Choosing A Home Business Opportunity – Starting Your Own Business
Choosing A Home Business Opportunity: Millions of people are desperate to escape the 9 to 5 grind. One popular alternative is to consider a business opportunity that turns you from an employee into a self-employed entrepreneur running your very own business.
There are many good reasons why this are a wise move. Being your own boss means you can set your own hours. This might be vital if you have small children, or simply wish to spend more time at home. Working from home can also save valuable time, if the alternative is spending two or three hours every day commuting backwards and forwards to your work place. And of course, working for yourself also gives you the opportunity to earn a whole lot more money.
In other words, being your own boss gives you that valuable commodity called freedom. It sets you without the limitations of being other people’s paid employee, and in return makes you tasked with your own future. As a self-employed entrepreneur you are free to set your own hours, establish your own work habits, choose what work you will do or will not do, create your own products, obtain your own customers, and do what you have to do to make those customers happy.
And perhaps most importantly, when you are self-employed you are free to set your own prices and make as much or as little income as you are able. You will not have to answer to anyone besides yourself, your suppliers, and obviously, the ever-present taxman, after you become successful.
Choosing A Home Business Opportunity: : The best way to begin– Two Alternatives
There are two obvious ways you can take on starting your own business. The first way is to quit your day job and launch full bore into your new business. We’ll call this the “All or Nothing Approach”. The second way is to continue on with your current employment and develop a business on the side, in your spare time. We’ll call this the “Spare Time Approach”.
Depending on your point of view, taking the All or Nothing Approach can be either an act of bravery or just plain recklessness. That’s because once you leave your previous employment your source of income will be gone and you will have a limited amount of time to make your business work.
An acquantance of mine was able to step from his quasi-government job into a private consulting business because he spent the last few months of his employment developing leads and contacts within his industry. When he went on his own he had customers waiting in the wings and was able to more than double his income in his very first year.
Nor do most of us have the opportunity to use our present employment to build a launching pad of potential customers before we take off into the wild blue yonder of self-employment. Most of us are starting from scratch with a few vague ideas, a questionable set of yet-to-be-defined skills, and severly limited income.
That is why the Spare Time Approach is best for most new self-employed entrepreneurs. The Spare Time Approach lets you test your ideas, develop your skills, and build your business slowly. If you are unsure about the services or products you intend to sell, the Spare Time Approach lets you try out different merchandise and see how well they fit in with your overall objectives. Often new entrepreneurs find that their first ideas are not realistic, or there is no market for the services they want to provide. Or they find they can not charge enough to make any money providing the product and services they have chosen.
Choosing A Home Business Opportunity: Choose your product carefully
Like all new entrepreneurs, whether you take the “all or nothing approach” or the “spare time approach” you should be very tight-fisted with your limited resources. That means do not invest any lots of money in a product or business idea until you have checked it out thoroughly. The best way to “check it out” is to:.
– Speak to people who are already selling the product or service.
– Establish the credibility of the person or company providing the product or service.
– Make sure the company provides on-going support for their product( s).
– Make certain there are no hidden or unexpected costs (such as franchise fees) that will eat away your profits.
This applies whether you are looking at an online product such as an MLM or affiliate scheme, or a more traditional product or service aimed only at local customers.
The idea behind this product is that it provides new entrepreneurs the opportunity to set up an advertising service for local businesses. Local advertisers can place their business cards in one of the compartments in the displays across the network.
Sure, it’s not everybody’s taste. For someone willing to put in a few months of hard work at the beginning, it is a pretty easy way to create a business that will return a handsome income for years to come.
He will also provide testimonials and contact information from real people whom you can ask how well the product is working for them. And to top it off, he uses the product himself in a network of over 40 displays, and can provide hands-on information about how it actually works in a real-life situations.
This is pretty rare in the world of “business opportunities”. Many are run by “take the money and run” types who make wildly exaggerated claims about how successful you can be. But in most cases they have never actually made the idea work for themselves.
Many products are simply bogus ideas with no hope of working. No matter how hard you work, or how committed you are to being successful, if you choose the wrong product you will be operating with a millstone around your neck.