Starting a Home Business: are You Ready?
A Home Business Article Contributed by Rosemarie Chisholm
Home Business: Do you want more money?
Whether it's a stay-at-home mom, a retiree or an employee looking for supplemental income, the option for starting a home business is becoming a more viable one for many people. If asked whether or not they'd like to have the means to generate more income, most people would answer "yes." After all, while money does not make one happy, it does provide a certain amount of freedom for us to do the things that make us happy.
Besides the obvious possibility of financial benefits, the undertaking of running a home business can be exciting and gratifying. It brings its own reward of personal accomplishment, empowerment and fulfillment. But the glamour is realistically balanced with a full measure of paperwork, tedium and demand for mental, emotional and time commitments.
Home Business: Are you up to the Challenge?
After you've answered "yes" to the first question, the next question is "Can you handle it? " Realistically, do you have what it takes? Everyone who is considering the pursuit of a home business should take an inventory of their mental, emotional and time availability. Sometimes enthusiasts begin full blast thinking it will be a breeze. They can work a full eight-hour day, come home, turn around and start their next job.
While this is not an impossibility, you will find that the pursuit of your home business will demand much more of you than imagined. It won't be okay, for instance, for a stay-at-home mom to be on the telephone with a client while nursing her crying baby. It might not be easy to make dinner while taking customer enquiries.
And if the demands of the home business take away from the usual time she gives to her family, a stay-at-home mom may feel conflicted and lose the energy and momentum needed to continue. Many dreams of entrepreneurship end this way, as individuals do not take enough time to consider their preparedness for the challenges they may face. The question of preparedness is one that should not be overlooked or taken lightly.
Charting the Course of Your Home Business
The best way to ensure you arrive at your destination is to determine where you want to go and chart your course. Simply put, you need a plan. What is it that you want to do? What tools or resources will you need to accomplish it? What will it cost you? How long will it take you to achieve it? Set long and short-term goals. Yes, even a home business needs a plan. It will be time well invested to do some research into the area of business you wish to pursue.
Your local library will prove to be an invaluable resource into your research. You can access print or online materials that will give you a wealth of information for your journey. If you are serious about the success of your home business, do your homework.
There will likely be a sense of urgency - you just can't wait to get started - but when you're well on your way to success in your home business you'll be glad that one of your major investments was time spent on your inventory: mental, emotional and time and time spent on your plan.
Home Business: The Checklist
Whatever goals you have of running your home business, there are only a few important things that separate you from achieving it: (1) Do you really want it? (2) Are you ready? (3) What will it take?
No matter how urgent the need is to begin, be assured that time is on your side. It might even be a viable option to launch your home business on a part-time basis and then progress to full-time. The gradual change will give you the opportunity to adjust to life as an entrepreneur.
Wading the Legal Waters of a Home Business
The execution of best-made plans can come to a screeching halt in the face of legal obstacles. Don't forget the necessary licenses and business permits that may be required to run your home business. A home business is not exempt from the legal requirements for operation and it would be in your best interest to seek professional help from a lawyer and accountant. They can help you wade the murky waters of legalese.
Home Business: Learning from Your Mistakes
When we were tots we learned that if at first you don't succeed, you must try and try and try again. This will prove true for the determined entrepreneur. No matter how you've researched, planned and prepared for your home business venture, the reality is that failure is a possibility. It helps to embrace the challenge with a realistic point of view. It can happen! Determine before hand what your recourse will be if you do not succeed the first time. Learn from your mistakes.
Yes, failure is quite valuable and it is hoped that the second time around you will not repeat the first set of mistakes. The third time will be even easier. Bon voyage!
