Is a Home Based Business Right For You? 6 Pros and Cons to Consider

Given today’s frightening and faltering economy, more and more people are losing their jobs. In addition to this a lot of people are fearful that they might lose their job. Given these uncertain times, more people than ever are reportedly considering firing their boss and becoming their own. This is a very big decision, and one that most people simply cannot afford to take lightly. Especially given that most new businesses fail within their first five years. There seem to be as many obstacles as there are rewards, and it takes a tremendous amount of commitment if one is to make a go of owning their own business.Due to the costs of owning a traditional, brick and mortar business this article will only address some things to consider when looking at home-based business opportunities. With a home-based business, one doesn’t have the conventional start-up costs of purchasing, leasing or renting commercial space; no insurance; no inventory, etc. You can literally walk down the hall from your bedroom to your office and begin being productive.I believe that the essential elements of a truly viable home-based business are these: finding one that fits with your values; has a proven track record; has a top-tier product line with generous compensation; and has a top-rated, all-inclusive system in place that you can follow – hopefully with training, support and a community of other like-minded entrepreneurs with whom you can mastermind and network.Some key considerations include:Pros:· No Commute or Office Politics
· Time and Money Freedom; Autonomy and Independence
· Break Out of the Wage System and Into the Profit System
· Opportunities are Limited Only by You
· You Gain the Tax Advantages of Being an Owner vs. Employee
· Learning and Applying New Skills and Increasing Your Value to OthersCons:· Some Investment Capital or Start-up Costs are required
· There are Real Risks Involved
· The Responsibility Rests With You
· Greater Exposure and Need for Asset Protection
· You Must be Disciplined, Motivated and a Self-starter
· Can Be Isolating Without a CommunityIt is extremely important to do your due diligence when evaluating the various opportunities available to you. Unfortunately, I have heard the stories of several conscientious individuals who got involved with something that either wasn’t legitimate, or didn’t offer any real training or support. For most of us who entered into the home-based business arena as a “newbie,” having a personal mentor or being part of a supportive network was a very important component of our success.There are other, more personal pros and cons you’ll no doubt want to seriously think about when trying to determine whether or not some type of home-based business opportunity might be right for you. Is this the right time? Can we afford to do it? Can we afford not to do it? Hopefully, the list stated above will be helpful to you in your process, and may raise other important questions for you to explore.Owning a home-based business is not for everyone. Yet, for many it is ideal. I have heard people refer to the experience of having their own home-based business in these ways: “Finding this opportunity was an answer to prayer;” “The one thing in my life I’ve done right;” and “Even though it was scary and took longer than I thought it would to make money, it’s the best decision I’ve ever made.”Is a home-based business right for you? Only you can make that determination for yourself and your family. I do encourage you to consider the possibility. Who knows, it could be the best decision you’ll ever make.

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