Adoption Agency home business start up

Adoption Agency

Start-up cost: $5,000–$125,000
Potential earnings: $200,000–$600,000+
Typical fees: $12,000–$30,000 for each local and international adoption
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Advertising: Local family publications, adoption magazines, Web site
with photo-listing of Waiting Children and plenty of
adoption resources, banner ads on related Web sites of
interest, registration with search engines, referrals
Qualifications: Must be licensed by state and/or county
Equipment needed: Office furniture, phone, computers with Internet access,
letterhead
Staff required: Yes—will need at least one licensed social worker to do
home studies and possibly a team of folks to handle and
review adoption paperwork
Hidden costs: Notary services; postage; long-distance phone calls,
particularly to foreign countries
What You Do
For some, the dream of having a child in their family would never be realized
without the services of a qualified adoption agency. You can specialize in private,
local adoptions or include international adoptions from a list of specifi c countries
from which you’ve received permission to help place children in need of homes.
Whether the child is from China, Korea, India, Russia, or your home state here
in the United States, you will have to scrutinize potential parents through the
required home study process, match them with children who are the best fi t, then
off er counseling and support as the parents and child are united. You can also help
children born with special needs find the good homes they so deserve. Th is is a
business in which the blessings far exceed any financial benefits. Many adoption
agencies carry high overhead, so what seems like a fortune in potential earnings
can actually be off set a bit by the costs of staffing and running a busy agency. Still,
there are plenty of good reasons to choose this line of work, such as the more than
four million children currently residing in orphanages worldwide.
What You Need
You will need to staff an office with everything from people to computers, since
few hopeful parents would be willing to pay huge fees to someone who’s a sole
proprietor running an adoption agency out of his or her home. You need to instill
confidence in your abilities and qualifications from the outset, and then work hard
to keep your reputation intact in what can be a volatile business. It’s not unusual
for a birth mother in the United States to decide to keep her baby at the last
minute, leaving you and your client family back at square one.
Keys to Success
Reputation is everything in this business. You need to be honest and upfront with
your clients about all costs so that they don’t feel you are taking advantage of their
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emotional distress over not having a child. Keep posting new testimonials on your
Web site as you receive them—and don’t be afraid to ask for more. Better yet, create
a database of satisfied parents you’ve helped and who are willing to speak to your
prospects about how wonderful you are. Such a list is worth its weight in gold!

Accountant, Accountancy home based business

Accountant

Start-up cost: $3,000–$6,000
Potential earnings: $20,000–$80,000
Typical fees: $35 and up per hour
Advertising: Membership and active participation in community
groups, ads in newspapers and publications for local
fundraisers, referrals, possibly your own Web site with tax
preparation tips on it as a resource for potential new clients
Qualifications: CPA and some experience with services on which you
choose to focus
Equipment needed: Office area, furniture, computer, suite software, printer,
business cards, letterhead, envelopes, cell phone is optional
but handy
Staff required: No
Hidden costs: Errors and omissions insurance, subscriptions and
membership dues, continuing education
What You Do
Th is is a service that virtually everyone needs. Th e challenge is to show potential
clients how you can improve their lives by helping them manage their financial
affairs better. Th e two major approaches chosen by solo accountants are (1) to work
with individuals on tax issues and personal financial planning and (2) to serve the
burgeoning small business market with bookkeeping setup, payroll, tax planning,
and all the other financial activities that an enterprise requires. You will need to be
creative in distinguishing yourself from this rather crowded field. How are your
accounting services better than those of the other accountants in town? How can
you show an individual that you can serve him better than the big storefront operations
that prepare taxes for low fees during the winter and early spring?
What You Need
Will you meet clients in your office, or will you travel to their homes or businesses?
These decisions will control your start-up costs (which could be as little as $3,000).
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Keys to Success
Being an excellent accountant and being able to create a profitable business are
two different things. Th e people skills required have probably been completely
neglected in your education and possibly in your experience if you have worked
for a large firm. Gaining the confidence of potential clients is far more than simply
having excellent accounting skills up your sleeve, which is why an informative
company Web site might be advantageous for business-building, especially in the
beginning. You’ll need to find a way to present your services in a way that appeals
to people who want your help but don’t really understand how you can best help
them find ways to save money. On the downside, your services will be particularly
needed during peak tax preparation seasons; you’ll be busiest in December and
March/April.
EXPERT ADVICE
What sets your business apart from others like it?
Personalized service and affordable rates are what set apart Kelly M. Zimmerman’s
accounting business in Cuyahoga Falls, Ohio. “I take a genuine interest
in my clients’ businesses. I really care about whether or not they succeed.”
Things you couldn’t do without
Zimmerman says she couldn’t do without a computer, telephone, and
calculator.
Marketing tips
“Get involved in an organization that you believe in personally and where
you can also promote your business. Marketing for accountants is basically
word-of-mouth, so be sure to do everything you can to keep your current clients
happy. They’ll send you more clients if they know you’ve gone out of your way for
them.”
If you had to do it all over again . . .
“I would try to be more organized and focused on the types of clients I
really want to serve.”