Whether or not to start a home based business is probably one of the most
important questions that you will ever have to answer. If you are even
seriously pondering the question in the first place, then it probably means that
there are circumstances in your life which are causing you to consider undertaking
a venture which will have a significant and far reaching impact on your own life and
on the lives of your immediate family memebers as well. Before you take a leap of
faith into becoming a small business owner, there are a few areas of your life
which will be impacted and which you should seriously consider before coming to
any final decision as to whether or not a home based business is right for you.
FINANCIAL
Starting your own home based business can have many financial rewards and put you
in control of your own financial future. However, there are a few things to consider
before beginning your undertaking.
First, will you start your home based business on a part time basis and keep your
day job until you are making enough profit to enable you to quit and devote your
full attention to your business? Or would you rather quit your day job now so you
can devote your full time and energy to building your business? There are pros and
cons to both approaches and only you can decide which one you will feel most confortable
with in the long run. If you have enough savings to meet your living expenses for a
good six months to a year then it might be worthwhile to quit your day job to focus on
growing your business. You’ll see results a lot faster and that will give you the
momentum you need to keep going. Starting a home based business requires a lot of up
front work and if you are doing it on a part time basis it is easier to get discouraged
when the results don’t materialize as quickly as you had originally planned. On the
other hand, having a full time income will enable you to spend more on your business
without having to worry about meeting monthly living expenses.
You will also have to set a start u