There are many reasons for starting your own home based business. Each would-be starter and each business owner will have their own set. Here are just a few.
1. Be your own boss
This is a big draw for most small business people. Taking on the responsibility, setting the standards and the pace, making decisions, they are all part of the attraction. Of course, you will sink or swim according to how good you are as your own boss! Make plans, have a schedule, be good at time management. Try to share some of the load by running ideas past friends, family and advisors. You can’t shift the responsibility, but it can give you assurance. If you are successful you did it yourself, if it doesn’t work out, well, that was you too.
2. The variety
With the new skills you will acquire and the thousand and one tasks that need to be completed, being the owner of your own home based business is one of the most varied positions around. Tackling and overcoming many challenges is one of the rewards of small business. But getting hooked on the variety can be a problem. Make sure that you spend the majority of time on your core business, doing those things that you are good at. Outsource the things you are not good at or that prevent you concentrating on why you went into business in the first place.
3. It’s not so difficult
Starting and running your own home based business is hard work. You will need to learn new skills. It will take dedication and persistence if you are to succeed. But it’s not difficult. All the knowledge and skills you need are within the grasp of the average person. What you do need is the right information and the right advice.
4. Following your interests
Many people start their own business in areas that fascinate them. It makes sense to do this, because the knowledge and the enthusiasm will see you through when things get intense. It’s not vital, of course, to do what you know – look at Richard Branson when he started Virgin Airways – but it is vital to get the right information and advice. Take on a partner, employee or advisor to plug any gaps in your knowledge. This should be part of your business plan.
5. Using your creativity
A great part of having your own business is having ideas, working them through and seeing them deliver rewards. Of course, some businesses provide greater scope for creativity than others. Only you can judge where your real talent lies. Play to your strengths
6. Making money!
It usually takes some time for a start up business to become profitable. In the early months, or sometimes years, money can be short whist the business becomes established. For some, the object is not to make more money but to maintain a standard of living whist getting more satisfaction from what they do. However, your own business may well pay you better than your former income. And, if you hit the right business model, with hard work and a bit of luck, you could see a very substantial return.
7. New experiences, new career
Your own home based business can see you launching out on a new career. Perhaps at first you will work part time at your business whilst still employed. You may start a business similar to your employment, or you may branch out in new directions, perhaps converting a hobby or an interest into a money-making enterprise.
8. No commuting
One of the great advantages of working from home is losing the dreaded commute into work. You gain back the time, save the money and perhaps save the need for a second car, at least for a while. It pays, though, to set aside a work area from the rest of your home, so that you can get organised and feel ‘at work’ even if it is only the spare bedroom.
9. Hours to suit yourself
Along with no commuting can come the ability to work the hours that suit you. This will depend to a large extent on the sort of business you run. Internet businesses in particular allow flexibility in working hours, since the business will run on automatic whilst you are offline. Businesses that need direct interaction with customers in real time – taking and filling orders and answering enquiries, are obviously less flexible.
10. Satisfaction
There is a huge satisfaction to be had from conceiving, starting and making a success of your own business. Building something of your own and providing an income from solely your own efforts is a great source of pride.
Whatever your reasons for starting your own home based business, good luck!
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