Developing the Perfect Business

Elements of a great entrepreneurial vision

by Stephen Beck

 

Almost everyone has wondered at some point, “What would it be like to have my own business?” And this is especially true in homeschool circles where a growing number of home educators are seeing the benefits of owning a small family business. I have listed just a few of the benefits below:

• Transferable business skills
Anything you do in the context of having your own business will be directly applicable when you are employed by others. In fact, it will be a great plus in your favor!

• Pursue things that interest you
Having your own business gives you the ability to work in areas where you have passion - not areas that bore you to tears!

• Stay out of compromising situations
Do not underestimate the power of the world. Companies and employers do not have your best interest in mind - especially in regards to your faith and the time you spend with your family.

• More control over your life
Would you like to have more say in how much you make, how much time you spend with your family, when you take vacation and who you work with? Enough said!

• More flexibility to serve God
Having your own business gives you the flexibility to go on mission trips, disciple others and give more financially. It also causes you trust God more.

But I would like to take this family business idea a step further. I have owned my own businesses for over 25 years and I know the advantages and disadvantages of being self-employed. As a result, I am always in search of the “perfect” business. So, I decided to reflect on my self-employment history and list my conditions for the “perfect” business.

Requirements for the “perfect” business:

• No debt
Debt makes everything happen too fast. It puts too much pressure on your business. Debt is the #1 reason most businesses fail in the United States.

• Something that can start small
You don’t want to bite off more than you can chew. If you have never had one employee, you do not want to start off with ten of them! Remember, all things need a chance to incubate before they can grow…and your family business is no exception.

• Must include my kids
The whole purpose for starting a family business is to spend more time with your family. If you start a labor-intensive business in your garage and never see your kids, what is the point?!?

• Low capital investment
If you had a gazillion dollars, you wouldn’t need to start a family business!

• Low time investment
Nuff said!

• Generate passive income
Again, I can’t start creating wealth until my passive income exceeds my monthly expenses. I want to earn money when I sleep (or while I’m on vacation!).

• High reward for little risk
Hey as long as we are dreaming, I might as well throw this one in as well. I don’t like taking huge risks, but I do want a huge upside potential!

Now, I’m not asking for much…am I?

Actually, the only thing I know that meets all of these requirements is an Internet-based business. I know of no other business where you can invest less than $65 (domain name and a hosting service) and start selling products within 4 hours. And with eBay, it is even cheaper and quicker than that!

Honestly, anyone can set up a simple web page with a product, drive customers to the page, make the sale and ship the product. This is not rocket science. And it is not the private domain of “techies.” If you can type a document in Microsoft Word and check your email, you can do this. Believe me. Oh, you may have to learn how to apply packing tape to a package, but I think you will get the hang of that!

I live in a small town in Idaho. It is a rural community with a small state college. Of the small population here, one-third is college students. Not exactly a “booming” economy with plenty of customers beating down my door! So, in order to make a living, I have to find my clients elsewhere. Actually, I find millions everyday. Not every one of them buys from me, but the fact remains…I have access to a huge client base through the power of the internet.

I sell to people everyday that I have never met. This is an amazing concept. If you already have a business, I hope you see the huge potential you are missing if you are not making at least some portion of your sales through the Internet. What would you give to double your current customer base? I don’t care what you sell, there is something related to your service or product that you could sell on the Internet. And the cool thing about the Internet is once you set it up, it keeps selling and selling and selling…

Again, this is not rocket science. Find a group of people with a common interest, ask them what they want and then, go out and get it for them. It is really as simple as that. Now, go out and create your own mini oil well. With a little know-how and God’s blessing, you may be able to kiss that day job goodbye!

 

Stephen Beck is a homeschool dad of three and makes a six-figure income on the Internet while attending seminary full-time! He would like to give you a free audio CD titled The 7 Simple, Repeatable Steps To Starting An Online Family Business. To get this free CD, please visit his website at: http://www.FamilyEbizTips.com/FreeCD/.