Self Employment - Home Business - Which one ?
You want to become self-employed but don't know how to select your home business that will fit your circumstances, income requirements, and aspirations. The learning curve need not be steep and you don't have to waste valuable time and money through mistakes in selecting the best business opportunity. Follow these guidelines and avoid the most common mistakes in becoming self-employed.
Many of the home business opportunities that are advertised are scams, and cause innocent aspiring entrepreneurs to loose faith. You can also use these tips on how to select your home business to avoid these scams.
Consider the following:
- Evaluate the potential company's reputation and the support offered. The company should not charge you for the initial training and support. The starting cost must be small since your success forms an integral part of their business growth.
- The second assessment part also concerns the potential company. Find out whether the company is local, national or international, since this will influence the growth and expansion potential of your home business. They should also offer both Internet and other marketing possibilities.
- What is the market demand for the products and services that your home business will offer since you need a demand before you can supply?
- What is the lifespan of the product or service? Is it related to the latest fashion or gimmick? You need a product or service that will not lose its popularity within three months or a year.
- How much time will you need to allocate to the service or product? Consider the time that you have available and divide it by the income that you need. You need to find another type of product or service if the time allocation required, is more than what you have available, and the income potential lower than what you need.
- Will you be able to sustain a good living from the business opportunity? If not, then look for something else.
- Will you derive an income from it even when you are ill or unable to work for a while? This consideration is important since there will be times that you cannot attend to the enterprise or want to go on holiday, and you need to know that your home business will still provide a basic income.
- Consider the type of benefits that you can expect from your home business. Additional benefits in terms of saving possibilities can help in preparing for rainy days.
- What is the initial capital lay-out? Is it small enough to recoup in a short period? It shouldn't take you years or months to see a good return on your investment.
- Are you expected to purchase products on a regular basis or get other people to join the business opportunity to succeed? If so, then the commission paid must be enough to ensure that you make enough profit not only to purchase the company's products, but also to make a decent living from it. Stay away from pyramid schemes that force you to buy products.
If you follow these guidelines on how to select your home business, you will be able to side step the scams and choose a business opportunity that provides a sustainable income.