The landscape of the modern workplace continues to change. While the last century saw the rise of large employers, the 21st century is a time of diversification, marked by the growth of small and home-based businesses.
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 is a positive lifestyle choice, a chance to fulfill a dream. Whatever your reasons for considering working from home, there is a lot to consider before you hang out your sign.
Some of the risks involved in running a home-based business are the same as for starting any business: no fringe benefits, no job security, startup costs, initial lack of steady income, and lots of long hours and hard work. Add to these the loss of home space, isolation, likelihood of interruptions, and the need for tremendous self-discipline and you have got the disadvantages of starting a home-based business.
But the pros may outweigh the cons. consider these benefits: flexible schedule and location, integration of work and family life, no commuting, control of your own physical environment, unlimited income opportunities, and sky is the limit creative possibilities. Operating a home-based business often yields increased personal and professional fulfillment through setting and accomplishing your own goals. And no one is looking over your shoulder directing your work.
There are many legitimate online business opportunities, but there are also scams. Investigate thoroughly before you sign anything. Look at all ads and marketing materials. What are the earnings claims and how are they backed up? Find out the number and percentage of previous purchasers who achieved the earnings goals. Get names of at least ten purchasers; interview them to find out their experience with the business. Contact the government agencies that license or oversee the business, as well as business and consumer organizations. Find out if the business has any record of illegal activity or unresolved complaints.
Get a copy of the company’s fully audited financial statement. What are the startup and maintenance costs? What responsibilities will you and the seller have to each other after you have invested? Compare the financials with other business opportunities and do not fall for pressure:Today’s offer will still be there tomorrow.
If you are 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 will have to show the startup costs and income opportunities.
When you’re flying solo don’t hesitate to get help from business people who have other skills you need to succeed, like lawyers, accountants, and marketing experts. Whether you buy into an established business opportunity or develop your own concept, remember that the secret to building a successful home-based business is to center it on your own skills.
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