Would you like to have a homebased business, but just can't decide what's the best home based business for you? You're not alone! A great many people have wanted their own work at home business. But of course the "dreaming" isn't difficult. Deciding on exactly which and what kind of business to start is the hard part.
But it's easier than you may imagine. It's much easier when you can examine the many choices by looking at the advantages and disadvantages of each.
If you're one of those still in the "choosing stage" here are a few factors to consider that might make your task a little easier.
1. Startup Costs
One of the drawbacks to many homebased businesses is high start-up costs.
No doubt you've seen lots of "business opportunities" that claim to get you started for "free."
Don't believe it for a minute! Nothing is ever "free".
You'll want to look for a possible home business that has minimal start up cost. But veer away from those opportunities where initial costs seem unrealistic. Examine these offers carefully.
2. Time to Become Profitable
When starting a new business it can take days, months, or even years to earn enough to recoup your initial startup costs.
Of course the time needed to recoup your investment will also depend on just how great that initial investment was. But in any event you'll want to pick a business that will begin turning a profit sooner rather than later.
3. Ability to Start While Maintaining Your Current Job
The problem with a lot of business start-ups is they put you in a sort of time / money "catch 22. No matter how quickly a new business becomes profitable, there's still a period of time when there'll be no profits coming in.
If you have to keep your job to pay the bills, you can't quit your job until your business lets you earn enough money to pay your living expenses. But at the same time your job doesn't allow you the free time necessary to start your business!
The best home based business option in this situation is to find a business you can start and operate part time while you keep your job, until you're earning enough money to quit and devote full time to your business.
4. Operating Costs and Profit Margins
Not only will you need startup capital, you'll also need money to operate the business.
Make a realistic assessment of your operating expenses and choose a business that will allow you a comfortable profit margin.
5. Demand for the Product or Service
Regardless of how quickly, easily, or inexpensively you're able to start your new business, you'll never be successful unless there's a demand for what you sell.
Don't start a business trying to sell a product or service that too few people want.
6. Continuing Demand and Economic Conditions
Our economy is always changing. Businesses sometimes fail because of changes in the economic "climate."
You could be making good profits one day, and the next day be watching demand for your product "dry up."
Ideally you want to choose a product or service to sell that will always be in high demand. But at the very least choose one for which demand isn't like to disappear with changing conditions.
7. Learning Curve
Starting any business always requires some degree of knowledge. Depending on the business you choose, it could takes days, weeks, or even months to learn what you need to know to start and maintain your home based business.
Look for a business with a short "learning curve" or for one for which you already have some understanding.
8. Income Potential
Every business "opportunity" promises you high earnings potential. But just how realistic are those promises?
Always remember the old adage "If it sounds too good to be true... it probably is!" Look at every opportunity with a critical eye and choose a business that offers high but REALISTIC earnings potential.
9. Time Freedom
Starting new home business can place a great deal of demands on your time. Many entrepreneurs work 10 - 12 hours a day or more, as well as weekends and holidays, getting their business up and running.
Make a realistic assessment of the time requirements whatever business you choose, and be certain you'll have adequate time.
10. Satisfaction
"Satisfaction" is a personal matter, and one you should think about carefully.
Whatever business you pick, you're more likely to be successful if you take personal satisfaction in what you're doing, to feel that what you're doing is worthwhile, something you can feel good about and be proud of.
In conclusion, you should start out by making a list of all the potential choices that appeal to you.
Then examine each one critically based on the likely advantages and disadvantages of each. The best home based business for you is already out there... it's just waiting for you to find it!
Good luck in your search!
But it's easier than you may imagine. It's much easier when you can examine the many choices by looking at the advantages and disadvantages of each.
If you're one of those still in the "choosing stage" here are a few factors to consider that might make your task a little easier.
1. Startup Costs
One of the drawbacks to many homebased businesses is high start-up costs.
No doubt you've seen lots of "business opportunities" that claim to get you started for "free."
Don't believe it for a minute! Nothing is ever "free".
You'll want to look for a possible home business that has minimal start up cost. But veer away from those opportunities where initial costs seem unrealistic. Examine these offers carefully.
2. Time to Become Profitable
When starting a new business it can take days, months, or even years to earn enough to recoup your initial startup costs.
Of course the time needed to recoup your investment will also depend on just how great that initial investment was. But in any event you'll want to pick a business that will begin turning a profit sooner rather than later.
3. Ability to Start While Maintaining Your Current Job
The problem with a lot of business start-ups is they put you in a sort of time / money "catch 22. No matter how quickly a new business becomes profitable, there's still a period of time when there'll be no profits coming in.
If you have to keep your job to pay the bills, you can't quit your job until your business lets you earn enough money to pay your living expenses. But at the same time your job doesn't allow you the free time necessary to start your business!
The best home based business option in this situation is to find a business you can start and operate part time while you keep your job, until you're earning enough money to quit and devote full time to your business.
4. Operating Costs and Profit Margins
Not only will you need startup capital, you'll also need money to operate the business.
Make a realistic assessment of your operating expenses and choose a business that will allow you a comfortable profit margin.
5. Demand for the Product or Service
Regardless of how quickly, easily, or inexpensively you're able to start your new business, you'll never be successful unless there's a demand for what you sell.
Don't start a business trying to sell a product or service that too few people want.
6. Continuing Demand and Economic Conditions
Our economy is always changing. Businesses sometimes fail because of changes in the economic "climate."
You could be making good profits one day, and the next day be watching demand for your product "dry up."
Ideally you want to choose a product or service to sell that will always be in high demand. But at the very least choose one for which demand isn't like to disappear with changing conditions.
7. Learning Curve
Starting any business always requires some degree of knowledge. Depending on the business you choose, it could takes days, weeks, or even months to learn what you need to know to start and maintain your home based business.
Look for a business with a short "learning curve" or for one for which you already have some understanding.
8. Income Potential
Every business "opportunity" promises you high earnings potential. But just how realistic are those promises?
Always remember the old adage "If it sounds too good to be true... it probably is!" Look at every opportunity with a critical eye and choose a business that offers high but REALISTIC earnings potential.
9. Time Freedom
Starting new home business can place a great deal of demands on your time. Many entrepreneurs work 10 - 12 hours a day or more, as well as weekends and holidays, getting their business up and running.
Make a realistic assessment of the time requirements whatever business you choose, and be certain you'll have adequate time.
10. Satisfaction
"Satisfaction" is a personal matter, and one you should think about carefully.
Whatever business you pick, you're more likely to be successful if you take personal satisfaction in what you're doing, to feel that what you're doing is worthwhile, something you can feel good about and be proud of.
In conclusion, you should start out by making a list of all the potential choices that appeal to you.
Then examine each one critically based on the likely advantages and disadvantages of each. The best home based business for you is already out there... it's just waiting for you to find it!
Good luck in your search!