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The "Home Based Business" Boom: How to Get Started! |
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by Barbara Theodosiou
In today’s frenetic world, women are faced with the dueling demands of career and family. Unlike past generations, most of us do not have the luxury of maintaining a single income household. As a result, the majority of women must confront the arduous challenge of juggling two full-time jobs simultaneously: career woman by day and wife and/or mother by night. All too often this leads to feelings of inner conflict, guilt, frustration, inadequacy and overall unhappiness that negatively impacts health, relationships and job efficacy. We all want to be the best wife and mom we can be while also finding professional success and financial freedom. Combined, this is a very tall order that is in very short supply. We are women – not “super-women” and it’s incumbent upon us to let go of outcomes and the urgency for perfection. Women, now more than ever before, are beginning to understand that in order to meet the needs of others, they must meet their own needs first. The subsequent question then becomes, where to begin?
Remarkably, the prescription might be right in front of you…actually, you might be living in it. The expansion of the home-based business market over the last several years is just what the doctor ordered. Once looked down upon as scams or schemes, today home-based businesses account for an astonishing 10% of the total receipts of the U.S. economy or about $427 billion a year. “That’s more than the pharmaceutical industry, food industry and consumer goods industry – combined! How? Due to the sheer number of people in business for themselves, who are now working from home, the extremely low start-up costs, flexible hours and the internet are fueling the growth.” (www.nbbta.org/homebiz)
A home-based business is any business in which the primary base of operations is located in the home. Increasingly, “traditional” professions such as lawyers, accountants and graphic designers, are being run from a primary residence rather than a separate office. However, while the business might be located at home, many home business owners don’t necessarily work “at home,” many still have to travel in order to provide services i.e. interior designers, IT trainers, personal fitness trainers etc…
If you’re intrigued and wondering how to start your own home-based business, here are essential steps to achieving success. Remember that this will take hard work and dedication on your part, but it’s well worth it, just ask the other 4.5 million people doing it as of 2003, according to the American Community Survey. (www.businesscreatorpro.com).
• Assess Your Aptitudes & Personality Traits: What are you really good at? What personality type are you? Common traits for success include being goal- oriented, self-motivated, confident and willing to take risks. Now, ask yourself, are you creative, analytical, a people person suited for sales or more reserved, preferring to stay behind the scenes? These are crucial factors in determining if a home-based business is right for you and if so, what type of business you choose. Make a list of your talents and a list of your current skills then combine the two to assist in generating some ideas.
• The Two Basic Types: Once you have some ideas, you then have to decide whether you want to provide products and/or services. Businesses providing products either produce them themselves or purchase them from a third party distributor/manufacturer i.e. jewelry, cosmetics, cookware, health products etc…for resale. Service based businesses provide a special service both from home and/or at the client’s location i.e. freelance writer, accountant, dog walker, financial advisor, publicist, virtual assistant etc…Which one will you choose? Don’t rush into anything. Make this decision thoughtfully.
• Distinguish Between Business Options: Franchise, Business Opportunity or Start-Up from scratch? First, you can invest in a franchise. As a “Franchisee” you would pay the “Franchisor” or Company for the right to sell it’s proprietary products and/or services. Initial investments and royalty fees can be high, sometimes in excess of $25,000 and corporate restrictions are limiting. Still, you do get the benefit of training, support and typically a known commodity.
Second, you can “buy into” a business opportunity. These are increasingly web- based opportunities, like SendOoutCards.com mentioned above. These business programs come with clear instructions and strategies for getting started and achieving success, after all, if you do well…then so does the umbrella company. Moreover, they require much smaller initial investments than a franchise, sometimes as low as $100. However, you need to be judicious about these kinds of opportunities before you sign on.
Third, you can start a brand new business from scratch but, like making homemade brownies instead of the break n’ bake, it can be messier, riskier and more costly. Starting something brand new means you won’t have any corporate restrictions or royalty fees but that also means you are on your own…no support, training, guidance and the financial burden rests with you and you alone. Still, starting a business all your own means you are in total control, responsible for all decisions and potentially all the rewards, financial and otherwise, if it succeeds.
• Make a Business Plan: A good business plan is essential for success. Set objectives and how you will achieve them. Include: a summary of the company objectives; market analysis; sales & marketing plan; projected expenses, revenue for the first 2 years; and your sources of financing. Keep it short and sweet. Remember this plan will serve as your guide later on as you walk the happy road to success. Note: These topics will be explored further in future articles as part of The Women’s Business Mastermind Group’s on-going series.
• Get The Facts: Be careful! Take the time to study all aspects of whichever business model you choose. That means thoroughly researching every angle of either; the target market for your product and/or service. For the alternate models, it means fastidiously investigating the business opportunity or franchise you will be buying into. How do you do this? Investigate the company’s history, credentials, earnings statement and management. Contact other investors. Be very clear on initial investment amounts and obtain all terms and conditions in writing. Finally, it never hurts to consult with a reputable attorney. Attorney’s can be expensive but it will almost assuredly save you money in the long run.
• Understanding The Benefits & Drawbacks: Now that you have a good foundation to start down the road to home-based business success, you have to seriously think about your work style and your family situation. How will running a home-based business affect your family and your relationships? If your family is supportive, that’s the first step, but think about other important factors: the consequences of a lack of separation between business and personal life; the need for good time management skills – finding a good balance between self-discipline and the freedom of being your own boss; and possible feelings of isolation. A home-based business is still a business only now, just as you will reap all the potential rewards, you will also shoulder all the pressure as well. Are you up to the task?
Hopefully this guideline has given you some valuable food for thought and has even started to de-mystify the world of home-based businesses for you. Home-based businesses are where it’s at, particularly with the expansion of legitimate web-based opportunities. Especially for women struggling to find balance, happiness and professional fulfillment, working from home is very often the answer they’ve been looking for.
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Barbara Theodosiou is the founder of Mommy Mentors. Mommy Mentors goal is to encourage and assist every woman to share her inspirations, hopes and dreams with other women throughout the world. We know that by sharing our weaknesses we can build strength, and by sharing our strengths we can become stronger. She is also runs a homebased greeting card business. To learn more visit www.mommymentors.com
Article Source: WAHM Articles
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