Warning! If You are Starting a Home Based Business-Find Out If You have What it Takes.

So you’ve been working for the man for who knows how long and you are tired of seeing people getting rich while you keep slaving away for a paycheck. You want to start a home based business. Consider these top five tips before you quit your day job.

1. What have you been doing? You have a few years of work experience under your belt and you consider yourself really good at what you do.

Take a self inventory of your skill set and write down your strengths and weaknesses. For example, if you have been in the construction business then figure out specifically what you want to focus on. Are you better at installing floors or painting?

2. What do you like to do? If you’ve been in a career that you just flat out want to dump then you need to figure out what you like to do. Many people started big businesses because of their hobby. When you do this you are working passionately in an industry that will never feel like work.

Word of warning, I have known people to throw their selves into their passion to find out later they don’t really enjoy making a living at what was once their hobbies. Your forced to make a living then.

3. What are you good at? This sounds similar to tip number two. The difference is that maybe you are good at managing and training people but you are fed up with baby-sitting grown adults. In that scenario it would be a good idea to assess why you are good at something that you don’t like. Maybe you can turn that talent into some sort of home based business venture.

4. How are you going to get customers? Ahhhhhhhhhhhh, the all important question. On the surface it sounds pretty simple. Start buying advertising everywhere and the telephone will ring. Right? Unfortunately, it’s not that easy. If it was, then everybody would be doing it.

Marketing your business can drain your bank account and put you right back where you didn’t want to be. Working for someone else.

Do some research with other similar business in your industry and find out what they are doing and steal their ideas. Stealing ideas is welcome and encouraged. Just don’t copy if copying will be protected.

5. Everything else. Everything else includes proper licensing, what type of business you will file. That’s important because you will have different tax considerations you hadn’t had to think about before.

Are you going to be partners with someone else because they are strong in the areas you are weak and vice versa. Maybe you will just fly the ship solo.

One of the biggest challenges of starting a home based business is that it’s real easy to either be working all the time because you never get away from your office.

The other challenge and probably the biggest challenge is that your new co-workers are the refrigerator, couch and the TV and the discipline you have for the last umpteen years is now gone.

You’ll also want to join networks, go to lead groups, join the chamber or anything else that will keep you in front of people and potential clients.

One type of business that you should seriously consider is a network marketing company. Why? If you join a company that has a cookie cutter marketing system it could really speed up your success.

The days of hanging around grocery stores trying to recruit people into a network marketing company are quickly dwindling.

Here’s to your crazy success

Comments

Jill Yacobucci

Right on David! Good advice! So many people just jump in a business without doing their due diligence. Do your homework, find out if it is right for you and if not then find a business that will utilize skills you are good at and love to do!

Elton

All things said and done, with an experience of more than 17 years in Direct Sales I feel what matters most these days is a solid base, i.e. your marketing tools. I was looking for an online marketing system for my team and I was getting quotes from $5K-$15K!!! and 1-3 months of time to develop. A friend of mine told me about iBoostBiz. They offer many turn-key lead capture sites, everything from Travel, Weight Loss, Energy Deregulation, and more. With iBoostBiz, I was able to set up my system in an hour for just $60.

Alexandra Greene

This post really resonates with me! Starting a business from home can be daunting, but it’s great to see practical advice laid out like this. Thank you for sharing such valuable insights!

Marcus Taylor

I’m a bit skeptical about how easy it is to find customers for a home-based business, especially in today’s market. Do you have any real-life examples or success stories that can back up these tips?

Priya Patel

This is incredibly helpful! I’ve been considering starting a home-based business but wasn’t sure where to begin. Could you elaborate more on finding a niche? That’s where I’m struggling.

Michael L.

While the post makes some good points, I think it downplays the financial risks involved in starting a business. It’s not as easy as taking a self-inventory and finding clients—there’s a lot more to it.

Sarah Bennett

Dave, great post! It’s been ages—how have you been? We should catch up soon! I’ve been meaning to pick your brain about some business ideas I’ve had.

John Silva

This reminded me of when I started my own home-based business a few years ago. It was tough, but tips like these kept me motivated. It’s all about consistency and passion, just like you mentioned.

Rebecca Sanchez

For those looking to dive into the world of home-based businesses, I recommend checking out Small Biz Trends. They offer excellent resources for entrepreneurs just starting out.

Omar Khalid

I had no idea where to start with my business before reading this. Your tip about taking a self-inventory is golden—I never realized how important it was to assess my skills before diving in. Thank you!