Home Business Ideas and Opportunities

Archive | February, 2017

Your Home Business: Turning Pennies into Dollars

Henry Ford taught us that to simplify the manufacture of automobiles, that the best way to do so was to install the assembly line. That one change revolutionized the auto manufacturing industry permitting the industry to build cars at a cost that would allow the average person could afford to buy one.

Your Home Business: Turning Pennies into Dollars

The lesson we should take from this is that having the ability to improve the process of getting the job quicker and cheaper, without compromising the quality of the job being done, will help catapult the person who simplified the process to the top of his/her field.

Pennies saved in your home business can turn into dollars at the end of the day, and dollars can quickly multiply into hundreds or thousands of dollars over time.

Doubt me if you will, but let me ask you a question. Do you think a saving of two fifths of a penny could make any real difference in the profit margin of a home business? Of course the right answer is “it depends on how many transactions are done in a year, utilizing the savings of the two fifths of one penny.”

You only have to think back a couple of decades to really appreciate this question. Do you remember the nut that lived and died in a Las Vegas hotel room? You know the one who was a billionaire, and was so worried about germs that he died of starvation? If you guessed Howard Hughes (1905-76), pat yourself on the back.

Now Howard did not make all of his money on his two fifths of one penny. He did however make a ton of money from his two fifths of one penny. It seems Howard owned a can manufacturing company. And one day, Howard’s team figured out how they could make one minor change in the design of their food can to reduce the amount of tin necessary to make a single can.

As the story goes — if my memory serves me correctly — the reduction in tin usage equaled a saving of two fifths of one penny per can. Howard — being the really smart businessman that he was — decided that he would not be so greedy as to keep all of the savings for himself. What Mr. Hughes did do was to keep half of the savings for himself, and give the other half to his customers. The incredible thing about Mr. Hughes decision is that by saving his customers an extra one fifths of one cent per can, he managed to take more market share away from his competition — netting his company an additional and substantial portion of the total market share in the canning industry.

Let us return our thoughts to your home business. Have you ever gotten the feeling of excitement — when you read something or thought of something — that you could not wait to implement this new idea? This could be one of those moments…

In every home business, there are certain processes that we do over and again. Sometimes it may be possible to trim the time or expense of a process which in turn will add pennies or dollars to your bottom line. If it is a process that you do hundreds or thousands of times per month, then your savings will multiply into hundreds or thousands of dollars in monthly savings.

Imagine what running a home business was like BEFORE the computer…

Before the personal computer, we had to hand type all letters and invoices. Now, we can setup a letter or invoice that we send out quite often, and we can save it in our word processor so that when we need to use it again, we can print it quickly and efficiently. There is no longer a need to type the document again from scratch.

The computer has simplified our business communications and has provided us the opportunity to reduce our costs of doing business.

Think about all of the other processes that the computer has enabled us to do for far less expense than what we could in the past.

In this case, the computer is a tool that permits us to save time and money.

So, my challenge to you is to begin examining the processes in your own home business and look for ways in which you can save yourself time and money. It is far better for you to contemplate on this matter than it is for me to do so for you. Simply put, you know your business better than anyone on the planet does. Therefore, you are in a better position than anyone to find those extra dollars that will decrease your costs and increase your profits.

The extra pennies and dollars you could extract from your business could spell the difference between success and failure for your home business enterprise.

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How to Stay Focused on Your Home Business Goals

When you are the owner of a home business, you will find hundreds of distractions that vie for your time, energy and focus. Common distractions include: children, family, friends, neighbors, pets, phone calls, mail, household chores, video games, television, neighborhood children, visitors, and so many more.

How to Stay Focused on Your Home Business Goals

As an owner of a home based business, you must always remember your purpose in bringing your profession home. What was your reason for wanting to own a home business? Was your goal to work from home so that you can share in the lives of your children? Was your goal to be out from under the rule of a tyrannical boss? Was your goal to have the freedom to work when it is convenient for you? Was your goal to make tons of money working for yourself?

Here’s a few good tips that will help you stay focused on your home business:

TIP #1:
Whatever your reason for going out on your own, you must keep your reason in the forefront of your mind. If you forget your reason for starting your own home business, you will not be working for yourself for long. It is far too easy to let circumstance drive your activities — and when circumstance is in the driver’s seat, you are more likely to crash and burn.

TIP #2:
Remember — your own business is a lot like a real job. Some people go to work to play, some go to socialize, and others — most often those who are paid in a commission or tip environment — go to work to work and to make money. When you work for yourself, your salary is directly proportional to your productivity. Therefore, wouldn’t it make sense to stay focused on getting as much done in as short of a period as possible?

Go to work to work and to make money. Leave playtime and recreation for when your workday has ended.

TIP #3:
When you are dealing with family in the course of your workday, it is important to schedule your activities as much as possible. With small children, you must take time when you must, but you should also work hard to make sure you dedicate a specific number of hours to your workday.

With older children, it is much easier to tell them that you will be working between the hours of x and y. Your children and your friends must understand that certain hours of your day are devoted to the activities of your business.

TIP #4:
Don’t permit your friends and extended family to run over you. Many people get the blind idea that if one works from home then they are not actually working.

Well-meaning people may try to fill your doorway to bring advice about getting a real job. Others may simply believe that if you are at home, then you are fair game for chitchat and socialization.

You must stand firm. You must make certain your friends and family understands that when you are working, then you ARE
working! If they wish to socialize with you, then they need to do it during the hours that are not dedicated to your home business.

You are the only one who can stand up for you. Your friends and family will seldom be able to appreciate your dedication to your home business, unless you make the effort to make sure that they have the same respect for your business that you do.

TIP #5:
You should allot a certain portion of your day to email and to regular mail. For example, allot one hour in the morning and one hour in the afternoon to handling your written communications.

Unless you dedicate certain times to the handling of these communications, you will soon find yourself on the downward slope of decreased productivity.

TIP #6:
When you find yourself spending too much time doing non-productive activities, then you should seriously consider finding a third-party service provider who will assist you in those non-profitable business activities.

As an example, you might be in the mail-order business. You might believe that your time is best spent writing ad copy and setting up your advertising, but you find yourself spending far too much time taking care of your books to take care of your advertising in the manner that you should. In this event, it might make more sense to hire a bookkeeper to handle your financial records for you.

CONCLUSION:
In the end, the success of your home business is entirely and completely reliant upon you and the decisions that you make.

You had your reasons for deciding to start your own home based business. You must always keep your reasons in the forefront of your mind. You must always be able to rely upon your own self and your dedication to the success of your business.

Your friends and family might be annoyed that they cannot come visit upon their own whim, but when success comes to you and your business, they will better appreciate you for putting your foot down when necessary.

Success is within your reach, if only you can stay focused on your goals. You must decide to reach for your goals, and then, have the discipline necessary to reach them.

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Home Business Ideas and Opportunities

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