Advantages of a Home Based Business Franchise

The trend towards creating a home based business is not a novel concept. During the last few years, more and more people have sought a solution to the rising threats of unemployment, long commutes and unbalanced family life that traditional business and full-time employment brings. Everyone understands that they need to generate an income but many are now becoming more creative in how they achieve this objective.

Creating a home based business is often seen as the solution to this challenge. A home based business gives the person more control over their time and allows them the freedom to work around family commitments and personal preferences. In the case of some parents, it allows them to spend more time with their children and arrange their work so they can be a more engaged parent. In other cases, it allows the person to live in the location of their choice without having to settle for a location simply because their job demands this from them.

However, moving from employment to a home based business is a huge move. The person needs to understand technical and computing issues, business law, banking requirements, business taxation, marketing as well as the details of the particular business that they are entering into. It is for these reasons that many who are in the process of researching home based businesses are attracted by a home based business franchise. Some people sometimes refer to this concept as a ‘business in a box’. A home based business franchise is typically internet based, but not always. It basically outlines the steps that the newbie buying the franchise or the opportunity needs to take to get started and to create a successful business. In most cases there’s a step by step training guide that shows the person exactly what needs to be learned. This is often in the form of videos, webinars, or simple instructions. At a time when there are countless other tasks for the new business owner to master, a home based business franchise aims to simplify the business part as much as possible.

Typically there is often a forum within these groups. The forum allows everyone to communicate freely, ask questions, give recommendations and post comments. It is invaluable to a new person setting up a business to have this level of support and to have a dedicated resource where their many questions can be answered. The person’s learning curve is extremely steep during this time and a community like this can speed up the learning process. It helps the newbie avoid the mistakes and possible pitfalls of those that have already gone through the process. In addition, they often have physical events where all members meet up and exchange information and successful strategies. This is a far cry from the experience of those who don’t take the home based business franchise route. It is much more difficult to gain momentum when you literally have to create everything from scratch. In many cases, the business owners who do this are ‘reinventing the wheel’ and often times get caught in the ‘busy’ trap. This is when they are extremely busy but aren’t focussed on income producing activities.

In addition, a home based business franchise often provides marketing templates, sales assistance, mindset training, supplier discounts and updated software. Although the costs of these are covered in the initial fee and in the monthly subscriptions, they certainly make it easier for the new member to become more successful in a shorter timeframe.

From my own experience, when I decided that I wanted to move from my traditional business as a business coach to a home based business, I was very focussed on finding a home based business franchise. I loved the work that I was doing as a business coach – training teams, coaching business owners and creating marketing campaigns for my clients. However, I was driving over a thousand miles a week, working extremely long days and constantly stressed out due to poor diet and lack of exercise. I decided that I wanted to be home based while still doing the type of work that I loved. One of the opportunities that allowed me to do that was YourNetBiz. In addition to the mentoring from my YourNetBiz sponsor, this system provided the step-by-step framework to get started. It provided the products, taught me about online marketing and it continues to provide leading edge support, software and community interaction.

Learn About Your Budget and Things It Should Include

A small business budget is helpful in three important ways:
• To have an exact idea of the start-up costs
• To learn about all possible fixed expenses for the first year of business operations
• To estimate the variable expenses for the first year of the business operation

Once your business operates successfully for the first year, it starts exhibiting stability. Even then, you must not leave the habit of creating a monthly budget to keep your business on the right track.

However, the small business budget for business start-up and for the first year of the business operation should be carefully designed and implemented. You should not hesitate to hire a professional accountant with expertise to accomplish this task.

Meanwhile, you can learn some important things in this direction from the discussion below.

Calculating Start-Up Cost
You have a good business idea in mind and now, you have decided to turn it into a working entity.

Here is the list of start-up costs that you must be ready to spend on:

• Securing a property is the first requirement if you are not into a home based business. You may consider buying or taking the property on lease. Security deposits for the property on lease are among the main start-up costs.

• To convert the property into a business facility, you would need to buy furniture and lighting equipments. Renovations and repairs must also be included in the cost.

• Even before you start the production of your business products, you need to invest in the research and development of the same. Even if you put up a store to sell branded products, you need to invest in market research to learn about the individual interests of people.

• Business start-up advertising and promotion too contribute toward start-up costs. Apart from offline advertising, you are required to consider the cost of building a website and other online promotional activities.

• At the very start of the business, you will be required to buy business equipments and building inventory.

Business incorporation requires other costs to be taken into account. These include costs for obtaining business permit and license and fees for professionals like accountants, consultants, and attorneys.

Fixed Expenses for the First Year
Once your business is in operation, the first year will give you an idea about your fixed and variable expenses. Here are some of the fixed expenses you will bear annually:

• If you have borrowed a business loan, you need to repay the same.

• Business insurance costs are other major fixed expenses that you must take into account.

• Another major contributor toward fixed business cost is the rent you will be paying monthly. This includes rent for the property, as well as for the equipments you take on lease.

• Utility bills are other monthly expenses that a business bears in the form of fixed expenses. Phone and electricity bills are based on your usage, but they almost remain the same for each month. Internet connection bills too must be included in this category.

• Employee compensation is one significant business cost that you will be paying every month. However, this business expense may increase depending on the employees you keep hiring in the subsequent months. Similar business cost is related to the fees you pay to the accountants and business consultants

Variable Costs for First Year
There are some business expenses that keep varying from month to month or from year to year. However, you should have an idea of these expenses at the very beginning of the business so that the complete business budget can be defined accordingly.

Here are some of the most probable variable business expenses:

• Cost of buying new equipments and replacing the old faulty ones is variable in nature. You may spend on them for one month, or may not for the next.

• Business advertising costs too is variable in nature, as you might extensively promote your business in one month or change the advertising frequency for the next month.

• Cost of buying raw materials and maintaining inventory also depends on the level of demand and supply in the market.

• Packaging costs, shipping costs, and business mailing costs are other expenses that are decided on a monthly basis.

• Employee commissions too depend on the monthly performance of your staff and sales executives. Therefore, these are deemed variable business costs.

Business taxes also depend on your quarterly and annually expenses and earnings and are variable costs. Now, the question is how to prepare your budget to include all these items.

Nutrition Business Opportunity

With more and more individuals becoming more health conscious and the awareness of living a healthy lifestyle growing in popularity, people are turning to find better ways on how to control the onset of disease and obesity in a world where processed food and trans-fat-laden food are everyday meals. With this emerging worldwide trend, the health wellness business has become a booming business, and will continue to do so for many more years to come. With this in mind, a nutrition business opportunity is a desirable business to undertake. With the right business strategy and the best quality nutritional supplement products, there’s no reason why a nutrition business as this should not succeed.

A nutrition business opportunity can come in several forms. You may opt to put up a storefront where you can display your nutritional supplements and tie up with fitness centers, gyms, or spas so you can promote your health supplements or you can opt to sell your products online and operate your business from home. It doesn’t necessarily mean that you have to put up a hefty sum for your business’ capital because what makes the wellness business a good undertaking is the fact that there are a lot of nutritional supplement companies that offer new business members the chance to become an independent business owner based on certain conditions and regulations. This is the most important benefit of starting your own nutrition business opportunity.

At the rate health-conscious individuals are gobbling up dietary and nutritional supplements, herbal medicines, and other supplements with vitamins and minerals, a health wellness business will always have its fair share of the expanding market. There are so many benefits that one can get out of a nutrition business opportunity and some of these include the following:

* Booming industry. The wellness revolution hasn’t even begun to tap half of the worldwide market and the business possibilities are endless. Needless to say, this business boom still has a very long way to go, making it a very profitable endeavor for any aspiring individual.

* Big earnings potential. As long as you have the dedication to market your wellness business and your health products are really of the highest quality and are proven effective, the profit you’ll earn are limitless. Your customers will become your most effective marketing tool, depending on the effectiveness of your health supplements. Once the customer is satisfied with your products, he’ll not only come back for more, but he’ll also spread the word of how your nutritional supplements are making a difference in his lifestyle.

* Very little capital. While other businesses require you to put up huge amounts of money to start, the nutrition business opportunity does not have to be expensive. Natures Addiction sponsors companies that are willing to take on single proprietors who want to earn income by distributing their products.

* Easy to start. Compared to other businesses that need a certain level of knowledge about the product or need some sales talk, undertaking a nutrition business opportunity is easier. An average person can promote this type of business by just taking the right training and having the right tools to promote the business.

In addition, a nutrition business gives you the flexibility you need in your lifestyle. To have a successful nutrition business opportunity make sure to keep track of your competition. More importantly, you should also have a sound business plan to follow. Remember, you don’t have to be a businessman to be able to start this type of business, just high quality products that will speak for itself. Finally, if you’re really intent on starting your own business, do not keep putting off the idea, because the best time to start is now!