In this article, I want to share with you 10 things that I’ve learnt building a profitable home based business in Malaysia and being a full time mommy at the same time.
These are my lesson learnt from the mistakes I’ve made when I was trying to find ways to generate a side income.
1) No product from China
My first home business venture was to source handbags from Taoboa.com and try to sell them online.
I’ve posted the handbags on Carousell.
This is not a good idea because the profit margin was very low. I also had to bare the local delivery charges.
There were also many customers requesting return because they were not very happy with the quality of the product from China.
2) Personally believe in the product
When you are sourcing product, make sure you personally use it and like the results.
When you’ve personally used the product, it will give you more confident to promote it.
3) Promote unique product
If you are choosing a product to sell in your home based business, make sure it is unique and no competition in the market.
A unique product will protect your profit margin because your customers can’t find it anywhere else.
4) Large potential market
Find a product with a large potential market.
The product should be able to fulfill the needs of both men and women.
If possible, make sure the product is suitable for all age ranges.
A product that can be used by kids age 9 years old to old people age 90 years old will be perfect.
5) Repeat sales
Sell product which has the potential to generate repeat sales.
As a mommy, we have limited free time.
We can to sell once and get repeat orders month after month.
For me, I chose products for the health and wellness market.
6) Don’t keep stock
Don’t keep large amount of stock at home.
Doing so, it will tie up all of your cash.
The inventory will also take up a lot of storage space at home.
7) No order processing
If you are starting your own home business, make sure you don’t do your own order processing such as stock repackaging and delivery.
Doing so will take up all of your time.
Even if you are preparing your own courier airway bill, it will take up all of your time if you have lots of orders.
8) Good profit margin
When you are selling a product, make sure the profit margin or commission is high enough to worth your time and effort.
Don’t waste time starting a home business that generates only RM500 or RM1,000 a month.
There are much better option out there.
9) Reputable supplier
If you are getting your stock from a supplier, make sure the company has an experienced management team.
A lousy company will not only ruin you supply chain, it can also ruin your entire business.
10) Don’t work alone
Finally, don’t build your home business alone.
Build it as a team.
Ask your husband to help you.
If you can find a friend to build the business together, that will be better.
When you are building a business from scratch, it is best to get all the support you can find.