Is A Work From Home Business Right For You – One Dozen Things To Think About
A home based business is much more challenging than work at home jobs. Although, getting hired for home jobs can be challenging too; especially if you don’t possess the skills required for the position.
With a work from home business, you certainly need plenty of discipline, determination and the will power to WORK HARD day in and day out! If you have all these traits, then awesome. However, there still are many things to take into consideration. Hang tight to find out what they are. There are serious aspects to think about. You can’t just set up a home business and expect to get sales, clients, leads, etc. I sincerely hate to burst your bubble, as there is SO MUCH MORE to it!
One Dozen Things To Think About Before Starting a Home Business
1) Start Up Costs – This is a big one, so lots of advice to share. There are many businesses you can start for free such as a service based home business. You can get a graphics business or perhaps a freelance writing business going for virtually no costs to you (except maybe website registering and hosting).
However, if you have products to get completed and sell, there are costs involved. Do you have the start-up captial you need to invest into a work from home business? There needs to be sufficient funds for materials to create your products first. Without no products, of course, no business to get off the ground. There needs to be enough money to invest to make various products; such as – handmade jewelry, greeting cards, handmade clothing…it could be anything you enjoy creating.
2) Competitors – Make a note to be mindful of what others are doing with marketing and branding themselves. While you don’t want to copy them, however, try and at least market yourself as well as your competitors. You also want to try and do things better so that you stand out from the crowd. Try your best to be as innovative as possible with your business.
3) Turning Off Work Mode – This can be quite a challenge. It really is easy to stay in work mode after hours; especially if what you’ve come up with recently is being productive and bringing in the sales. Making money online is addictive. However, family and making a good home (for them) should come first.
4) Marketing Skills – You definitely need marketing skills to better reach your target market. If you have those skills, then you know that marketing on social media is one of the best and most widely used by the seasoned professionals. Creating consistent content on your website and email marketing are key ways to professionally market yourself as well. Just remember, consistency pays off!
5) Taxes – Ahh, you sure cant forget Uncle Sam! There is NOT a way to get out from paying taxes. If you’ve figured out a way, please let me know! Lol. If you’re doing well in your home business, then it’s best to pay estimated, .quarterly payments so you don’t have to come up with a large lump sum at tax time…no fun having to fork over large sums at once. If you’re just starting your business, you’ll need to meet with your tax advisor and talk.
Since I’ve been in business, I was horrified the first year I had to pay a large sum! Then of course, I was set up with estimated payments. Those payments suck, however it’s much better than having to pay large amounts all at one time.
6) Isolation – Working at home alone sometimes can be very isolating, especially for a woman with no husband and children to tend to. You will seriously need to consider this one long and hard. Are you ready for being at home often? Being out of touch with the outside world and your family and friends is sometimes extremely lonely.
7) Support From Family and Friends – Being alone and isolated from everyone is one thing, however, lack of support from your loved ones is heartbreaking.
8) Pricing – Charging for your products or services takes some careful thought. If the prices are reasonable, try and mark your prices slightly lower than your competitors. Also, make sure you are not overly under-pricing yourself.
9) Replacing Your On-Site Income – This is the one that is most unrealistic and most doubtful… ( sometimes). In some cases it’s being at the right place (or website) at the right time. Most often, it is quite challenging to replace the income you were bringing in with your outside- the-home job. However, it’s so crucial to NOT quit your job until you are replacing that income. You can choose to establish your business slowly while still working your brick and mortar job.
10) Patience – This is a tough one. A vast number of people simply don’t have the patience it takes to make a home based income successful. It certainly takes (a want to, bad enough) attitude. It takes a real go-getter! If you have these qualities, you are more inclined to succeed.
11) Willingness To Learn New Selling Strategies – Are you willing to let people critic your selling skills and strategies. Everyone must experience this learning curve. Or…you may be someone who has this experience of (marketing) to begin with. Just remember; the right marketing strategies are the most important elements of your business.
12) Passion For What You’re Selling – This is important, however, you may not think it is. If you’re selling a product, it certainly helps to purchase that same product, and have a deep enough passion for it to essentially make selling less difficult.
The (3) most important elements above are start-up costs, patience and passion for your products to actually make a home office opportunity work.
Wishing You Much Success!