subject: Don't Start Your Home Bases Business Yet [print this page] In this economy, home based businesses are getting more attention than ever. With so many people being unemployed or under-employed people are attracted to the idea of becoming their own boss and being in control of their own path.
Let me be clear, I think that is a great idea and done properly it can be make you very successful. The trick is to know exactly what you are getting into.
There are many options that you can choose from in beginning your business.
- MLMs (multi level marketing companies)
- Independent Contractor (you're independent but still technically working for somebody else.)
- Broker (financial, real estate, business, etc)
- Franchise
- Licensee
- Your own unique business idea (my favorite)
1.Information broker
2.Product development/sales
3.Service Provider
You must have the answers to these business questions before you can make an informed decision.
- What are the risks?
- What is the potential income?
- How long before you can expect to make a profit?
- Can you wait that long?
- What are the start up costs up front?
- What are the first year continued investments?
- What is the overhead? Can you base the business from home?
Wait, there's one more list of questions you need to answer, before you get started.
- How motivated am I?
- Will I work hard if unsupervised?
- How good am I at time management?
- How disciplined am I?
- Am I a self starter?
- Do I bore easily
- Can I manage/supervise others?
Any red flags that come up when you answer these questions should be obvious. Be honest with yourself. Recognizing and dealing with those red flags could mean the difference between success and failure, riches and destitution.
So now, you have an idea of what you want to do. You're confident that you're the kind of person that can work independently and you're confident with your business idea.
Your homework is done and you believe that you can turn a profit in a timely manner. Now what?
First and foremost, surround your self with the right people. You'll hear some people say, "surround yourself with like minded people." I don't agree with that strategy. It's definitely productive to get knowledge from successful people. You just want to be sure to be open to listening to people that think differently from you as well. Their successes may come from something you've already dismissed. Those aren't opportunities you want to miss.
You want to surround yourself with people that you would like to be. They have the success and core values that you're striving for. You also need to surround yourself with experts in the fields that are integral to your business, i.e. accountants, marketing developers, IT, lawyers, SEO, etc. A quickly growing, stable business can't survive without that kind of expertise.
Now that you've got your stable of people that you can trust and rely on, listen and learn. You won't get anywhere by knowing everything.
by: Beth Koritz
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