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.
1. 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.
2. By starting as a part-time business, your investment
both in finance and time will naturally be small thus minimizing the risk involved.
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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 of course 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.
Copyright © 2005 Kanaga Siva. |
