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Hot Business Ideas - Referral Service
Hot business ideas are every where, and you do not have to do something new. You can find a good idea and do it better. This service refers potential customers to businesses that offer various products or services to customers. Clients might include small home remodeling contracts, hairdressers, special event and wedding planners, house and pet-sitting services and professional services offered by dentist, doctors, day care services, nannies, home health care experts and tutors.
What you need to know about this business
- The owners of a referral service are paid by the business or sometimes by both the business and the customers.
- Fees can be charged at regular intervals or on commission, based on the number of customers a business receives through your referrals.
- About one-half of your time will be spent in home working on general business matters, making new contacts and calling customers who use your service; the other half of your time will be spent out-of-home interviewing businesses.
- Constantly evaluating the businesses you refer and searching for new ones to add are important elements in the success of this businesses.
- Start-up cost range between $4000 and $7000
- You can charge a percentage of what the businesses you refer charge their customers
- Income potential is between $30,000 and $80,000 or more per year.
- Networking is everything
How to market this business
- Put up fliers
- Send out direct mailings to the businesses in which your referral business will specialize
- Make appointments to interview prospective businesses
- Get names of businesses recommended by people you know
- Ask prospective clients for references from satisfied customers
- Send out press releases to business section editors of local newspapers or the business supplements of regional business papers.
- Rent a booth at local home shows
- Make sure your local chamber of commerce knows your referral service is in business
Target Market
- Newcomers in your community
- New businesses in your community
- Newcomers in your community
- Homeowners in affluent neighborhoods with dual income
Home based equipment required
- Computer and business and database software
- Business telephone line with fax
- An answering service or voice mail
- High speed Internet if you offer online computer referral via your own website
- Promotional materials
- A standard contracts (consult with your lawyer)
Return from hot business ideas to service business ideas
Return to home based business ideas
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