A Perfect Time to Start a Home Business!
by Barb Niehaus
Starting a Housecleaning Service
New Business Legal Issues
Starting a Small Business
The nation's economy is on a downhill slide. We are all feeling the effects. Thousands of Americans have lost their jobs and the unemployment numbers are staying high. We are pinching our pennies and exercising caution when it comes to large purchases. Our once-secure jobs are hanging precariously by a thread. Recent college grads with MBAs are finding it difficult to secure jobs.
What's the answer? Create your own financial security with a home business! I'm not advocating giving notice but now is the time to start the planning and developing of a business.
Some Do's and Don't s to consider:
- Find a market: Obviously, this would not be the time to start a travel agency or sell time condo time shares. Think *recession-proof*. What will always be needed and in demand? What can't your future clients live without?
I recently joined a nationally known company as a part-time distributors of weight loss and health products. America is a land of overweight people that are constantly battling the bulge. We all want to look and feel our best. Billions are spent on weight loss products each year. I felt there is an overwhelming demand for the products I represent in times of sagging or bolstered economies.
- Believe in what you're selling...whether it's a product or service, you have to be committed to the integrity of whatever you're selling or offering. If you don't, no one else will, either. Many businesses are born form a hobby or passion. Employ your knowledge and interest in a particular field.
- Do your homework. Research the market you're targeting. Study the demographics of potential clients that you hope to capture. Know your business inside and out before you make your first call or place your grand opening ads.
- Set a budget...define how much you can comfortably start with and stick with that figure. Be realistic, though. Talk to others in your field and ask them to assist you in estimating startup and operational costs. Never put more into a business than you can afford to lose.
- Realize the time involved...not just the time involved in setting up your new business, but running it once it's functional and operational. A home business is not a 9-to-5 day. It's 24/7, especially in the beginning when you're frantically attempting to reach the point of turning a profit. It may take months or even a year or so before your books are in the black. Be patient.
- Priorities...let's not lose sight of why many of us start our own businesses. Finances certainly are a driving factor but for the majority of us, we want to be able to spend time at home with our families while still earning an income. Family first!!
Barb Niehaus, webmaster and ezine publisher, is committed to helping others find their "perfect balance between work and family". To receive WAH jobs at no cost every day, send a blank email to firstname.lastname@example.org Visit Moms@Home Working for more inspiration and telecommuting resources.
Copyright ©2001, Barb Niehaus, ALL RIGHTS RESERVED
Take the Next Step
- If a business credit card could help your business run smoother compare the options here.
Debt from my past is preventing me from saving for my future! Tell us: Yes, debt is hindering my ability to save and I could use help dealing with it! or No, debt is not a problem but I am trying to get ahead financially!
More Money Tips & Tools
- How to get a faster tax refund
- Personal finance calculators everyone should use
- Why you should know your credit card payment cutoff time
- Saving-money secrets of the rich and frugal
- 5 low-risk ways to earn higher interest now
- How to save money fast
- 7 IRA withdrawals that don't trigger a penalty
- This week's Readers' Tips