WHAT DO I NEED TO START A HOME BUSINESS?
Are you wondering, “What do I need to start a home business?” Many people want to become entrepreneurs and work from home. Here’s what you need to know to get started!
Are you wondering, “How do I start a small business from home?” You’re not alone.
I’m Ted Thomas, and I’ve been involved in the home-based business for 30 years.
I deal with a small subset of the traditional real estate business. My business involves defaulted real estate properties nationwide.
When I started, the business was completely manual and physical. Today, that has all changed.
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WHAT DO I NEED TO START A HOME BUSINESS? – INTERNET
Nowadays, from a home office, you can use the satellite to evaluate, research and look at properties. You can also use the services of Google, Zillow, Trulia and the Multiple Listing Service to figure out comparable prices.
My point is it’s a whole new world, and it’s much easier. Although we still teach students not to buy any property unless the student or a trusted person has had boots on the ground and has seen and knows what it is that they’re bargaining for.
So, what requirements do you need to start a business? Let’s go through a starting a small business from home checklist.
WHAT DO I NEED TO START A HOME BUSINESS? – PLANNING
Today I’m going to answer the question, “What do you need to start a home business?” A good place to start would be to make sure you prepare yourself thoroughly before starting the business.
Expect your plans to be interrupted several times, and be flexible because things will go wrong.
What are your skills? Are you an expert at certain crafts or a profession? Have you already started a business plan? There are going to be many questions to answer before you start.
WHAT DO I NEED TO START A HOME BUSINESS? – COMPETITION
What do you know about your competition? It’s always good to have competition. That way you know there is really a market if someone else is surviving.
What’s your plan? Will you just be online or both online and offline or just offline?
Have you already tested your product? Or are you just at the idea stage, and you are still thinking about it? Don’t start until you know what your problem-solving product is going to be.
WHAT DO I NEED TO START A HOME BUSINESS? – SETTING YOURSELF APART
Why are you starting this business? How is anyone going to differentiate between you and others?
Today I’m discussing and answering your question, “What do I need to start a home business?” Considerable planning and research is where you start.
For example, 30 years ago, I launched my current business. My first step was to differentiate my business as completely unique and different.
WHAT DO I NEED TO START A HOME BUSINESS? – A SUCCESSFUL BUSINESS
I only purchased real estate from local county governments at prices that others found unbelievable.
The treasurer in all counties across the United States confiscates and resells used and abused properties at public auctions. These are properties with starting bids as low as 10 cents on the dollar.
All of the properties do not sell for 10 cents on the dollar. However, I’m different. I know when to buy and how much money I can make before I purchase a property at auction.
I make my money before I buy, and then I sell below the competitive markets.
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WHAT DO I NEED TO START A HOME BUSINESS? – GOALS
For those asking, “What do I need to start a home business?” before starting your home business, you must have a plan. What’s the objective? What do you want?
Are you prepared to help others before you get paid? Will your business solve problems for others? Are you willing to be flexible?
Starting a home business means you need to think out and write down what you want and why. It’s easier to make progress, and ultimately make money, if you know why you are doing it. You must know what you want.
WHAT DO I NEED TO START A HOME BUSINESS? – FUNDING
Determine what you are going to sell and whom you are going to sell it to. Will you make enough money to meet your financial goals? And if so, when? These are challenging questions.
The question I’m answering is “What do I need to start a home business?” Well, what about financing your startup?
Do you have savings? Or are you going to raise money from banks or someplace like Proud Funding, Kickstarter or social media? What’s your source of funds and how much?
Who is going to buy your product? Why are they going to buy your product? What’s your profit margin?
WHAT DO I NEED TO START A HOME BUSINESS? – BARGAIN PRICES
When I started, I knew I would have a competitive advantage. I make my money when I buy. Why? Because I’m buying at bargain prices, and I’m selling to bargain hunters under the market.
If I bought for 30 cents on the dollar, I knew I could find a bargain hunter who would pay me 60 cents on the dollar. It’s simple, and it works.
I’m just copycatting Target stores, Costco stores and the giant Walmart by buying at a low price and selling at a low price.
WHAT DO I NEED TO START A HOME BUSINESS? – CUSTOMERS
Answer the questions, who is going to buy your product? How much will you make on the sale?
Competition is everywhere. Home business is a business, and business can be ruthless.
Why are you better than the competition? What’s your unique advantage? Do you have more benefits than your competitor?
Your potential buyers are difficult, ruthless people. They want problem-solving products, and they want the best prices and more benefits. You must prepare for success.
What’s important is having unique values, multiple solutions and that you are ready to help. These are challenges to iron out before you start the business.
WHAT DO I NEED TO START A HOME BUSINESS? – SALES
What are you doing about money? Cash is the lubricant, the oil for the wheels of business. If you run out, you’re out. Just like Shark Tank. Startup capital is never enough. What is your next move?
The biggest problem for a home business is sales. Nothing happens until you sell something.
You must have a plan of how and why you are going to sell products or services and how much profit you will make.
Sales is a challenge for the best managed and funded business. If your product will sell itself, great. Most products must be sold. Who is going to sell your product? Can you do that from your home office?
WHAT DO I NEED TO START A HOME BUSINESS? – TURNING A PROFIT
30 years ago, in the middle of a deep recession, I discovered a home business. I could buy low below wholesale from a government-mandated program.
Buying for bargain prices is much easier than paying retail, and likewise, selling below retail is much easier than selling at retail.
Local governments are willing to discount tax delinquent real estate for 60%, 70%, and 80% or more. That was a great place for me to start. Because I knew the selling could be done using media and not myself.
When you sell, will you cover your expenses? How do you know? A business must turn a profit. Can you determine your profit and when? Your success or your failure depends on it.
We hope you enjoyed Ted’s lesson, “What Do I Need to Start a Home Business?”
If you’re wondering, “What do I need to start a small business from home?” it’s best to get your advice from someone who has already done it successfully.
You have a lot of things to consider, like your skills, goals, competition, funding, customers, and sales.
You’ll want to set yourself apart from the competition, offering a product or service that’s better, faster, or less expensive. You’ll want to become a problem solver since ultimately people purchase products or services that solve their problems.
30-years ago, Ted Thomas started a business that he and his students can now work from home thanks to the internet.
At local county auctions, they purchase tax delinquent real estate for 10, 20, or 30 cents on the dollar and get those deeply discounted properties without a mortgage, then they also sell them for an attractive discount.
These properties go fast because everyone loves a bargain. So Ted buys low, sells low fast, and then moves on to the next property to do it again, making profits of $25,000, $50,000 or even $100,000 off of each deal.
If you’re saying, “I want to start a business, but have no ideas,” consider this. Tax defaulted property investing is incredibly lucrative, and it’s not too difficult to learn. People just like you are doing this from home and making a lot of money.
If you’d like to learn more about how to start up a small home business investing in deep discount real estate, there’s no one more qualified to teach you than Ted Thomas.
Ted is the only one who provides full support and complete training with home study courses, Q&A webinars, live tutorials, workshops & web classes, and personal one-on-one coaching.
Get started today at no cost with Ted’s FREE Master Class, that reveals the incredible opportunities available in bargain real estate. The class is only about 1 hour of streaming video and contains life-changing information! You can’t afford to miss it!