Home-based businesses are on the rise because of the number of people who are not working in the mainstream right now. That sounds like the ideal way to supplement your income and stay afloat until you find another job or make your fortune on the internet. Unfortunately it is not quite as easy as it sounds.
The primary problems with starting your own business are sometimes the simple ones that are overlooked. Your have a great idea, a perfect product, a kick-butt website and you are on your way. Not quite!
First and foremost, how committed are you to this business? Do you really love what you are about to be involved in? Good businesses often take years to develop into a truly profitable enterprise. Overnight success is a myth. You must be willing to do your homework before you start and bend and change to the demands of your particular enterprise. It will require an investment of some money and a lot of time. Are you able to maintain your lifestyle and be flexible?
Secondly, and just as important, are you a self-starter? Are you willing to put the time and effort into this business on a daily basis? Can your schedule of every day life give you the time to cram business in between taking the kids to school, ballet lessons, soccer games, and shopping for food? When you get up in the morning are you ready to go to work or do you have to watch the Today Show first? Arranging time is truly one of the hardest parts of working from home. You must be able to schedule the required number of hours needed to run and develop the business consistently. That is a breeze when you are excited and pumped about what you are doing, but will you be just as consistent three months from now, six months or even a year from now? This reality check is absolutely necessary before you invest your time and money.
Many of the home-based enterprises don’t realize that there are county or state regulations or licenses involved in their operation. Physical or online businesses can both be subject to regulation. Some states now require sales tax be collected for online sales. A thorough check of your Board of Equalization will help to determine what is required. Better to deal with it first rather than have your business shut down or fined because you didn’t know.
There is no substitute for preparation. A thriving and successful business is worth the effort.
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