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My WealthHome Based Business

Posted Oct 2008

Try to develop home based business during your free time. If it works, then you can consider quitting the job and becoming self employed.

Whenever you read papers or browsing through the internet, you can find advertisements that offers you self employment. They offer you different types of home based business, promising you some amount that you can earn.

Sometimes they promise you huge amounts with little time and effort spent. On the other hand, you can get self-employed and start up the home based business by your self, without having somebody to include you in some home employment system.

But how good is idea about working at your home? Is it a better solution compared to regular daily job. There are advantages and disadvantages for both. When you are employed, your earning and working time are more or less defined. Risk of loosing the job always exists, but is on usually relatively small. Home based business gives you more opportunities for making profit, but also is bringing the risk of business failure. At same time, working time can be long, since there is no clear difference before your working and private time, as you have both in one place.

You should be careful when you are considering quitting a daily job and starting a home business. As an auxiliary source of income it is OK to work at home, but in most of the cases it is not sufficient and not reliable enough. Many people on internet and paper ads are teasing you to give up daily job and start home base business. But only small number of home entrepreneurs is successful

Home Based business sounds as a good alternative to regular daily job. But you should be careful about a few things:

  • Not all home based business entrepreneurs are successful. As in any business there are successes and failures. In reality there are more failures. Therefore, do not consider home based business as a some kind of relief from regular employment. It has it's dangers as well the opportunities too, as any job has.

  • Home based business should give you an advantage over regular employment, meaning more income, more free time, and flexibility. If it does not bring any advantage, does it worth?

  • When comparing home based business and regular employment, take into consideration social and pension insurance and tax. Are you providing any retirement to your self after you quit? Consider all these costs before experimenting with home based self-employment.

  • Home BusinessHome based business requires investment into knowledge and equipment. You should evaluate does the earning justify this investment. Try to find out how successful is the home business and what was the start up investment of those people.

    If you want to embark the home business journey, be sure that you secure the following.
    • Home Based Business should give you the advantage over employment.
    • You should have product or service that has demand for on market.
    • You need to have customers base.
    • Try to distinguish private life and business, although both are connected to your home.
    • Utilize areas of your personal strength

  • Home based business can be good as an auxiliary source of income, on top of regular salary. When you have multiple streams of incomes they add up progressively. Simply, that is the power of synergy, 1+1=3. Also, by having multiple streams of incomes, you are less dependant on single stream. So, if one stream of income is gone for some reason, you have other(s) income streams that will help you to pass problem of loosing one of them.

  • You are making business and your life in the same space – your home. In such situation it is difficult to distinguish where is the line between these two. Loosing this line is a dangerous, because soon you might feel fed up of all of it and you might want to quit this situation and start something new.

  • When starting with home based business, try to find something that suits you, something that you enjoy working. This will give you the boost to whatever you do, since passion gives devotion. Devotion to something gives the result. When you like working something, you will do it more successful and with less effort, than something that you dislike working.

There are many home-based activities that can be done after you are done with regular daily job. You can do writing, blogging, developing web pages, programming, consulting. These jobs can be done at any time.

On the other hand, if you choose some jobs that require meeting customers or finishing some job during a day, like carpenter, mechanic or tailor, it can be difficult to do it parallel to regular job.

Finally, decision about going into home based business is up to you. But if you are currently employed, try not to quit current your job because of home business. Instead, try to develop home based business during your free time. If it works, then you can consider quitting the job and becoming self employed. Also, you can keep the both, if you can allow it, considering your personal strength and resources.




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