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 it that you want to take control of your own time, freedom, and money?
Regardless, whatever your current situation is, 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 at 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 incfile. Home based business has been known to generate $427 billion dollars a year. Wow! That is more than a lot of industries out there.
They’re Cost Effective
Home Based Businesses are cost effective. Of course, if you have some start-up cost, it would be great but, according to Business News Daily. A home-based business cost less than $5,000 to start. I can agree with that.
Women Are More Likely To Start A Home Based Business
According to Small Biz Trendz, women are more likely to start a home-based business versus men. 72% of women are more likely to operate a home-based business, while 61% of men conduct a home-based business. After 3 1/2 years, 68% of those women are still running their home-based business, while 53% of men are still in business.
Home-Based Business Owners Enjoy The Following
- There’s no boss, no one to tell you what to do and how to do it.
- Low-cost start-up, well at least lower than a franchise.
- You’re doing what you like to do. Whenever you do what you love to do, you’re destined for happiness.
- No work attire, you’ll control that. Mainly, it can save money too.
- The tax advantages are significant. Read what balancesmb.com has to say.
- The ability to spend more time with your family, friends, or strangers, is possible with a home business.
- They write their own checks. As a home-based business owner, you get paid off of, your work ethics. What you put into it, is what you’ll get out of it.
The most attractive aspect of working for yourself at home is the low effective startup cost, compared to a franchise. It’s way cheaper to start a 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 many requirements you’ll have to meet, and 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 one whole year to get approved, and that is if you are even accepted.
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.
1. Community Support
A supportive community is something you’ll want to surround yourself with; (like-minded people). It’s hard to survive in entrepreneurship without being surrounded by people who are trying to accomplish similar goals as you. A community will help you stay focused while your own your journey to success.
2. Coaching and Mentorship
Coaches and Mentors can be helpful because they have been where you are trying to get. They can share their expert information with you, to help you understand, where you would like to be. They can also guide you along the way! Sometimes a great community of expert entrepreneurs can help with coaching and mentoring. It doesn’t have to be anything fancy. You just need someone that is willing to guide you or lend a helping hand when you need it the most.
3. Budget Friendly
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. Besides, one important, thing I learned along the way, is never to start a business that is out of your budget.
4. Assistance Availablity
Can you reach out and chat with someone within the business. Not, all home-based businesses are created equal. Some of them you can not talk to anyone because there is no community to speak too.
5. 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. Plus, it does take time, sacrifices, and real dedication.
6. 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 essential, this can help you when obstacles arise because they will occur. Anyhow, your why will keep you going forward through tough times.
7. Treat it Like a Business
A home-based business is not a job! You have to treat it as a business. You’ll be dealing with real people, products, and services. In addition, to this, you’ll want to build your brand from the very beginning.
8. 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. No business owner in history 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.
9. Your Mindset
So 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’re a business owner, an entrepreneur. You’re the running the show. People are looking up to you for support, answers, or solutions.
Anyhow, you’ll need to learn to become resourceful and learn how to network is one of the most significant traits you can acquire. No longer are you an employee! Eventually, you may be the one hiring employees. Who knows!
10. Transitioning From Employee To Entrepreneur
As an employee, we are taught to stick with individual schedules. Work on specific terms, and follow certain directions. Provided 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. Employee training provided. 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 regular scheduled timing.
On the other hand, 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! 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, and 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. Typically, training is provided, but in a home based business, you’ll have to find your own training materials unless the online company you choose comes with this feature.
Also, the cost of running a business is in your hands. That means advertising, tools, domains, professional emails, and home office equipment if you don’t already have it.
How Long Does it Take?
Oh yeah! Also, your pay. As a business owner, we put in the work up front and reap the benefits later. When will you receive the benefits? Like I said it is tough 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 three months. No one can answer this question.
Although, you’ll hear many promises on the internet saying you make your first $1k within 30 days. I would not fall for that hype. Everything is based on your work ethics and timing.
Celebrate The Small Wins
Success in your home based business shouldn’t be based on how much money you will make. When you reach the littlest milestones, you should be proud of yourself and your accomplishments. Celebrate the small wins.
Who is A Home Based Business For?
A home-based business can be for 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 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’s run.
I also recommend starting a home-based business where there is a community that supports you. Can someone be reached at all times? Alternatively, 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. Some home-based businesses do not give you all the training upfront without charging additional fees.
Oh, the budget! It’s 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.
That is why I wrote about this article today, and 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 different business than I run today. Then I realized, that it didn’t fit my budget at the time. I’m not saying that the company 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 are 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. I’m sure free fits the budget.
The best part is you’ll be doing what you love best, because, you’ll choose your passion or interest. By selecting your 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 have seen progress. Also, most importantly you can work from any location, anytime and on your 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.
In the Wealthy Affiliate community, there are even local business owners that learned to make a website for their local business, as well.
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…