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MY
WEALTH
Home Based Business
Posted: Oct 2008
Whenever
you read papers or browsing
through the internet, you can
find advertisements that offers
you self employment. They offer
you different types of home
based business, promising you some
amount that you can earn.
Sometimes they promise you huge
amounts with little time and
effort spent. On the other hand,
you can get self-employed and
start up the home based business by
your self, without having
somebody to include you in some
home employment system.
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how good is idea
about working at
your home? Is it a
better solution
compared to regular
daily job. There are
advantages and
disadvantages for
both. When you are
employed, your
earning and working
time are more or
less defined. Risk
of loosing the job
always exists, but
is on usually
relatively small.
Home based business gives
you more
opportunities for
making profit, but
also is bringing the
risk of business
failure. At same
time, working time
can be long, since
there is no clear
difference before
your working and
private time, as you have both in one
place.
You
should be careful
when you are
considering quitting
a daily job and
starting a home
business. As an
auxiliary source of
income it is OK to
work at home, but in
most of the cases it
is not sufficient
and not reliable
enough. Many people
on internet and
paper ads are
teasing you to give
up daily job and
start home base
business. But only
small number of home
entrepreneurs is successful |
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If you want to
embark the home
business journey, be
sure that you secure
the following.
*
Home Based Business should
give you the
advantage over
employment.
*
You should have
product or service
that has demand for
on market.
*
You need to have
customers base.
*
Try to distinguish
private life and
business, although
both are connected
to your home.
*
Utilize areas of
your personal
strength
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Home
Based business sounds as a good
alternative to regular daily
job. But you should be careful
about a few things:
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- Not
all home based business
entrepreneurs are
successful. As in any
business there are
successes and
failures. In reality
there are more
failures. Therefore,
do not consider home
based business as a
some kind of relief
from regular
employment. It has
it's dangers as well
the opportunities too,
as any job has.
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- Home
based business should give
you an advantage over
regular employment,
meaning more income,
more free time, and
flexibility. If it
does not bring any
advantage, does it
worth?
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- When
comparing home based business and regular
employment, take into
consideration social
and pension insurance
and tax. Are you
providing any
retirement to your
self after you quit?
Consider all these
costs before
experimenting with
home based
self-employment.
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- Home
based business
requires investment
into knowledge and
equipment. You should
evaluate does the
earning justify this
investment. Try to
find out how
successful is the home
business and what was
the start up
investment of those
people.
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- Home
based business can be
good as an auxiliary
source of income, on
top of regular salary.
When you have multiple
streams of incomes
they add up
progressively. Simply,
that is the power of
synergy, 1+1=3. Also,
by having multiple
streams of incomes,
you are less dependant
on single stream. So,
if one stream of
income is gone for
some reason, you have
other(s) income
streams that will help
you to pass problem of
loosing one of them.
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- You
are making business
and your life in the
same space – your
home. In such
situation it is
difficult to
distinguish where is
the line between these
two. Loosing this line
is a dangerous,
because soon you might
feel fed up of all of
it and you might want
to quit this situation
and start something
new.
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- When
starting with home
based business, try to find
something that suits
you, something that
you enjoy working.
This will give you the
boost to whatever you
do, since passion
gives devotion.
Devotion to something
gives the result. When
you like working
something, you will do
it more successful and
with less effort, than
something that you
dislike working.
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There
are many home-based activities
that can be done after you are
done with regular daily job. You
can do writing, blogging,
developing web pages,
programming, consulting. These
jobs can be done at any time.
On
the other hand, if you choose
some jobs that require meeting
customers or finishing some job
during a day, like carpenter,
mechanic or tailor, it can be
difficult to do it parallel to
regular job.
Finally,
decision about going into home
based business is up to you. But if
you are currently employed, try
not to quit current your job
because of home business.
Instead, try to develop home
based business during your free time.
If it works, then you can
consider quitting the job and
becoming self employed. Also,
you can keep the both, if you
can allow it, considering your
personal strength and resources.
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