesn’t mean that it’s a good idea. While you might get away with it in the beginning the lack of systems will create huge bottle necks down the road. The lack of systems will reduce your profits. Why? Because you and your employees will have to reinvent the wheel day in and day out. systems minimize the element of surprise. With systems in place your team is able to deliver consistent service. Businesses with consistently good service will outperform those with fluctuating quality service.

In addition to making your life easier, systems also increase the value of your business. Buyers want to buy businesses that are built on systems. The presence of systems tell buyers that the business doesn’t entirely rely on you. Creating systems help you create a turnkey operation, appealing to buyers. Business systems are assets that enable your company to run without you.

Scalability

Investors love highly scalable companies because they have the potential to multiply revenue with minimal incremental cost. You simply can’t substantially grow a business without cracking the scaling code. Some business are built to scale while others are forever destined for small business status. Unfortunately, many professional service providers are not scalable because they rely on personal output. So, if your goal is to build a big company avoid consulting types of businesses. A software company, on the other hand, is a highly scalable business model. Once the software product has been completed it can be sold millions of times with minimal costs. In other words, their increased revenues cost less to deliver than current revenues. What this means is that a scalable business will be able to increase the operating margin as revenue grows.

A highly scalable business requires small variable costs that the company can control. Variable cost changes with the volume of business. Fixed costs do not vary with sales. For example, for a software company fixed costs include the cost of the office location, computers, and furniture. These cannot be quickly added or liquidated. Salaries on the other hand are a variable cost since workers can be hired and fired relatively fast.

Most consulting businesses like marketing agencies are not scalable because they are unable to substantially increase their revenue without greatly increasing their variable costs. Such businesses are considered poor investments.

To build a scalable business you should start with a scalable idea. Scalable businesses have high margins. They require low support and staff expenses. Scalable businesses allow you to work on your business as opposed to working in your business. If you find yourself constantly working in your business your business is either not scalable or not yet ready to scale.

Truly scalable businesses are highly automated. Automation helps you reduce variable costs such as labor. It is at this point when scaling and systems begin to work together. If you truly want to become a market leader or dominate your industry, scalability is the only way to do it without a miracle.

Board of advisors

If your goal is rapid growth, you must have a board that you can rely on for your big audacious goals. The life of an entrepreneur can be a lonely one. Often you feel like you are all alone with all the decisions you have to make. Your board will share some of the burdens of making key decisions and it will tell the outside world that you are systematic about your business, and that you understand that you need to surround yourself with people that are smarter than you. Your board will help you with large strategic goals. It can help with your overall business plan, policy issues, financial questions, strategic partnerships, and more.

Your board shouldn’t be utilized to deal with routine tactical challenges. Don’t waste the boards time on daily employee issues or what color the chose for your new office. Rather, let your board help you with strategic advice, or by helping you with making introductions to strategic partners and recruiting talent.

Fellow entrepreneurs and business leaders make excellent board members. Before you build your board you should have a clear understanding of what areas you need help with. Ask yourself what skills do you currently lack that you need to take your business to the next level? Is it marketing, intellectual property, or finance? Whatever it is you need help with should influence the ultimate makeup of your board. You could hire a recruiter, but they are expensive. It is best if you perform the search yourself.

Your board is not a group of your closest friends. It is a group of professionals, each with a respective specialty. One might be an IP attorney while another a retired CEO. You are not looking for a group of yes men. If you build a great board, each member will have more experience than you and each will know much more than you. If you feel like the dumbest person in the room, you are on the right track.

Your board of advisors will not join you for the money, but there are costs involved. It is a good idea to compensate your advisors. At least, you should cover their expenses. Do they need to travel to your board meetings? Are there hotel and other expenses? It is also advisable to pay a per meeting fee that might be a few hundreds or a few thousand dollars. In addition to monetary compensation, you could chose to offer stock as payment.

IP (Intellectual Property)

Most small business owners care most about time and money. Some understand that IP is as good as money in the bank. It is considered one of the most important assets of some of the most valuable companies in the world. Even though IP is an intangible asset, it’s almost impossible to build a hugely successful business without it. If you are going to dominate your industry or at least be one of its key players, IP is a must. You can often read about huge business acquisition deals structured around IP. Often, IP is the reason companies are bought and sold for huge multiples.

Simply put, IP makes your company more competitive. Without IP you end up competing on price and efficiency, a tough way to build your business. When you compete through IP you often set your own price, a luxury most businesses never experience. Since innovation is the main driver in business, developing IP should be a key objective for all companies that want to enter the big league.

If you are an early stage company wanting to attract investors, your IP might be what closes the deal for you. Investors look at IP with regard to the level of income it may generate through its life. Some companies bet their futures on IP. Richard Thoman, the CEO of Xerox, declared that the “management of IP is how value added is going to be created at Xerox.” An excellent example of IP management is IBM; it managed to generate about $1 billion from IP by 1990. IP is the intangible asset that can become your free cash flow.

When IP is properly managed it can prevent your competitors from copying your products or services. You can avoid wasteful investment in R&D. IP is a revenue generating profit machine that makes your company more valuable and competitive, getting you ever so closer to market domination.

Brand

Many small business owners, wrongly believe, that brand building is reserved for giant corporations. But, building your brand should be a key focus from the very early stages of your company’s life. Your brand is another intangible asset you can’t build a market leading company without. It is your brand that may enable your business one day to avoid competing on price only. It is your brand that may one day help you dominate your market. It is through the power of your brand that you will be able to minimize your new customer acquisition costs.

Successful brands are easily recognizable. Virtually all fortune 500 companies have managed to build a strong brand image. Powerful brands instill certain images in consumers from tradition, to quality, to innovation, to any number of thoughts and feelings. As competition increases, so does the importance of building credible brands.

Brands are not born out of thin air, they are strategically developed. Building your brand is no less important than developing your sales strategy or R&D. The process of building your brand is a never ending job. There is no such thing as a finished brand. Finished brands are for businesses that are finished. You can never think of brand building as a project with a beginning and an end.

While advertising is important it is not advertising that creates your brand. Your brand is a reflection on everything that your company does. Your brand is the quality of your product or service. It is also the way you treat your customers, and even your employees. Your brand is shaped by how the world perceives you.

The value of each brand fluctuates. Your company scores big on your latest product and the value of your brand rises. One of your employees publicly ridicules one of your upset customers and your brand suffers. The good news is that for the most part, you are in charge of your brand’s destiny.

Even the worlds greatest brands are not always on an upward trajectory. Strong brands can help your company survive disasters. Recently, the Toyota brand had been plagued by millions of recalls, yet the company managed to come out of it all with an even stronger brand.

It is true that not each small business wants to become an industry leader. But, it’s also true that there are no accidental market leaders. Most small businesses are family owned and operated, and there is nothing wrong with that. You can be happy, fulfilled, and wealthy running a small business. But, if your choice is to grow your business into a true market leader you have to build your business on systems. You have to be able to crack the scaling code, so you can dramatically increase your revenue with minimal expenses. You will need trusted advisors that are smarter and more experienced than you. It will be an uphill battle, or perhaps even impossible without proper IP management. Your brand will soften the blow when you are hit with disasters. Of course, there are other factors such as luck and timing that transform small businesses into huge success stories, but the above five make for a good start.