Is starting a home based business right for you?

Are you right for starting a home business?

Since you are reading this, I would be willing to bet you want to start your own home based business, or you have tried to start one a time or two. Maybe it didn’t work out and you would like to try again. Maybe it was a modest success, but you wonder why your home business is not more successful.

It is no secret that I believe at least half of all adults, and some teenagers, should start their own home based business. Even if they have a good job. Everyone knows, especially lately, that a good job can be gone in an instant. So, start your home business in your spare time. Build it into a successful sideline as insurance against loss of that good job. Or, build it into a business that could provide you with as much income as you make at your job, or more. Wouldn’t you like to tell your boss someday “Goodbye, I’m quitting this job to concentrate on my home business. I make more with my business than what you pay me”?

But, I’m getting off track. To be honest, a home business is not right for everyone. And, not everyone is right for a home based business.

A home business, or any business for that matter, takes some degree of skill and knowledge, hard work, persistence, dedication, and focus. And a home business is different in many ways compared to a corporate job or a traditional retail or manufacturing business.

Is a home based business right for you?

Almost every home business has tons of distractions; kids, pets, home maintenance, the “honey do” list. Distractions make it hard to focus. Will these distractions make it so hard for you to focus that you can’t get done what needs to get done in your business?

Running a business from your home makes it hard to separate personal time from business time. The two will overlap a lot and you will either find your personal time eating into your business time, or your business time will take over and you will have little if any personal time for yourself or your family.

Many home businesses will result in loss of face-to-face social interaction with people. Nice chats with coworkers over cubicle walls, or at the water cooler, or over shared lunch breaks are replaced with emails, tweets, or phone calls.

If your home or apartment is fairly small, you may not have the space to set up a separate “office” where you can do your “work”. Your kitchen table might become your “office”.

Most home business entrepreneurs have no regular paycheck. Having a uncertain and irregular income creates its own problems and may require a much better job of budgeting, saving money during the good times, and strict control of expenses.

During the initial year or two of your home business efforts you may not have total family support. If that is the case for you, it may be difficult to keep going until you are as successful as you would like to be.

Are you right for a home based business?

Are you self-directed? – Are you willing and able to get things done with no boss telling you what to do?

Are you able to live with no structured job description? – Can you function and be comfortable without a specific job title or written outline of what you are supposed to do?

Are you willing and able to learn about, and learn how to do, a wide variety of tasks and functions? – Can you wear many hats doing whatever is required to start and build your business as the chief cook and bottle washer (at least initially)?

Are you able to identify exactly what you want in your business and your life? – Can you clearly identify what you want to do, have, or be, and why? Can you persist until you have that? Knowing what you really want, and why you want it, can give you the direction and motivation you need to succeed. And, persistence is one of the most important characteristics you could have for success in home business, or in any effort.

Are you able to “sell” ideas and products to people? – I don’t mean “Can you be a hypey sales type that tries to manipulate people into buying something?” Many people hate to “sell” because they think that is what it means to sell. But, it has been said that “nothing happens until something gets sold”. You will need to sell in order to be successful. When I say “Can you sell?”, I mean, can you identify with people and the problems they have? Can you communicate with people in such a way that they believe you understand their problems? Can you tell them about how their problem could be solved, and especially how your product is the best way to solve their problem? Can you clearly state all the benefits to them of using your product to solve their problem? Can you create and communicate an offer to your prospects that is so good they would think it is too good to pass up? Can you find the people who have the problem your product can solve and present your offer to them? Can you ask for the order and deliver the product you have promised to those who order? And, finally, can you follow up with your customers to make sure they are satisfied and to offer them additional products and build your relationship with them?

Are you able to function without a lot of face to face social interaction with others? – Are you comfortable with having your interactions with people being limited to emails, Twitter, Facebook, or maybe phone conversations? Or, do you NEED personal conversations over the cubicle wall, at the water cooler, or during shared lunch breaks?

Do you have a success “can do” attitude, or do you have a lot of excuses for why something can’t be done?

Are you able to plan your business, marketing, and product creation, and then execute the plan? – Are you good at planning, and more importantly, are you good at taking action to make your plan happen?

Are you able to ask others for help when you need it? – Nobody can be an expert at everything. Are you humble enough to realize you will need help with something? Are you willing to find and ask an expert for assistance?

Are you able to make decisions quickly, or do you procrastinate? – Are you willing to move forward, even if you might fail? Or, does everything have to be perfect, with no chance of failure, before you will act?

OK. I think you get the picture. A home based business may be right for you. And, you may be right for a home based business. Be honest with yourself when you evaluate both possibilities.

If you think you can weather the storm of a home business environment, and if you think you have the drive and personal characteristics to be successful in a home business, GO FOR IT!

When your home based business becomes successful, the personal and financial freedom you will have, and the pure joy of doing something you love, will be worth all the time and effort.

You know I think a home based business selling information is perfect for most people. But, if you don’t agree, pick one you can believe in and make it happen.

Ah, the old-fashioned country auction! The idea of a country auction conjures up certain images for people. The image of a fast-talking auctioneer offering up an antique table or chair is a popular example.

People who are buying household goods or collectibles are looking to get their items at the lowest price possible. However, the people who are selling their items at auction are hoping for the highest price!

Unless a person is in the business of buying and selling antiques or other items, not a lot of thought goes into how goods are prepared for sale via the auction process. However, if you are one of the growing number of people using auction venues to sell your collectibles or other inventory, there are a few things to learn first about how to sell at auction before you bring a truckload of stuff over to the next event.

Tip 1: Make sure the things you want to sell are a good “fit” for the auction house you’ll be using.

Never bring a load to an auction house without actually having been to one of the previous auctions. It’s important to get a feel for the type of goods that the house sells. For example, at one very rural country auction it was common for the owners to sell live chickens, pots and pans, car parts, and farm equipment.

After close investigation, this would not be the right venue for selling your daughter’s “Hello Kitty” collection. On the other hand, the spare John Deere parts that you bought at last week’s yard sale might be just the right thing for the buying crowd at this auction.

Tip 2: Be sure you clearly understand the terms and policies of the auction house.

Visit with the auctioneer ahead of time. Call to find out what the best days and times are to visit. One of the worst possible times to drop in for an informational visit with an auctioneer is the day of the auction. Call ahead and ask. While you’re at it, find out what are the best days and times to drop your stuff off.

Once you have a little time with the auctioneer, you’ll be able to find out what type of commission he or she takes from consigners (which is you), and what type of paperwork might be needed. Some auction houses send out Form 1099 tax forms at the end of the year. An auctioneer may need to see your identification and have you fill out a W-9. Be prepared.

Find out what happens to your items if they don’t sell. For example, some auctioneers may have a minimum starting bid. If, for some reason, one of your items does not sell, it may be grouped with another one of your pieces. Know the auctioneer’s strategy beforehand so that you aren’t surprised on pay day.

Tip 3: Make sure the auctioneer knows what you’re selling.

It might be perfectly obvious to you that the signed print you are consigning is a rare and valuable piece of art. However, the auctioneer may not know this particular artist. Make a note of anything particularly special about your items, and leave the note with the piece. Be sure to tell the auctioneer about it as well. He or she might determine that this is something to highlight on the company website or in the newspaper listing.

Tip 4: Present your items neatly.

No one likes to have to dig through a box full of grimy and greasy car parts to see what treasures might be in there. Separate the parts and lay them out on a flat, or use more than one box to de-clutter the lot.

There is no need to buy fancy display boxes. It’s easy enough to go to the local convenience store or supermarket and ask if you can have the emptied boxes or flats that they are discarding.

While it’s good to present clean items, take care not to ruin the value of anything by over cleaning. For example, if you find some old cast iron cookware, clean the obvious dirt and grime, but don’t scrub it to its original finish. For many people, this ruins the value of the item. So, clean and tidy and organized is the key here.

Tip 5: Don’t complain to the auctioneer if your stuff doesn’t sell for as much as you’d like.

The phrase to remember here is, “You win some; you lose some.” That’s just the way it is. There are some days where an auction house is loaded with people who all seem to want what you’re selling. There will be other days where the crowd is sparse, and the bidding is simply not competitive.

Remember that it’s in the auctioneer’s best interest to sell your things for the highest possible hammer price. But sometimes, it’s just not going to be a stellar sale. The auctioneer is only human, and is also disappointed if a sale doesn’t go as well as planned.

If you notice that every time you bring a bunch of goods to sell that you’re not realizing as much as you think you honestly should, try another auction venue and compare apples to apples. That is, bring the same types of items to the new auctioneer and compare the results.

Unless the auctioneer is particularly disagreeable or inconsiderate to you or buyers, there is no reason to confront him or her about a sale. If you find you just don’t care for an auctioneer’s style or methods, find another one. Believe me, there are plenty of them out there!

The primary thing to remember as you learn how to sell at auction is that the business is unpredictable at best. You will have good days, some not-so-good days, some great days. The more you sell, the more experience you will gain, and the more enjoyable the business will be.