Archive for March, 2010

Tax Tips For The Self Employed

Posted in Business Tips on March 22nd, 2010 by admin – 2 Comments

Starting a home business can be hard enough without having to worry about the tax man knocking at your door on April 15th. One of the nice things about working for yourself is that if you are smart (or you hire someone who is) there are quite a few deductions available to you that could significantly reduce your tax burden. All Business has a list of 10 of them, here are three that we think are most relevant to home based business people.

Office space

Whether you have a separate office facility or are using a portion of your basement or a converted den, you can deduct the percentage of your home used exclusively for business purposes. Take this percentage off of your mortgage or rent payments as well as your utilities. If you have a phone exclusively used for business, deduct those phone bills.

Set up a retirement plan

You should consider setting up a self employed qualified retirement plan (i.e. SEP IRA) not only for tax purposes but for the same of saving money for your retirement years. If you wish to start with more than $2,000, you can opt for a Keogh plan, which allows you to put away more into tax-deferred savings for your retirement.

Don’t forget business expenses

Keep receipts and good records of business travel and other expenses including office supplies, postage and shipping costs, dues, subscriptions, and anything else business-related, including computer software for your business and upgrades to your system.

There are dozens of other tips and tricks to lowering your tax liability this tax season, if you aren’t up to searching them all out for yourself be sure to hire a professional to do it for you. In the long run it could help to keep a lot more of your hard earned money in your pocket.

Getting Over Drop Shipping Confusion

Posted in Business Tips on March 17th, 2010 by admin – 2 Comments

It’s hard getting started in a new home based business, especially when you start thinking about all the costs associated with starting up, putting together marketing collateral and most importantly keeping enough product on hand to handle deal flow. One of the best ways to overcome this last problem is through drop shipping, but there is often a lot of confusion around how one gets started.

This post from e-commerce guide does a good job of clearing up some of the major points of confusion that people run into when they are starting to think about using a Drop Shipper.

An ideal way to run an e-commerce business is to not paying for and storing large quantities of inventory. The problem is, most budding Web entrepreneurs don’t know how to take advantage of what is called “drop shipping.”

Drop shipping allows you to process orders on your site while the manufacturer handles the inventory and shipping duties for you.

E-Commerce Guide also has a great forum where you can learn more about starting a business online and find out some great information on drop shipping and other home based business topics.

Marketing My Home Based Business Offline

Posted in Questions on March 17th, 2010 by admin – 1 Comment

Q - How can I market my home based business off-line?

A - There are many ways to advertise your home business off-line. Networking with co-workers, neighbors, and random people who you wouldn’t ordinarily talk to allows you to announce to everyone you come in contact with that your new business is open. You can join network groups and business seminars, hand out fliers and business cards locally, or even sponsor youth sporting events.

Killer Tips For Marketing Your Home Based Business

Posted in Business Tips on March 17th, 2010 by admin – 10 Comments

Sales, especially sales on the web, are based on trust. There are thousands upon thousands of sites like yours on the Internet. How do stand out in the crowd? How do you drive customers to your site over all the rest? What can you do that the huge, multinational chains cannot? The answer to all of these questions is that you can have a personal relationship with your customers. Through your site and through your use of the web, you can communicate with your customers and build up a trust relationship.

If your customers know that they can come to your site and find information that they value and if they know that the value that you provide for them is coming from you, a salesperson that they can trust, they will be much more willing to give you their sensitive information and more importantly much more willing to purchase products from your inventory.

How do you build trust and drive traffic? Here are a few ideas to get you started.

Create Content

By providing your customers with value that is completely disconnected from what you are selling, you can work to establish a trust relationship with them. The single most important aspect of writing content that will attract visitors to your site is to write about something that excites you. If you are motivated to write, then your best work will shine through. If you are providing your best work, it is much more likely that others will find it interesting enough to read every time they come to your site.

If you ask anyone who has worked in sales what the secret to closing a deal, one of the top answers they will give you is “keeping them on the lot.” If you can provide your users with a reason to not only come to your site but to come back, you are one step closer to making a sale. Here are a few examples of subjects that you could choose from:

Focus

No one goes to a store to buy everything on the shelf.

No one will come to your website because you sell everything in the world (unless you’re Amazon). Instead of trying to sell any and every product available to you — why not specialize? You might not be able to beat Wal*Mart in terms of brand recognition, but maybe you can become better known than they are in a particular niche.

An example would be Dog Collars.

If people know that when they come to your page they can learn everything they ever wanted to know about Dog Collars, if they know that you are an expert in Dog Collars and also that you happen to offer a wide selection of Dog Collars for sale then they will be much more likely to purchase those Dog Collars from you. By providing them with a focused experience, you can much more easily provide your customers with value that will position you heads above your competition.

Develop Your Expertise

Customers on the web purchase product from people, not from sites. Use search engines like Google to find discussion boards where people are talking about pet topics that interest you. Sign up for one or two of these boards and start talking about your experiences. Often, the best way to “sell” someone on your idea is to not sell them at all. If you keep the discussion relevant, after a while, members of the discussion board will begin to look to you for information. When they learn that you also run a website, they are much more likely to visit it and actively participate.

Post your “value” prominently on your site

Before you can hope to make a sale, you are going to need to provide value for your customer. Be certain to place the “information” you are interested in people looking at on the front page of your site in an area that is easy for your customers to see immediately.

The typical attention span of one of your users will be under a minute. If they don’t find what they are looking for in under a minute then you have lost them.

Think about the last time you were buying a product online, how patient were you?

You simply can’t assume that your customers will give your site more credit than you give to a website that you visit.

You want people to understand that they are purchasing products from a real person and not from a cold, uncaring machine. If you write an article, post a picture or otherwise generate content on the web, post it prominently on your site.

Advertise

Put your website everywhere.

Put links to it in the email signature of your emails, put it on your business cards, talk about it with your friends, in short, get it out there! How can you expect people to find your site if you are not willing to tell them about it?

You can never be sure who will find your site compelling, so always take the time to make it easy for people to give it a test drive. Anything that you do online that gives you an opportunity to post a link should contain a link to your site. Not only does it increase the chance of people stumbling upon your little patch of land on the web, but it is also another link on the web for search engines to find.

Since search engine traffic will make up the vast majority of your unsolicited visitors, you should make it as easy for them to find you as possible.

Be consistent

Whatever you decide to do to market your site online, the most important thing for you to keep in mind is that you need to do it consistently. If you write one set of tips a week, you need to make sure that every week those tips are written. If you participate in a discussion forum, you need to make certain that you visit that forum regularly. If you find new areas of your life where you can advertise, you need to make certain that your advertisements are high quality and coherent.

You don’t need to do everything but whatever you do, do it well. The Internet is a momentum game where drive and consistency are rewarded. Ideally, you would much prefer for your traffic to go up slowly and steadily than to deal with spikes and valleys from month to month. The only way to do that is to make certain that all of your marketing efforts follow an established strategy. If there is one guiding principal in web marketing it is consistency.

Closing Remarks

There are as many ways to market on the web as there are websites to market. The best strategy for anyone trying to build trust and traffic is to find a strategy that works for you and to do it as much as time allows. Building up a website can be a long, arduous and often times frustrating process; however, the happiness you will feel as your site becomes more popular month after month makes the entire thing worthwhile.

The Worst Way To Make Money Online

Posted in Business Tips on March 8th, 2010 by admin – 9 Comments

People often ask us what the best way to make money online is. There isn’t a really clear answer to that one. We tend to believe that you are going to have the best chance at success if you focus on building a home based commerce business. There are a lot of reasons for that, but most importantly this is one of the few types of businesses online that allow almost infinite targeting (you can pick almost any product you can find a drop-shipper for) and infinite scale (once your business is online it takes almost nothing to expand into different products).

While we can’t say what the best way to make money online is, we can tell you the worst — ignoring your passions.

Too many get rick quick schemes offer to give you the “secret” to becoming rich. What they fail to tell you is that the biggest determining factor for success in business has nothing to do with some tactic or technique that you can get from the back of a comic book, it has everything to do with following your passions.

When things start getting tough and the checks are slow to come, what are you going to spend more time doing — trying to fix a business that you love or trying to fix one that you only tolerated because you thought it would make you rich?

So next time you are trying to figure out which of the 100s of home based businesses to pick, search your passions first and ask yourself how much of your time, resources and effort would you really be willing to give up to see this succeed.

Some More Drop Shipping Advice

Posted in Business Tips on March 5th, 2010 by admin – 1 Comment

In our ongoing effort to provide you with some great advice about starting a home-based business, when we come across a site that we like we try to share. Today we came across Drop Shipping Today which offers up some really spectacular tips, tricks and reviews about the often complex world of Drop Shipping.

If you are looking for advice on how to make more money with your new Drop Shipping business, or you just want to know what types of opportunities are out there for you then Drop Shipping Today is a great place to start.

The 5 Simple Steps To Starting A Home Based Business

Posted in Questions on March 5th, 2010 by admin – 8 Comments

Q - What are the first five steps I should take if I want to set up my home based business?

1. Think About your Goal – What do you want as a result of your home based business? Do you want more free time? More income? Less Stress?

2. Research - Find all business opportunities and home based businesses that will help you reach your goal.

3. Narrow your search to a Top 3 - Find products and services that you feel passionate about providing your customers with. If you can naturally get excited about the products you offer, your customers will see you and your business as a trusted source for information about that product instead of a company trying to make a quick buck.

4. Determine what you are willing to do to reach your goal. Are you willing to put in the extra time on nights and weekends to make your business grow? How about allocating some extra spending money to marketing or advertising your business? What sacrifices are you willing to make to see your business succeed?

5. COMMIT! COMMIT! COMMIT! – Once you have done the research on the home based business that is right for you and you decide to move forward, you must commit yourself to making it successful. Some of the most successful people in the world are people who dedicate themselves to staying focused on their goal, and work hard to make consistent progress.

Drop Shipping Tips

Posted in Business Tips on March 5th, 2010 by admin – 11 Comments

One of the best models for home based business owners to start making money immediately is through Drop Shipping. Not only does it offer you a wide array of products that you might not otherwise have access to, but it is also one of the best ways to sell products without having to maintain a large inventory of unsold goods. The Drop Shipper handles all of that background work for you which gives you the opportunity to focus on making money.

Many people are still confused as to why they should use a drop shipper to fuel their business, here are a few more reasons from Taming The Beast –

  • Because a dropship companies can buy in huge volumes, they will also be able to offer you the best prices on products and shipping, usually wholesale, which will return a greater profit to you.
  • There’s no capital investment and no danger of you suddenly having a pile of outdated items in your inventory
  • Using drop shipping allows you great flexibility in terms of product range - promote a dozen items or promote a thousand!
  • Instead of worrying about inventory and delivery, you get to focus on listening to the market and discovering the products your visitors you want - and then being able to rapidly add them to your site.

You should also take a look at their site for more tips, tricks and advice about Drop Shipping or head on over to Top Dawg Pet Supplies (our parent company) where we would be more than happy to answer any questions you might have.