Thinking of starting a home-based business to pick up extra cash, make more money or develop it into a full-time enterprise? You are in good company. What do Apple Computer, Hershey’s, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home-based businesses. In fact, more than half of all U.S. businesses are based out of an owner’s home.
Starting a home-based business has many rewards as well as challenges.
Before You Begin
- Can you live and work in the same area? Find the answer by asking yourself the following questions: Where in the home will the business be located? What adjustments to living arrangements will be required? What will be the cost of changes? How will your family react? What will the neighbors think?
- Is working from home right for you? Are you going to miss the huddle with co-workers every day? Can you work on your own? Do you have discipline to stick with a project?
- Weigh the pros and cons of running your own business at hom. Have you thought about the characteristics and challenges that are most commonly involved in launching home-based businesses?
If you have decided you are ready to start a home-based business, then you might already have an idea and/or the products you want to market. If not, think about your background, what you are good at, and what experience you have. This exploration can get you on your way to coming up with a sound idea.