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With the development of various technologies and
with low start up costs it has become much easier
today for Entrepreneurs to start a Home Based
Business. It is estimated that in USA alone there
are over 40 million Home Based Businesses. Home
Based Businesses represent 63% of all Small
Businesses. Furthermore over 75% of these
businesses are operated on a part-time basis.Some
of the reasons generally attributed for starting a
Home Based Business are; the fulfillment of a
dream, the necessity for an additional income or
to have a back up income in the event of losing
the present secure job.
A reason that is more universal is that most
people love to own and run a Home Based Business
and would like to experience the thrill and
excitement of operating a business from home
either full-time or part-time. The majority of
those who come under the last category are often
under the misconception that it needs very little
effort to operate a business from home. If you
have an idea of starting a Home Based Business it
is advisable that you should start by running it
on a part-time basis while continuing to work on
your full-time job. There are several very
compelling reasons for adopting this part-time
business strategy. I shall enumerate the most
important ones below.
1. In spite of your enthusiasm and determination
to succeed in your Home Based Business, your
attempt could end up in failure for various
reasons. In such an event you could always fall
back on your full-time job. Talking about failure
can be disconcerting to some but you have to be
prepared for any eventuality.
2. By starting as a part-time business, your
investment both in finance and time will naturally
be small thus minimizing the risk involved.
3. While in the process of establishing your Home
Based Business, you still have to settle your
monthly bills. It is the full-time job that can
help you tide over this situation especially
during the early months of your part-time
business. If you start making profits early in
your business then build up a reserve fund to
start your full-time home based business.
4. The very thought of your having a regular
full-time job with a steady income will give you
the confidence to take a reasonable amount of risk
in your part-time home based business. This will
not be possible otherwise.
5. The presence of a full-time job means that you
will not be under excess pressure to perform in
your pat-time business for your survival. You can
learn business skills, acquire business knowledge
and grow gradually at your own pace.
6. By holding on to your full-time job you can
continue to enjoy the benefits of health
insurance, leave and other benefits till you
establish yourself in your part-time business.
7. In the event of sustaining loses in your
business during the first year or two; these could
be written off when submitting your tax returns.
8. It is much easier to obtain bank loans, credit
card facilities and other financial benefits for
your business while you are in employment. Why not
take advantage of this and grow your home based
business while you are in employment.
9. If your intention is to become a home based
business entrepreneur one day, then make use of
your full-time job and lay the foundation for your
home based business by making the necessary
contacts with people who could be useful to your
future business and could also end up as
customers. You should of course ensure that your
actions do not come in conflict with the
Management policies of your employer.
10. Quitting your full-time job one day and
starting a full-time home based business the
following day could end up in chaos and disaster
unless you have very strong support from
experienced entrepreneurs. On the other hand if
done gradually transition from full time job to
full time home based business becomes much easier.
Having said the above, it has to be mentioned that
there are of course certain disadvantages in the
method indicated.
Doing a full-time job and running a part-time home
based business can be strenuous and you can
experience burnout and consequently neglect either
you business, job or even both. Excessive
indulgence in your part-time business can
eventually lead to under performing in your
full-time job, thereby creating problems with your
Boss or Employer. You will have to sacrifice much
of your precious family time for the sake of your
home based business. Success in your home based
business or for that matter in any business does
not come easily. It requires hard work, sacrifice,
dedication and determination. Above all you have
to be passionate about what you are doing. Many
great businesses have grown from small beginnings
including the Giant Amazon.com. Start sowing the
seeds of your home based business while you are in
employment, watch it germinate, look after it with
tender care, be passionate about it and watch it
bearing the fruits of your labor. Enjoy the fruits
of your labor and when the time is ripe, quit your
full time job. That's it, keep growing and
establish yourself as a successful home based
business entrepreneur. This then is the Smart way
to Success.
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