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There are many home based businesses that help you to earn a handsome amount while staying at home. Various factors are responsible for the success of a lucrative home based business. The amount you invest, the demand for the business in the area, the skill to market the business, management abilities etc. are some among the factors. Let us discuss some of the home based businesses which are highly profitable.Event or Meeting Planner – An event or meeting planner is responsible for coordinating events and meetings for companies, associations etc. handling all the arrangements including reserving rooms, picking up guests from air port, taking care of food and entertainment etc. Sales meetings, conferences, trade shows, fund raising functions, hospitality events etc are skillfully organized by an event planner. The tasks are wide and varied like establishing meeting objectives and design, finalizing the site and required facilities, preparing the budget, establishing registration procedures, arranging food and drinks, getting the meeting materials printed, doing the necessary advertisements etc. In order to succeed in the business, it is important to have a keen eye for the details. It is also necessary to have several contacts in the travel, transportation and hotel industries. Negotiations skills and handling crisis with patience are qualities to be developed to become successful in the field.Business Plan Writer – Those who have a combination of business acumen, writing skills and creativity can take up business plan writing service. The main role is to develop a blueprint regarding various plans for development, market positioning, financial needs and investment costs to either start up a new business or expand an already existing one. A sound business background, ability to understand the business, sound knowledge of financial statements etc are needed to be become a successful business plan writer.Medical Transcriptionist – Medical transcription business is available for those who are interested in typing and the medical lingo. It is the job of a medical transcriptionist to document the medical records dictated by a healthcare professional. People with excellent listening skills, fast typing speed and aptitude for science and language can succeed in this field.

Every business entity requires professional guidance at some point of time or the other. There are various nitty gritties in a business for which professional advice becomes necessary. In fact, deciding the next move can also be done only after consulting with an accounting professional. This is particularly true with regard to cash flow. This is one of the key aspects of running a business and hence some amount of expertise is required to provide valuable insights for moving things at a consistent pace beneficial to the business. The Chief Financial Officer or the CFO actually looks after the cash flow in a small or medium business entity. According to Investopedia, the CFO receives more than $346,000 per annum to shoulder such responsibilities throughout the year including bonuses.

However, not all small and medium business owners can afford such expenses. This does not mean that they have no hope. There are virtual CFOs helping the medium and small business organizations in this respect. This is a recent practice and is anticipated to be continued over years. This practice is quite beneficial for the medium and small-sized organizations because they will not have to pay a chunky amount to the in house CFO. Small businesses with the assistance of virtual CFO can scale heights and reap benefits quite prominent to the business and conspicuous for the world.

Impressive Future Prospect

There are many ways in which a virtual CFO can aid in scaling a small business similar to that of an in-house CFO. In fact, sometimes it can be more beneficial to have an online CFO. The outsourced CFOs work with the help of cloud-based software remotely. This remoteness contributes in better performance delivered on-time. As the CFO does not have to travel, he/she can devote the entire time to improve the performance.

Online CFOs can not only provide faster financial reports but also forecast and analyze the condition quickly. There is an overall improvement in the performance. The quick and concise delivery of flawless reports and analysis puts valuable financial data in the hands of leaders to make best possible decisions. Making the most effective strategic decision within a fraction of the time originally required by in-house CFOs is truly beneficial.

Key Performance Indicators

KPI measurement is key to the expansion and development of any business be it small, medium or big. In this respect, an online CFO is extremely helpful in managing the KPIs properly and providing helpful and meaningful insights for the company’s management. One of the most significant mistakes committed by small business houses is the overlapping of “actionable” data and data in general. They think that they are same. However, KPI must be calculated based on long-term goals; the strategies should impact in the long run. The KPIs should give you a clear idea of where your business stands- how close or how far from your long terms goals.

For instance, if you are trying to reduce total number of unhappy customers by a certain percentage, the CFO could help you to track customer issues along with favoured reviews for a particular period. You can analyze the data provided by KPI and reduce a certain percentage of the negative points to find out where you stand in your business and how much you have progressed towards the goal. This is only a single instance on how a professional can help small businesses.

Improved Cash Flow

Increasing the cash flow into business is another measure of how helpful small business bookkeeping is. Managing cash along with stressing on liquidity to tax planning and way beyond that is looked after by an online CFO. The professionals also bring strategies and provide insights to ensure proper expenditure so that you can end up at exactly the place you wanted to.

These are some of the major benefits provided by small business bookkeeping and also by virtual CFOs. The work has become more precise due to the integrated online system which is beneficial for both the professional and for the client. Small and medium-sized business entities have reaped several benefits due to the online medium at low-cost.

There are more types of home based businesses today than ever before. There have been a number of causes for this including the growth in telecommuting, increased economic hardships, and lower entry-level wages. It can be overwhelming the first time that you try to choose between all of the different types of home based businesses that are readily available. Fortunately, by looking at the three defining characteristics that every opportunity has, it can be easy to automatically eliminate a large percentage of the options available. The key is understanding these characteristics and how they will affect your business as a whole.Online vs Off-lineThe first basic characteristic of home based businesses that you need to consider is whether you prefer to work online or off-line. There are certain things that are true of most online businesses. You will spend most of your time in front of a computer. You will have a flexible work schedule and you will be dealing with a nationwide or worldwide audience. Off-line businesses tend to be much more locally targeted and have a more strict set of hours. They also tend to require you to deal with people via face to face contact rather than over the internet.Product vs ServiceThe next fundamental characteristic of the different types of home based businesses is that they either feature a product or service. This is important to consider for a number of reasons. If your business is largely product driven, then you will be required to either purchase or create the products yourself as well as stock them in your home. If you are focused on providing services, then you may not have to house anything in your home, but you will be limited as to the number of clients that you can accommodate based upon how much time you want to spend working every day.Full-Time vs Part-TimeThe final characteristic of all types of home based businesses is that they will either require a full-time or part-time commitment. There are a growing number of part-time business opportunities that are designed for people can only dedicate a few hours per day or even per week. The goal of these types of business is to help people generate extra income, but not enough to replace their current employment. On the other hand, full-time home based businesses tend to require 30-40 hours per week or more in order to be successful.With so many different types of home based businesses available, the easiest way to limit down your potential candidates is by the basic characteristics that they posses. The three most basic decisions are between: online/off-line, product/service, and full-time/part-time.