Tax Preparation Blog

Getting Help With The Right Home Business Model

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Creating a Home Business Model may seem a daunting

task, and such an important part of your business may

require you to seek outside help when preparing your

model.

There are many resources where you can get help, many

experts who are available to help you create your

model for a fee, but before you spend the money on

these people, you should first consider going to your

local Small Business Association, or SBA.

When planning any business it is important to get help

where it is available, especially when that help is

free for the taking.

The SBA was created in 1953 as an independent agency

for the federal government to aid and assist the

interests of small businesses and to help preserve

free competitive enterprise and strengthen the overall

economy.

Small businesses are critical to our economic strength

and in building Americas future. Most of the large

companies we know now were once small ideas and many

of them began with advice from places like the SBA.

The SBA has grown and evolved with the times but the

bottom line remains the same. The SBA helps Americans

start, build and grow businesses.

There is an extensive network of field offices and

partnerships with public and private organizations.

There are specialists who work for the SBA and who are

well trained in writing up and creating home business

models.

Successfully written home business models can mean the

difference in making or breaking your business.  

Finding The Right Home Business Model

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Finding the right home business model on the Internet

may be a huge work in progress. There is no surefire

way to make money, but that does not mean people wont

continue to try.

People are finding ways to experiment with new

strategies and are trying to find business models that

actually work for what they need.

The answer is really a no-brainer though. If it

does not work, fix it. If your business model is not

working for you, then change it.

If you are not seeing the profits you should from your

current model, it is time to change things.

Some people dont agree, but it is simply a matter of

staying alive.

Many businesses of late have gone through this sort of

change. With more and more businesses conducting

business over the Internet and more people using

mainstream media, it is only smart to change what no

longer works.

If the tires on your car wont get you to where you

need to go, then it is only obvious that they should

be changed.

Slow sales and slower uptake of online offerings have

forced many companies to focus on their core

competencies.

Companies no longer covet consumers and build business

models around advertising instead they are now

aggressively marketing their services to companies who

need streaming media.

Now many businesses have taken their focus off of hard

advertising and are now focused on media advertising.

They were forced to change their business models or

they could have suffered greatly, some even risking

going out of business.

It is very important to have a good business model set

up when going into business for yourself. Learn from

the biggest and most profitable companies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

Evolution of Home Based Business Models

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The development of business models has a brief

history. The oldest, most basic business model is the

shopkeeper model.

This involves setting up a store in a location where

customers are likely to be and displaying their

product or service for all the passer-byes to see.

Over the years, business models have evolved,

changed and become more sophisticated.

The bait and hook business model was introduced in the

early 20th century. This model involved offering a

basic service for a low cost, often at a loss.

This part is the bait. Then by charging compensatory

recurring amounts for refills or other products or

services, this is the hook.

Examples are the razor, which is the bait, and blades,

which are the hook, cell phones that are the bait and

the service charges and airtime that are the hook.

In the 1950s new business models came from some of

todays well-known companies like McDonalds and

Toyota.

In the 1960s Wal-Mart was the innovator and the

1970s saw new business models from FedEx, Toys R Us,

the 1980s pushed Blockbuster, Home Depot and many

computer companies to the forefront with their

innovative business models.

In turn, many dot-coms suffered because of their

poorly thought out business models.

Todays business models depend on how the technology

available is used. Entrepreneurs on the Internet have

also created new models that depend on the emergent of

technology.

Using computer technology, a business has the

advantage of reaching a large amount of customers with

a minimal cost.   

Components Of A Home Business Model

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It is essential if you are starting a new, home-based

business that you plan every possible thing that could

happen.

Not only does this help you reach a goal for the

future, it also helps if you are trying to get

financing for your home-based business.

This important information is what makes up a home

business model. And there are four basic components of

each stage of building a business.

A great business model can only be composed after the

components of each stage have been identified.

The components of a home business model include the

infrastructure. The core capabilities are capabilities

and competencies necessary to execute a companys

business model.

The partner network is the business alliances with

complement other aspects of the business model and the

value configuration, which is the rationale that makes

a business mutually beneficial for a business as well

as its customers.

The offering of a home business model is the value

proposition. These are the products and services a

business offers.

In short, it is what the customer gets for what the

customer pays.

A customer can evaluate a companys value on two broad

dimensions with multiple subsets.

The vendors marketing and sales efforts offer a

customer value proposition.

Next come the customers. You need to know who your

target customers are, the target audience for your

business products and services.

The distribution channel is the means, which a company

delivers its goods and services to a customer.

This could be through a simple means as the postal

service or a major trucking company driving your

products across country.

Customer relationship is key in a business model. 

Basic Accounting Principles

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Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: "facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties."

As an example, a company's accountants periodically measure the profit and loss for a month, a quarter or a fiscal year and publish these results in a statement of profit and loss that's called an income statement.  These statements include elements such as accounts receivable (what's owed to the company) and accounts payable (what the company owes). It can also get pretty complicated with subjects like retained earnings and accelerated depreciation. This at the higher levels of accounting and in the organization.

Much of accounting though, is also concerned with basic bookkeeping. This is the process that records every transaction; every bill paid, every dime owed, every dollar and cent spent and accumulated. 

But the owners of the company, which can be individual owners or millions of shareholders are most concerned with the summaries of these transactions, contained in the financial statement. The financial statement summarizes a company's assets. A value of an asset is what it cost when it was first acquired. The financial statement also records what the sources of the assets were. Some assets are in the form of loans that have to be paid back. Profits are also an asset of the business.

In what's called double-entry bookkeeping, the liabilities are also summarized. Obviously, a company wants to show a higher amount of assets to offset the liabilities and show a profit. The management of these two elements is the essence of accounting. 

There is a system for doing this; not every company or individual can devise their own systems for accounting; the result would be chaos!