With the development of various technologies and with low
start up costs it has become much easier today for Entrepreneurs
to start a Home Based Business. It is estimated that in USA
alone there are over 40 million Home Based Businesses. Home
Based Businesses represent 63% of all Small Businesses. Furthermore
over 75% of these businesses are operated on a part-time basis.
Some of the reasons generally attributed for starting a Home
Based Business are; the fulfillment of a dream, the necessity
for an additional income or to have a back up income in the
event of losing the present secure job. A reason that is more
universal is that most people love to own and run a Home Based
Business and would like to experience the thrill and excitement
of operating a business from home either full-time or part-time.
The majority of those who come under the last category are
often under the misconception that it needs very little effort
to operate a business from home.
If you have an idea of starting a Home Based Business it is
advisable that you should start by running it on a part-time
basis while continuing to work on your full-time job. There
are several very compelling reasons for adopting this part-time
business strategy. I shall enumerate the most important ones
below.
In spite of your enthusiasm and determination to succeed
in your Home Based Business, your attempt could end up in
failure for various reasons. In such an event you could
always fall back on your full-time job. Talking about failure
can be disconcerting to some but you have to be prepared
for any eventuality.
By starting as a part-time business, your investment
both in finance and time will naturally be small thus minimizing
the risk involved.
While in the process of establishing your Home Based
Business, you still have to settle your monthly bills. It
is the full-time job that can help you tide over this situation
especially during the early months of your part-time business.
If you start making profits early in your business then
build up a reserve fund to start your full-time home based
business.
The very thought of your having a regular full-time job
with a steady income will give you the confidence to take
a reasonable amount of risk in your part-time home based
business. This will not be possible otherwise.
The presence of a full-time job means that you will not
be under excess pressure to perform in your pat-time business
for your survival. You can learn business skills, acquire
business knowledge and grow gradually at your own pace.
By holding on to your full-time job you can continue
to enjoy the benefits of health insurance, leave and other
benefits till you establish yourself in your part-time business.
In the event of sustaining loses in your business during
the first year or two; these could be written off when submitting
your tax returns.
It is much easier to obtain bank loans, credit card facilities
and other financial benefits for your business while you
are in employment. Why not take advantage of this and grow
your home based business while you are in employment.
If your intention is to become a home based business
entrepreneur one day, then make use of your full-time job
and lay the foundation for your home based business by making
the necessary contacts with people who could be useful to
your future business and could also end up as customers.
You should of course ensure that your actions do not come
in conflict with the Management policies of your employer.
Quitting your full-time job one day and starting a full-time
home based business the following day could end up in chaos
and disaster unless you have very strong support from experienced
entrepreneurs. On the other hand if done gradually transition
from full time job to full time home based business becomes
much easier.
Having said the above, it has to be mentioned that there
are ofcource certain disadvantages in the method indicated.
Doing a full-time job and running a part-time home based business
can be strenuous and you can experience burnout and consequently
neglect either you business, job or even both.
Excessive indulgence in your part-time business can eventually
lead to under performing in your full-time job, thereby creating
problems with your Boss or Employer.
You will have to sacrifice much of your precious family time
for the sake of your home based business.
Success in your home based business or for that matter in
any business does not come easily. It requires hard work,
sacrifice, dedication and determination. Above all you have
to be passionate about what you are doing.
Many great businesses have grown from small beginnings including
the Giant Amazon.com. Start sowing the seeds of your home
based business while you are in employment, watch it germinate,
look after it with tender care, be passionate about it and
watch it bearing the fruits of your labor. Enjoy the fruits
of your labor and when the time is ripe, quit your full time
job. That’s it, keep growing and establish yourself as
a successful home based business entrepreneur. This then is
the Smart way to Success.
Kanaga Siva has a wealth of experience in Marketing
and also running a Home Based Business. Visit his internet
marketing website
http://www.business-fromhome.com for Articles, Resources
and Advice to start a Home Based Business.
