Should you Start a Home-Based Business?
Andrea Stiles Pullas
If you are a woman with children or aging parents to take care of, but still need to earn an income, starting a home-based business may be a convenient way for you to be there for your family while continuing to bring in income.
For example, your love for baking and cooking may be a great idea for a catering business or working as a personal chef. Or if you are particularly good at a foreign language, math or any other subject, you could be a tutor. Women with a good eye for style could start an interior design business or a photography business. Creative folks may want to run a scrap-booking business, a gift-basket business or customer jewelry business. The options are endless.
Before getting started, you need to carefully consider if operating a home-based business is really for you.
Reality checkPeople who have never run their own business sometimes think that doing so will allow you to make a lot of money and take vacation when you like. The reality is that owning your own business is a TON of work – often requiring work 7 days/week, no profit for the first year, no vacation and you may discover that what you enjoy as a hobby is no fun as a job.
Running a business from your home also requires structure. You need to have a space where you can work without interruptions and you need to be able to discipline yourself so that you work efficiently. Because your workplace is in your home, you need to set clear limits on when you work and when you do not.
Skills and researchAfter considering these factors you decide that that you want to open a business, you will need to research your product or service. Who are you selling to? How are you selling? Who are your competitors?
You also need to understand the financial part of running a business such as how to keep records, how to budget for your business, and if you need financing you should start by looking at your credit. Remember, the higher your credit score, the more money you can usually borrow.
Organizations like ACCION help small business owners with financing and basic business skills. Your local Small Business Development Center can help you put together a business plan and get started.
Some of the most successful home-based businesses are:
TutoringPhotographyCustom jewelry creationMake gift-basketsCleaning servicesPet service businessesScrap-booking businessSell home-made baked goods
With a little bit of creativity, you too can turn one of your interests into a real income-earning occupation. To get started with your home-based business and apply for a small business loan, go to http://www.accionusa.org.
Andrea Stiles Pullas writes about building credit, small business loans and other financial tips for ACCION USA’s Your Money and You.
| View all items... | (Powered by: WP Amazon Ads) |