Choosing a Home Based Business Opportunity
A Home Business Article Contributed by Elizabeth Fox-Wise
So You Have Decided You Want to Find a Home Based Business Opportunity, but Which One?
Weeding through the abundance of home based business opportunities available and choosing a home based business opportunity that is right for you can be a daunting task. Your highest chance of being successful will come if you can find a need and fill it; matching your talents and expertise to the needs of your market. In other words, you need to find a balance between what you can do and what someone else needs. To do this there are a few things you should consider.
Who will my customers be and why would they choose to use me over the competition? Am I expecting repeat customers for my home based business opportunity? How often will they need my good or services? Who are my competitors and what are their rates? Can I charge less to be competitive and still make the money I need or want to make? If there is a lot of competition you will need to locate your own unique market niche.
Do a little market research and try to avoid choosing a home based business opportunity that already has a saturated market.
Make Sure the Home Based Business Opportunity You Choose is One You Will Enjoy
One of the main reasons people pursue a home based business opportunity is for greater pleasure or satisfaction out of their work day. If you choose a home based business which relies on the sale of products and you couldn't sell an ice cube to a thirsty man in the desert, you will not be happy with your business and you will not succeed.
Studies show that people who are successful with their home based business put in an average of 60 hours a week - compared to most who are employed by someone else and work 40 hours a week. However, even though they are working longer hours, and sometimes for less pay, the self employed people report a greater sense of happiness and satisfaction than do their traditionally employed counterparts. Why is this? How can they be working more and still be happier?
Most say it is because they love what they do!
What Comes after You Choose a Home Based Business Opportunity ?
Keep in mind that after choosing which business to start your work is not over, on the contrary it has only just begun! You will need to decide on a business structure. Are you starting a sole proprietorship, a partnership or a corporation? You will need to check with your local zoning board to see if there are any zone restrictions on your house. You will also need to contact local authorities to get any necessary permits or licenses to operate your home based business.
You may need to consult with an attorney or accountant for help and advice. And don't forget insurance - chances are good your home owners policy will not cover your home based business.
