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Why a Home Business Might Be the Solution

Starting a home business is the smart idea for most people who dream of running their own business. There are quite a few benefits here that you cannot have elsewhere, and it may allow you to do better for yourself and to gain more from your business. If you have issues with employment or if you are trying to find a better option for your business, you may prefer the convenience and general simplicity of starting a business from home. You have the chance to work your way, to trust in what you are doing, and to make more money than you might have ever thought possible.

Working from home has its major benefits. For the most part, you have great convenience, less money going into the business, more comfortable surroundings, and the ability to work whenever you want to work. It makes it easier for you to make money at home and to get your business off the ground. When compared to purchasing a commercial property for your business, you also have simplicity. There is not as much going into a home business as there is going into a separate business.

This can take a lot of the stress and issues out of the situation and allow you to focus on work without taking attention away from other important areas of life.
For the unemployed, or anyone unhappy with their current employment, this may also help you to find an income that is reliable. While choosing to work at home does come with its difficulties, you will still be able to bring in some extra cash that you could not before. This is especially important for the unemployed who are in desperate need of some extra income in order to keep everything going smoothly and to avoid losing property or necessities. You can begin working from home immediately and take quite a bit of money away from this.

Being able to make money at home does not have to be a difficult task, either. In fact, a lot of people are doing it and are able to do it successfully without a lot of issues. Thanks to so many websites and opportunities opening up, you have numerous places to turn for your home business. This gives you the chance to grow your business and work at home without running into too many obstacles. You will have the push that you need to bring in business and income.

Do Entrepreneurs Need A Business Coach?

The short answer?

If you are an entrepreneur or a small business owner, you do.

What IS a Business Coach?

Business coaching has become sort of a hybrid between coaching and consulting.

First let’s define the difference.

A coach is an accredited certification. A coach works with you to draw out the answers to lingering questions you have about yourself, what’s blocking you, where you want to go, what you want to do, etc. They don’t tell you what to do.

A consultant has mastered detailed and specific knowledge of one or more subjects. A consultant gives you direct actionable advice on what to do and how to do it in order to achieve your goal.

Most business coaches these days, although they call themselves coaches, are really mentors who combine both coaching and consulting.

So from now on, I’m going to use the word mentor to encompass both a coach and consultant.

So, Why Do You Need A Business Mentor?

This big brilliant entrepreneurial world is not for the faint of heart, and quite often it’s difficult to navigate. Throughout the ages people in power have sought council from other more advanced or specialized individuals.

Your mentor is your council.

Enlisting a mentor will grow your business two, three, four, who knows how many, times faster than if you were to do it on your own.

As entrepreneurs (or solopreneurs) we’re often working alone, and while masterminds are powerful (and I highly recommend having a mastermind relationship with others) a mentor is further along the journey than you, and can give an outside and educated perspective on how shorten the path you want to walk down.

Your business mentor will help you strategize and lay out a plan in order to maximize your efforts.

Your business mentor will show you how to take inspired, aligned action that will get the results you desire.

Your business mentor will provide guidance, support AND a high level of accountability.

Your business mentor is an invaluable asset to your team. There is not a single success story that didn’t include a business mentor providing guidance along the way.

What Do You Look For In A Mentor?

First and most importantly, you must like, respect, and trust your business coach/mentor. It’s a personal relationship, and trust me they will get into the nitty gritty about all the stuff that surrounds and influences your business (as well as what’s ‘underneath’ that you’d rather not take a peek at).

You really want to look for someone who is living the life you want to be living because they’ve arrived at where you want to go next, and, although no path is identical, if they’re already living out your ambitions, they’re better equipped to guide you.

Here’s another biggie: Make sure they possess the same or similar core values. This is important because those values influence how you operate your business. You don’t have to be the same person, but you’ll want to see eye to eye on how you function in the world and what’s most important to you as you create success.

How Do You Find A Mentor?

Now that you know what to look for, how do you find a mentor?

Ask for referrals from colleagues. Most successful business owners have coached with several people to suit them at different stages in their business game.

Once you’ve found some candidates, read their testimonials to see what kind of people they work with, and what they’ve had to say about them. Can you see yourself in there?

Then talk to them and listen to your gut. If you’ve researched them a bit, speak with them and see if you feel a connection.

When you feel the pull to say yes – based on a true knowing and respect for one another – you can’t go wrong.

If you speak with a coach who fits what you’re looking for, is within financial reach for your budget, and with whom you feel connected to, then there’s only one thing to do. Go for it!

All entrepreneurs (those who stick with it!) go through a variety of stages as they build their business. You’ll have different coaches and mentors for each of those stages.

No one mentor is “forever”. So don’t be shy. All you need to do is locate, interview, and hire your next mentor. The one who is the perfect fit for where you are now and where you want to go from here.

Remember, hiring a mentor is an investment in yourself, in your business, and in your brilliant future. Trust me, it’s an investment that is well worth it.

How To Start Your Own Business Successfully

Moving into business can offer you an incredibly exciting challenge. The pay-offs can be high and job satisfaction is enormous, it take one wonder why everyone isn’t doing it. Perhaps what frightens people is the risk element. Being employed by someone else appears to avoid that and has more secured working life. But, we should ask a question: Which is more risky, being in a job where you may find yourself out of work next week, or becoming self-employed where you manage and minimize the risks yourself?

A frequently quote figure is that 90 per cent of businesses fail within the five years of trading. What they don’t tell you is that 80 per cent of those people who become self-employed stay successfully self-employed. In the USA they back this up and say that you are not a true entrepreneur until you have had three business failures! But the possibility of failure can be minimized. A successful business depends largely on good planning and thorough ground work.

There are many sources of help available to assist you in starting your own business. Begin by taking a trip to your local library and find out:

  • Name and address of relevant trade associations.
  • Your local Business Link addresses – a one-stop shop for business help and advice.
  • Address of your local Chamber of Commerce
  • Books about setting up and running your own business.

Also:

  • Visit branches of as many different banks as possible. Most have free information packs about setting up in business.
  • You may be eligible for financial assistance from the government, for example, you are currently unemployed.

The above have touched only lightly on some of the aspects which you need to consider in detail before going into business. By finding out more, researching and planning well, you can avoid many of the pitfalls which assail other new enterprises. Yours needn’t be one of them.

So, what’s your dream business going to be?

As an example, let us review the accommodation business.

Are you a home owner? If so, you could already have a potential business to hand. Your house is an asset, but it could also be providing you with an income.

There are many different ways in which to let rooms: short term, bed and breakfast, long term or lodging (i.e. providing meals).

And, of course, there are different markets to tap into: travelers, students, holiday makers, foreign students as well as people on business.

But before making a final decision, think carefully about your location. It will be useless targeting the business market if you live in a small backwater. Are you close to a tourist area, business complex, college/university, or are you on a thorough route for travelers?

All this research will help you make the best decision about where to rent. It will also help you to work out how best to advertise by word of mouth, in news agent’s windows, college notice boards, in local papers, through your Chamber of Commerce or through your local tourist board.

This will appeal if:

  • You enjoy meeting people.
  • You like housework.
  • You’re organized.

Advantages (depending on the type of letting)

  • A regular income for relatively little work.
  • Free time to follow other pursuits (even restart another business).
  • You can choose your customers.

Disadvantages (again, depending on the type of letting)

  • Loss of privacy
  • Intermittent business with bed and breakfast accommodation.
  • You may be affected by peak and off-peak seasons.

Future possibilities

  • Build extensions to accommodate more guests.
  • Move out of the property and rent it out as a whole or convert it into flats.
  • Buy other properties or ongoing businesses.

Happy Homestay is a safe, clean and affordable 3-storey duplex for short term rooms or house rental near Penang, Malaysia prime business area. If you are traveling to Penang, Malaysia for business purposes, we offer an incredibly low introductory rate/price of our rooms.