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Articles | Should You Start a Home Based Business?

Should You Start a Home Based Business?

Across every industry in today's marketplace, there is some form of technology being used to increase efficiency, expand market share, and boost profits, all for a fraction of the cost of human labor.

While this can be exciting news for shareholders, and may even translate into impressive profit and loss figures, it usually results in the displacement of large numbers of the workforce.

That's when thousands of loyal and dedicated employees suddenly find themselves on the chopping block, used up and disposable.

Many soon come face to face with the dilema of an uncertain future and limited options to help them navigate it. So where does one go from here?

Crossroads

Some of these folks will be fortunate enough to be offered a "thank you" package of benefits and cash before being dumped and left to go on with their lives. Those who still have productive years left will choose between starting over, at worst, or parachuting to a situation that compensates them adequately for their vast experience and expertise at best.

It is often at this juncture that the question of starting a home based business will come up. Of course, not everyone is pressured by circumstances to consider that question. A few do have the luxury of deliberate comtemplation.

Regardless of how you may arrive at that question, there are some important aspects to think about that will help you find the answer that's right for you.

1. Why do you want to start a home business anyway?
Work experience alone is not an automatic qualifier. You'll also have to take a deep, honest look into yourself to identify your purpose for wanting to make this leap. What's your motivation? Why is that important to you? How would others benefit from it? Are you sufficiently convinced and passionate about the reason that drives you?

2. Are you cut out to be a home business owner?
Not everyone is a natural for developing and managing a home business. It involves much more than following a job description. For starters it requires vision, creativity, tenacity, discipline, planning, organization, courage and money. It helps if you are a self-starter, and at the end of the day, you get to take credit for any success as well as blame for any failure.

3. What are the advantages?
Apart from tax considerations and the freedom to spend more quality time with friends and family, what other advantages do you see accruing from such a venture? You'll have to make sacrifices, overcome difficulties, and your stress level will jump up a point or two, so what other potential payoffs would make a home business viable to you?

4. Do you have a market in mind?
Determining what and who to sell is probably the trickiest part. You'll have to do some market research to identify a need you could supply at a reasonable price and turn a fair profit. And to improve your chance for success, your choice should involve something you are passionate about. That passion will fuel your drive, boost your optimism and take the drudgery out of the work you do.

5. What skills and experience do you have?
In addition to doing something you love, you'll want to examine your skills, knowledge and experience to see how they could help you advance your ambitions. If you love to cook but are short on patience, it might be better to sell recipies than to teach others how to cook.

6. What is the income potential?
The answer to this will rely in large part on the size of the market you pick and the demand for the product or service you offer. The rest will be up to you and how effective your promotional strategies are at converting sales. If you have a sound plan and make sensible preparations you could make an extraordinary income.

Other Things to Consider

  • Make sure the zoning regulations in your area permit the type of business you are planning.
  • Select a business structure that best suits your startup.
  • Craft a business plan that clearly lays out your objectives and financial requirements.
  • Come up with a name for your business.

As you can see there are several elements to be considered long before you can hang a sign that says: Open for Business. Get ideas, suggestions and guidance form others you know who are running businesses of their own. Pick their brains. They'll be happy to share their experiences, help you weigh the risks and offer encouragement.

In the final analysis though, only you can decide if a home business is right for you.

About the Author: Hermas Haynes has more than five years of solid online marketing experience and is the webmaster of http://ebizinfocenter.com — a popular resource for marketing ideas, tools and strategies that will help you advance your Web business.

You may publish this article on the Web or in print, provided it is not changed in any way, and the author's bio is included.




 

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