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A Home Business WorksHomeschool-Success.com |
Home Business OptionsOne of the challenges that a lot people face when considering homeschooling is financial. If two parents are currently working, how will you continue to pay the bills while homeschooling. Some families decide to work different shifts or rely on relatives to take care of and oversee the homeschooling while are at work, but many look into the option of working from home. I think having a home business fits in so well with homeschooling. Your business can be part of your children's education. They can learn about business by seeing you work and can help out with the business. Schools teach students how to become employees not how to be an entrepreneur. Read Rich Dad, Poor Dad by Robert Kiyosaki if you are interested in how the public school systems perpetuate the mentality of working for others. A home business can really help your children have a better understanding of finance as well as give your family more time together and flexibility. Minding Your Own Business, as well as other books by Dr. Raymond Moore and Dorothy Moore, talk about the benefits of having a home business while homeschooling. They are great homeschooling resources too. Selecting the right kind of business is a difficult process for anyone looking for a home business. Many dream of starting their own businesses, but never get further than dreaming because they do not know what business to engage in. Search the internet and you'll find a multitude of business opportunities, but how do you know the which ones are legitimate opportunities, which are just hype, or if they are right for you? Here are some tips on selecting the home business most suited for you. EXPLORE YOUR OPTIONS AND BECOME EDUCATED Instead of choosing the first business that comes to mind, take time to explore various options. Check out other business ideas! Read books providing ideas for possible home-based or small business, and trade magazine articles on trends and market demands. See education and training for more information. DOES THE BUSINESS HAVE LONG TERM GROWTH POTENTIAL If you are looking at a company to join with as an independent representative, how long has the company been around? If the company is less than 3 years old, the failure rate is much higher. You don't want to spend time and money building a business only to have the company you are affiliated with go out of business. On the other hand, if the company has been around for a long period of time, a lot of people may have heard of it and have pre-conceived ideas about it. Also, the company may have already gone through its peak period of growth, which will make it harder for your to grow your business. FIND OUT WHAT TYPE OF BUSINESS APPEALS TO YOU MOST Determine your goals, interests, wants and capabilities. The important thing is that you must enjoy your business. The most successful entrepreneurs feel passionate about what they are doing. You cannot feel passionate (and hence more driven) about your business if you do not like it! CHOOSE A BUSINESS THAT IS PROFITABLE AS WELL AS PERSONALLY SATISIFYING While you may have passion for your hobby or craft, always consider its business potentials. Do you think there is a demand for it? Is it a unique product or service which can't be obtain more easily or cheaply elsewhere? Will it bring you recurring income? How saturated is the market? Are there barriers to entry? Start a business that you think has a solid potential to be profitable. CAN YOU HANDLE ALL ASPECTS OF THE BUSINESS YOURSELF In a traditional small business, when you start your new small business, you may not have the luxury of a full-time staff complement to help out in some aspects of the business, or you may not want have the hassles of having employees. Instead of simply focusing on the strategic direction of the business, you may be required to collect receivables, track expenses, cold call customers, and do thousands of other tasks. Be aware of the other tasks that you have to do in your business. Can you leverage your time? Can you delegate to others, and is there added expense in doing so or is that one of the benefits of the business? CAN YOU CREATE RESIDUAL INCOME If you want to improve your finances and lifestyle with your business, you want to be able to leverage your time and create an income that continues to come in whether you are able to work or not. Any business will take time and effort to build but after 5 years will you be able to cut back your work time and still have your income continue and grow? You don't want to be putting in longer hours than your former job or have no free time. WHERE WILL YOUR WORK AREA BE AND DOES THE AREA YOU HAVE FIT THE BUSINESS Draw a layout of your intended work area to see how it will fit into its allotted space into your home. Remember, you are starting a business at home to save on overhead costs, so make use of every possible nook and cranny that you can use in your house. If you want to start a cake decorating business, you need to have a large kitchen. Forget about starting a dance instruction class if you live in a studio apartment! Make sure you designate an area exclusive for your business for tax reasons. You don't have to have a separate room, but you are able to deduct a percentage of your mortgage or rent and utilities if the area is used exclusively for business. (See this article in Entrepeneur magazine for home business tax advantages) ARE THERE ANY EXTRA RISKS OR EXPENSES Some businesses may require insurance. Check with an insurance agent to determine the kind of insurance coverage the business is going to need. It is good planning to determine what insurance is necessary to minimize your risks and protect your business. General categories of insurance include property, licensing, liability, health, disability, workers' compensation, and life insurance. ARE THERE ZONING CHALLENGES WITH YOUR BUSINESS Traditional small businesses may be affected by zoning laws and ordinances in your area. Visit your city hall or the planning office to see whether zoning regulations would prevent you from selecting a specific location. Carefully note the regulations governing business signs and types of businesses that are allowed at different locations. You do not want the city hall folks to come knocking down at your door asking you to cease operations after you have spent thousands decorating and equipping your business! For the most part if you don't have a large number of clients or customers coming to your home or have parking issues, you are fine. For network marketing businesses, this really isn't an issue. DOES THE BUSINESS FIT WELL WITH YOUR FAMILY AND LIFESTYLE Select a business whose organizational characteristics are compatible with yourself or your family. This is particularly important for homeschoolers. You should select a business that fits well with the schedule of your family. If you have a newborn baby in the house and your husband works full time, you should look for a business that would allow you to take care of your baby. Can you work primarily from home using the telephone and computer? If you have been home all day with the kids, letting dad have some time with the kids and having an hour or two away from home a couple evenings a week may be a benefit. CAN YOUR FAMILY BECOME INVOLVED IN THE BUSINESS If possible, get your family members involved in the business and have fun together working for its success! You can ask your kids to help in the packing of your product. Or your teen son can help design your Web site. Your spouse can help in negotiating with your clients. Having a home business is a tremendous learning experience for your children, so if you can find a business in which your family can become involved, it will benefit everyone.
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