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Finding the Best Online Business for Beginners

Would you like to work from home? For many a home based business would be an ideal career move but there may be more to running a business from home than you would think. If you would like to generate an income by working at home then you have to draw on your inner strengths. There is little point in coming up with a hot home based business idea if hundreds of others have already thought of the self- same idea.

For those online business for beginners that want to make money from home must realize that it has become increasingly difficult to earn fast money online. In general quick and easy money making schemes are a thing of the past. Some of the best home based businesses started life as small concerns that initially returned a small profit. As the age old adage says “Mighty oaks from little acorns grow”. Anyone who is considering the possibility of earning a living by working from home must offer a service or sell a product that they truly believe in.

Many budding entrepreneurs who long to run a business from home need to come up with a money making idea that doesn’t require a huge monetary investment. See this as a challenge, start off with a small amount of money and invest a lot of time and effort into starting a business from home. There are one hundred and one ideas for making money from home. If you are wise you will do your homework before setting up your own business.

Don’t forget that any home based business must be sustainable. Finding the best home based business may be fairly doable. Expanding a business concern that you run from the comfort of your own home could prove to be much harder. If you are trying to find home based job ideas then you may benefit from joining one of the free online business forums. Read through the posts, ask some questions and you will inevitably find ideas for a home based business.

Do an online search for easy to start home based businesses or take a quick look at the top ten home jobs. Please remember, online business for beginners may require you turn a room in your home into an office space. Finding the best free online home business may be the easier part; finding space within a family home to run your enterprise could prove to be the harder part.

How To Increase Business Cash Flow Using Financial Policies

Increasing business cash flow is vital to every business. Many business owners only think in terms of getting new customers or using advertising to increase cash flow. They are leaving income lying on the table if they aren’t also setting financial policies to control their cash flow.

There are numerous actions a business can take to increase cash flow and using financial policies can play an important role in that effort.

Setting Firm Financial Policies That Increase Cash Flow

Setting financial policies that can speed up cash flow are very effective, especially when your sales team encounters a customer asking for special concessions. A few financial policies to consider are:

Getting Paid a Percentage or The Entire Amount Up-front – Ask for full or partial payment up-front or demand cash-on-delivery. Many businesses automatically offer payment terms or credit terms when customers would be more than willing to pay you up-front.

For service businesses that bill by the hour, setting a policy that all jobs or projects collect a pre-paid retainer, and work stops when the funds run out until the retainer is refreshed, is a very good policy and one that I operate on myself. Any business owner who has been burned more than once would do well to consider implementing this policy.

Break Up Payments For Large Jobs – If you offer terms to a customer you can make the deal based on several parts: an up-front payment to cover the cost of materials or inventory needed for the job, progress payments to cover labor, and a final payment. Make sure you include a portion for your profit in each part. Make it policy that you get a signed contract. Make sure you include a portion for your profit in each part.

Be Very Selective When Offering Payment Terms – A business does not have to offer payment terms to every customer. Be selective and make them qualify to get special terms. Qualifications can include things such as a large minimum order, or consistent orders that meet a smaller minimum each week or month. You can also shorten your terms to 10 days or 14 days instead of 30 days, or offer better prices for faster term payments, such as a 1 – 2% discount for payment in 10 days and full price for 30 day terms. Speed up collection by taking payments by credit card or pre-authorized EFT payments (electronic fund transfers) or direct debits you can make on the day a payment is due.

Write a policy that outlines the procedure for the customer to qualify for terms, and what the approval process is for your company. Be sure there is an approval process so terms are not “approved” for just anyone.

Make It Financially Painful For Late Payers – When you offer terms to a customer, have a contract they have to sign to get the terms, and make sure you include interest charges and late fees in a clause in the contract. Have an attorney draw up a boilerplate contract where you can fill in the blanks and find out what the laws are on usury before writing in the percentage for the interest or the amount for late fees that may invalidate your contract should you have to pursue collections in court. Make it policy that a signed contract is required before work starts.

Putting in firm cash flow management by instituting financial policies can quickly and effectively increase your cash flow, and they give your sales and administrative teams a set of “rules” to follow that keeps income flowing into the business.