Home-based business is a $427 billion a year industry, greater than the pharmaceuticals, consumers goods, and food industries combined. This fast-growing segment of the economy has great appeal, but it also has its risks.
For some necessity drives the decision to start a home business, illness or incapacity, loss of a job or other income opportunity, relocation of a spouse. For others it’s a positive lifestyle choice, a chance to fulfill a dream. Whatever your reasons for considering working from home, there’s a lot to consider before you hang out your sign.
For some, starting a home-based business is the fulfillment of a dream, an opportunity to gain income from a personal skill or interest. Others enter into a home-based business by necessity, having lost a job or incurred a disability that keeps them out of a conventional work setting.
When you live where you work you have to deal with certain unique business concerns. On the down side, family conflicts can arise when you set up your office in the living room. You want quiet when others want music. The pens disappear and someone MUST get online now! Like in any solo business the startup costs are all yours, there is no initial financial stability, and no one shares the risks. You have no fringe benefits, no time off, no health insurance. Most of all, working at home requires a great deal of self-discipline working when family fun and household chores call to you.
On the other hand, working at home provides tremendous flexibility and the chance to participate more in family life. You can work from most anywhere. There are no coworkers to deal with and no boss to question your work. Overhead and start-up costs are minimal. You can manage your own physical environment, making your office safe and comfortable. The profit is all yours.
You may have your own business idea or you make decide to buy into an existing business opportunity. Whichever way you go, you need a business plan that sets out the financial, legal, and marketing aspects of your business. You’ll need this information in writing if you decide to seek funding for your business. Get help from lawyers, accountants, or marketing professionals if you need it; there’s a lot to understand about starting a business.
If you’re going to start your own business, you must have a business plan. Determine what form of legal ownership is best (sole proprietor, partnership, corporation). Are special licenses or permits required? Conduct a market analysis; does your prospective business fill a business need? To qualify for financing, you’ll have to show the startup costs and income opportunities.
Eight-five percent of home-based businesses are still in business after three years. It takes a lot of work, but the opportunity is there. Do your homework and take your time and you too can work where you live.
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