Home Based Business - Is it Right for You? 3 Criteria to Consider
In this current volatile economy, where layoffs and under employment abound, many people, including yourself, may consider an alternative resource for income.
Starting a business can be a great avenue for additional income.
But before taking the big plunge, you should ask yourself: is starting a home based business right for me? Listed below are 3 criteria you should consider: Your Personality and Skill Set Consider your personality and skill set when thinking about starting a home based business.
What kind of business would best suit you? If you are not an animal person, you probably should not start a dog grooming business even if the industry is booming.
If your cake decorating skills are lack luster, you may not be as successful as you'd hope starting a wedding/birthday cake business.
A virtual assistant business might be perfect for people who prefer working alone.
Many people start a home based business without taking personality and skill set into account.
As a result, some businesses fail.
There are many types of home based business options available.
Take the time to research a venture that is a good fit for you.
Start-Up Cost and Expenses Some home-based businesses, such as some Direct Sales and Multi-Level Marketing (MLM) companies, can be started for less than $50, while others, such as Franchises, need a few thousand dollars to start.
It is very important, before undertaking any enterprise, that you have money set aside exclusively for your new business.
Start-up costs are only the initial cost of a new business.
Funds are also needed for inventory, equipment, supplies, marketing, etc.
This one criteria can make or break you.
You could have many customers but if you can not fill orders because you can not buy more supplies your business could fail.
Time Commitment A successful home based business requires time commitment.
Have you determined how many hours you have available each day, each week? What are your current family and social obligations? Do you have a 9 to 5? If so, do you have time after work and after family and social obligations to devote to your new home based business? Perform this simple exercise to decide the amount of time you can devote to a new business:
Is there enough time in your day, and in your week to devote to a business? Summary Asking yourself the following 3 criteria questions can help you decide if starting a business is right for you:
Starting a business can be a great avenue for additional income.
But before taking the big plunge, you should ask yourself: is starting a home based business right for me? Listed below are 3 criteria you should consider: Your Personality and Skill Set Consider your personality and skill set when thinking about starting a home based business.
What kind of business would best suit you? If you are not an animal person, you probably should not start a dog grooming business even if the industry is booming.
If your cake decorating skills are lack luster, you may not be as successful as you'd hope starting a wedding/birthday cake business.
A virtual assistant business might be perfect for people who prefer working alone.
Many people start a home based business without taking personality and skill set into account.
As a result, some businesses fail.
There are many types of home based business options available.
Take the time to research a venture that is a good fit for you.
Start-Up Cost and Expenses Some home-based businesses, such as some Direct Sales and Multi-Level Marketing (MLM) companies, can be started for less than $50, while others, such as Franchises, need a few thousand dollars to start.
It is very important, before undertaking any enterprise, that you have money set aside exclusively for your new business.
Start-up costs are only the initial cost of a new business.
Funds are also needed for inventory, equipment, supplies, marketing, etc.
This one criteria can make or break you.
You could have many customers but if you can not fill orders because you can not buy more supplies your business could fail.
Time Commitment A successful home based business requires time commitment.
Have you determined how many hours you have available each day, each week? What are your current family and social obligations? Do you have a 9 to 5? If so, do you have time after work and after family and social obligations to devote to your new home based business? Perform this simple exercise to decide the amount of time you can devote to a new business:
- Grab a blank sheet of paper.
- Create 7 columns and write the Days of the Week as a heading for each column.
ie.
Mon.
Tues, Wed, etc. - Create 12 rows and write the following time hours as a heading for each row, ie.
6am, 7am, 8am - up to 10pm. - Fill in the blanks with any work, family and social obligations.
Is there enough time in your day, and in your week to devote to a business? Summary Asking yourself the following 3 criteria questions can help you decide if starting a business is right for you:
- What venture would be a good fit for my personality and skill set?
- Do I have money reserved exclusively for start-up cost and expenses?
- How much time can I devote to a new business?
Source...