A home-based business can be a very lucrative and rewarding
venture, especially for parents who are looking to spend more
time at home with their children. The added benefits of not
fighting traffic, spending less money on gasoline and automobile
expenses, and not having to commit to "office hours" can
make
this a very satisfying experience.
Once a decision is made to start a home-based business, the
first step is to decide which one is the right one. This should
be tailored to the person's individual personality, abilities,
and monetary needs. The biggest mistakes that most new
home-workers make is investing more money than they have and
committing to a job they are not qualified to do. There are many
opportunities available on the World Wide Web; however, caution
should be used and thorough investigations of a company done
before any monies are invested. Many disreputable websites will
take your money and give you nothing but empty promises in
return.
After deciding which type of home-based business is
appropriate, the next step is to set up a home office. This
office should consist of a desk with ample work space, a
computer with the appropriate software installed, a printer, a
fax machine, a telephone - preferably with at least two lines,
and, most importantly, a quiet place to work. The importance of
a quiet place to do business cannot be stressed enough. While
working at home provides a wonderful opportunity to not leave
the family behind each day, nothing kills a business deal like
the constant interruption of a child during a telephone
conversation with a client.
An alternative to the home office is to contract with a company
that provides "virtual-office" services. These companies will
often provide phone and clerical services, as well as handle
travel and meeting arrangements. These services are most
beneficial to those who choose a home-based business that
requires them to spend a good deal of time on the road.
Marketing a home-based business may seem like a challenge, but
a little ingenuity and elbow-grease mixed with a lot of patience
can bring about swift profits. Aside from the obvious newspaper
and bulletin board advertising, the internet has many
opportunities for marketing. Local on-line classifieds, chat
rooms, blogs, and bulletin boards all offer many resources for
getting the word out about a new business.
A start-up business, if developed correctly, will eventually
grow to the point that it will need employees or
sub-contractors. This is where careful screening of potential
business associates will be very important. For a home-based
business to grow large enough to need extra help, there has been
a lot of work put into it, and the unfortunate fact is that one
bad decision can bring the whole thing to a screeching halt. It
is crucial to a business's survival that new partners,
sub-contractors, or employees are trustworthy, compatible with
the owners' personality, and have a similar work ethic.
Improper distribution of profits is a common problem amongst
new home-based business owners. Many who are new to this are
also strapped for cash and the tendency is to take the first
profits and spend them on personal expenses. This is
understandable; however, a business will not grow unless money
is put back into it. Care should be taken to use a percentage
system of distribution so a portion of the profits are returned
to the business for future growth. Also, consultation should be
made with a certified accountant to be sure all tax laws are
followed.
Thousands of dollars need not be spent to make a home based
business successful and equitable. One only needs to investigate
potential businesses thoroughly, plan and be organized, and make
good financial decisions to be profitable.
