This morning I was listening to the radio and the news reporter indicated that 75% of respondents (3 out of every 4) have contemplated developing their own business. More than 50% of the respondents said they hoped to actually act on their dreams within three years.
When it comes to home based business there is no lack for interested individuals. However, there needs to be significant research and thought into how to fund and operate the business in order to give it the best chance to succeed.
Sometimes home businesses begin as a result of an enthusiastic coffee conversation. The infusion of caffeine often provides the artificial boost that convinces an individual their business idea is not only a good one, but one that will result in significant wealth.
One of the best rules of thumb when developing a home-based business is to save (accumulate) up to a years worth of capital to operate the business. If you can get past the first year you have a much stronger chance of survival.
If you’re married you should consider asking for the opinion of your spouse. Often a spouse can help put the business idea in perspective, they may also caution a more even approach to the business model. Often in marriage the spouse we choose has strengths that we can use to help make the best choice.
I heard someone say, “If you and your spouse always agree, one of you isn’t necessary.” The varied backgrounds and interests in marriage make it possible for husbands and wives to work together to make an informed business decision.
Sometimes when you feel most desperate it is advisable to stop and take the time to reflect on what you are doing, why you are doing it and if the home-based business really matches your specific passions and skills. Market research can allow you the opportunity to really assess how much interest there may be in your idea.
If you can take the time to reflect on your idea, ask for input, and take an honest look at the chance of success for the business you will have a better opportunity to work together with your family at building a business that has the support of every member.
Home-based business has a long and respected history. There are very real benefits in owning a home-based business, but if you can take the time to understand what you will face and have a tentative plan on how to respond to problems you can make home-based business a family enterprise with promise.