How to Escape the Rat Race by Sherry Peel Jackson

Author:Sherry Peel Jackson [Jackson, Sherry Peel]
Language: eng
Format: epub
Publisher: Heartworks Publications
Published: 2016-10-16T04:00:00+00:00

Selecting the Right Home-Based Business

Some businesses are appropriate for part-time at home, and some are not. Web-based, family-run, single product and hobby-based businesses are the best to run from home. Avoid labor intensive businesses, those that normally run during working hours, and businesses requiring lots of travel.

For Traditional Home-Based Businesses Ask Yourself:

· Should I enlist the support of others or family? You will need the support of friends and family in so many ways when you start your home-based business. When I was starting my businesses, I asked my friends and family to do everything from watching the children on weekends to delivering packages. They were very helpful and they rejoiced in my success. As stated before, some family members may be able to work for you and earn extra income as you grow. Some of the most trustworthy workers are people who have your best interest at heart; although sometimes it’s the opposite, so avoid those who just want a paycheck.

· Do I have the necessary experience? When you start a home-based business, make sure that you can deliver to the customers. I have met so many people who received shabby service from businesses. The business claimed to have the knowledge and experience to meet the needs of customers, but in the end the owner was just practicing or trying to gain experience. Sometimes the business owner was so eager to get the money without having the skill set for the job, that he took it on anyway and delivered poor products and performance.

Once you get a bad reputation it will be hard to reverse that impression, so do not take on jobs unless you already have the skills, or plan to learn and research to get up to speed prior to receiving payment. If you know the learning curve will be long, you need to inform the potential customer and let them decide whether to use your business or find someone with more experience. If you are honest about your skill level, often the customer will see your integrity and hire you, even though you will be learning as you go.

· Do the projects fall within the limits of what I can risk? Sometimes taking on a job will require you to expend funds up front, so you need to be sure that you can take on that job and complete it for a profit. I have seen small home-based business owners so eager to get customers that they didn’t sit down to count the entire cost of the job. In one case the home-based business owner took on a job that required him to pay for all of the materials up front; he ended up losing on that job because his out-of-pocket costs ended up being much more than he anticipated.

I recommend that each home-based business, whether product or service oriented, develop a cost analysis form and complete this form before taking on each job. In completing the cost analysis, the owner will at least know what it will cost up front to complete the job, and then build in a reasonable profit.

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