Home Based Business Opportunities
Today, I want to talk to you about 10 things you should know before, choosing home based business opportunities. You could be looking to retire or heading into retirement. Maybe you want to quit the 9 to 5 grind. Are you feeling as if you want to get more out of life? Maybe, you’re in a corporate world and longing for more. Is that you want to control your own time, freedom, and money?
Regardless, in your current situation, these are some things you should know before starting a home-based business.
Before, I do go into the 10 things that are important to consider when looking into home based business opportunities.
Let’s discuss some facts when it comes to an online home based business.
Facts About an Online Home Based Business
Home-based businesses look very attractive. According to marketingandbizpro.com, Business Bullet, (source) Home based business has been known to generate $427 billion dollars a year. Wow! That is more than a lot of industries out there.
What does the SBA have to say? The United States Small Business Administration (source) estimates that more than half of the small businesses out there are, at least 52% home based.
In 2013, according to SBA there are 28.8 million small business owners. (source) The home business ownership is relatively constant according to SBA. They state 60.1% without paid employees are home-based. I’m sure the numbers have changed by now because this report is from 2013.
Why do Most People Choose an Online Home Based Business:
The marketingandbizpro.com, Business Bullet, (source) also states that:
- 98% of the people are happier working from home
- 96% would actually recommend working from home
- 88% would not return to the corporate world
Could it be that home-based business owners enjoy the following:
- They live on their own terms, work their own hours, and they do this from any location
- Low-cost start-up, well at least lower than a franchise
- And maybe it is the fact that they are their own boss
The most attractive aspect of working for yourself at home is the low effective startup cost, compared to a franchise. It is way cheaper to start an online home based business than, it is a local franchise.
Have You Ever Looked into Starting a Franchise?
If you have never researched how much it cost to start a franchise. You may want to look into the details of what it will take to start one. The information is surprising. There are a lot of requirements you’ll have to meet, one is your credit must pass the test. Two is you’ll have to get approved, go through the application process, and have a business plan.
There are so many requirements for starting a franchise that they can not all be listed here. I did a report earlier this year on starting a local Pizza Hut. Why did I choose Pizza Hut, well because, pizza is one of the most popular foods that Americans consumes.
If you were to start a Pizza Hut franchise, the numbers are outrageous.
The entire process could take 1 whole year to get approved and that is if you are even approved.
The cost could run anywhere from the low $100k up to the high $300k.
With that being said an online home based business is very cost effective, in some cases you can get started with your online business for free. Of course, this was not the entire report that I did write about but you get my drift. Do you see the potential in a home-based business versus a franchise?
10 Things To Consider When Choosing a Home Based Business:
Work From Any Location
Choose a business that you can work from anywhere, anytime, no matter where you’re located. Most of all choose a business that you are passionate about and it can help you live the life of your dreams.
It has to have a proven system. Have people actually made money with the system? How trustworthy is the company? Is there support?
A supportive community, you’ll want to surround yourself with like-minded people. It is hard to survive in entrepreneurship without being surrounded by people who are trying to accomplish similar goals as you.
Coaching and Mentorship
Coaches and Mentors, coaches and mentors can be helpful because they been where you are trying to get. They can share their expert information with you, to help you get where you would like to be. They guide you along the way! Sometimes a great community of expert entrepreneurs can help with coaching and mentoring.
Choose a business that works with your budget! Like at Wealthy Affiliate you can get started for free. I’m sure that works for everyone’s budget because it’s FREE to get started.
Can you reach out and talk to someone within the business. Not, all home-based businesses are created equal. Some home based business you can not talk to anyone because there is no community to talk too.
Can you Commit To it?
Make sure the business you choose allows you to be fully prepared to commit to it. You’ll want to be in this for the long haul.
What’s Your Why?
Remember your why? Why did you get started in the first place? What motivates you? What keeps you going regardless of what happens? Knowing your why is important. This can help you when obstacles arise. Your why will keep you going forward through tough times.
Treat it Like a Business
A home-based business is not a job! You have to treat it as a business. What you put in it, is what you will get out of it…
Put in Work First
Most importantly, you’ll need to know that unlike a job. No one can predict when you’ll get paid. Your work ethics and my work ethics are two different things.
There is no business owner in history who knew when the money would start flowing in.
The same trait those business owners had in common was that they never gave up, even if the road got a little rocky. So, keep that in mind when you choose to go into business for yourself.
And, here is a bonus…your mindset! Your mindset has got to shift from thinking like an employee to a business owner. I say it like this because, well an employee mindset and a business owner mindset are two different worlds. When you decide to go into business for yourself you are a business owner an entrepreneur. No longer an employee!
As an employee, we are taught to stick with certain schedules. Work on certain terms, and follow certain directions. We were also taught that once we work and do our job duties, there is a set pay that we can look forward too.
We all know when and how much we’ll get paid for completing the task. Training is also covered as an employee. The only responsibilities we have when working for others is to show up on time, do the job, and stay on task. Baam! then you can expect a check at your normal scheduled timing.
In the online business world, it’s different. You won’t have a boss. You are the boss! No one can fire you. You wouldn’t fire yourself, right? Of course, not. As being your own boss there will be no one there to force you to get up out of bed and work. There is no set schedule. You’ll pick and choose the times you want to work. If you don’t feel like working one day, you don’t have to it’s your choice.
This one right here can be hard for some folks! You’ll be working alone. You won’t have any co-workers walking around talking to you. Normally, training is provided but in a home based business, you’ll have to find your own training materials unless the online business you choose comes with this feature.
And, the cost of running a business is in your hands. That means advertising, tools, domains, professional email, and home office equipment, if you don’t all ready have it.
How Long Does it Take?
Oh yeah! and your pay. As a business owner, we put in the work up front and reap the benefits later. When will you reap the benefits? Like I said it is really hard to say. I’ve heard of entrepreneurs building an online business for well over 18 months and not once did they see a single dime. Today, their millionaires.
I’ve also heard of entrepreneurs seeing their first dime within 3 months. To be honest no one can answer this question. Although, you’ll hear a lot of promises on the internet saying you make your first $1k within 30 days. I would not fall for that hype. Everything is solely based on your work ethics and timing.
Celebrate The Small Wins
Success in your home based business should not be solely based off of how much money you will make. When you reach the littlest milestones you should be proud of yourself and of your accomplishments. Celebrate the small wins.
Who is A Home Based Business For?
A home-based business can be for mostly anyone. Usually, you’ll have to be 18 years of age. You’ll also have to have a burning drive to make it work. It won’t always go as smooth as you think but, as long as you keep pushing forward you’ll be just fine. It does require time, determination, and hard work to see any kind of success in a home-based business.
Most of the time we are harder on ourselves than anyone else. Trust yourself, believe in yourself, and a home-based opportunity could be for you.
What Would I Recommend
I recommend starting with a business that offers you the most advantage. It has to fit your budget, and you will have to feel comfortable with the system that they run. I also recommend starting a home-based business where there is a community that supports you. Can someone be reached at all times? or do you have to wait for a response via email?
Will you receive training? What kind of training is it? Training is essential when it comes to online marketing. There is a lot to learn and I do mean a lot to learn. You’ll need a decent amount of training to start with. Some home-based businesses do not give you all the training upfront without charging additional fees.
Oh, the budget! This is important not every home based business will fit everyone’s budget. I didn’t know this when I first started online but, I wish someone would have taught me these things before, I just jumped into running a home-based business. And, that is why I wrote about this article today, it started with me writing on my Wealthy Affiliate blog but, then I decided to write an article here.
You’ll Learn Along The Way
I started with a totally different business than I run today before I realized, that it did not fit my budget at the time. I’m not saying that the business I started with will never work, it just won’t work right now.
Some companies provide tools to help you get started. This is the main reason why I highly recommend starting with Wealthy Affiliate. The tools, training and a supportive community is there. It’s so much value in the community it’s unreal. You can get started for free and receive two websites that same day. Free definitely fits the budget.
The best part is you’ll be doing what you love best, because, you’ll choose your own passion or interest. By choosing your own interest, you will be fully committed to your online business.
Wealthy Affiliate is a proven system, many people have seen success by following the action based step by step training. I myself have seen success. And most importantly you can work from any location, anytime and on your own terms.
If you had other business opportunities in mind, no problem. The WA community can still teach you almost anything you need to know which, might help with your other business opportunities.
If you would like to read more about my review on Wealthy Affiliate please click here to read the review.
How do you like being a home based business owner? I would love to hear your thoughts…😉
Welp that is all from me folks! Thank you for stopping by. If you found anything in this post to be helpful. Please do share it with your friends and family.
If you have any questions or comments. Please feel free to share them below. I would be glad to help you out and I also love hearing from you… And yes, I do respond.
As always stay awesome and have a fantastic day! 😉
Until, next time…