Saturday, June 10, 2006

Choosing a Home Based Business (Part I)

If you are a stay at home mom, retired or disabled, a home based business might be a great way to create extra income. It is important that you look at all your options before you choose a business. You don't want to start something and then not complete it. With new technology like the internet, businesses can reach so much more people at an alarming rate. Your success at a business relies on several important factors. Before choosing a business, ask yourself some very important questions and be truthful with your answers.

Here are some very important things to ponder before choosing a home business:
1. Choose a business that interests you. For example, I am what I call "sport illiterate" (people always laugh when I say that). It wouldn't make sense for me to get involved in a business that revolves around sports. Sports only interest me when it involves my kids. Even then, sometimes I don't know what's going on. It wouldn't make sense for me to start a sports affiliated home business.
2. Are you going to put some of your money into the venture? There are home businesses that have an upfront fee and there are those that are free. Have an idea of how much money you are willing to invest into your business.
3. Would you like to sell a product that sells itself or a service? Most businesses that include selling products reqiures you to have inventory. Do you have the money or space to do this? That is something important to think about. Businesses that provide services sometimes bring you commissions regularly. Are you good at selling a service or are you better at selling a product you can taste, touch, see and/or smell?
4. How much time do you want to invest in your business? Some businesses are just time consuming. They require paperwork, inventory, billing, shipping and more. Be aware that these things must get done by you-the owner!
5. How motivated are you? Can you become so motivated about your home business that you can really make a profit? Motivation and execution are important to your success. No one is going to do this for you.

These are just a few things to consider before you get involved in a business. In Part II I will cover some other important issues that need to be addressed before you take that big step...

Related Posts
Home Based Businesses: What Motivates Me To Succeed
Working From Home: Pros and Cons

No comments: