Choosing the Best Home Based Business for You
by Jim Eastman
Do you want to start a homebased business, but aren't sure what's the best home
based business for you? You're not alone! Lots of people have wished for their
own work at home business. But of course the "dreaming" is the easy part.
Selecting exactly which and what kind of business to start is quite different.
But it's easier than you may imagine. The task becomes a lot simpler when you
can examine the many choices by examining the advantages and disadvantages of each.
If you haven't decided yet here are a few factors to consider that might make
your task a little easier.
1. Startup Costs
One of the drawbacks to many home businesses is the initial expense. No doubt
you've seen lots of "business opportunities" that claim you can start for
"free." Don't believe it for a minute! Nothing is ever "free".
You'll want to look for a possible home business that has minimal start up cost.
But veer away from those opportunities where initial costs seem unrealistic.
Examine these offers with a very critical eye.
2. Time to Become Profitable
A major drawback of many business opportunities is the time period needed to
begin turning a profit. Although it varies, it can take anywhere from days to
months - or even years - to earn enough money to even recoup your initial investment.
Of course the time needed to recoup your investment will also depend on just how
great that initial investment was. But in any event you'll want to select a business
that will begin turning a profit sooner rather than later.
3. Ability to Start While Maintaining Your Current Job
The problem with a lot of business start-ups is they put you in an untenable
situation money wise. No matter how quickly a new business becomes profitable,
there's still a period of time when there'll be no profits coming in.
If you need your job to pay the bills, you can't quit your job until your
business lets you earn enough money to pay your living expenses. But at the same
time your job doesn't allow you the free time necessary to start your business!
The best home based business option then is to find a business you can start and
operate part time while continuing your job, until you're making enough to quit
and devote full time to your business.
4. Operating Costs and Profit Margins
In addition to initial expenses, you'll also need money to run your business on
a continuing basis. Do a careful analysis of what it will cost you to operate
the business of your choice. Choose one that will allow you a comfortable profit
margin AFTER operating expenses.
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