New technology in the workplace is usually viewed as progress, but it can be a double-edged sword if you become a displaced employee as a result. Starting a home based business may be an option, but is that necessarily the right choice for you?
Across every industry in today's workplace, cutting edge technology is being utilized to improve efficiency, develop new business, create greater customer satisfaction and increase profits, all for a fraction of the cost of human labor.
While this is good news for share holders and cause for corporate boards to celebrate an impressive profit and loss statement, it often comes at the risk of displacing significant numbers of the workforce. Thousands of loyal and dedicated employees will find themselves on the chopping block, having exhausted their usefulness to their employers.
Crossroads
Some of these folks will be fortunate enough to be offered a "thank you" package of benefits and cash before being dumped and left to go on with their lives. Those who still have productive years left will choose between starting over, at worst, or parachuting to a situation that compensates them adequately for their vast experience and expertise at best.
It is often at this juncture that the question of starting a home based business will come up. Of course, not everyone is pressured by circumstances to consider that question. A few do have the luxury of deliberate comtemplation.
Regardless of how you may arrive at that question, there are some important aspects to think about that will help you find the answer that's right for you.
1. Why do you want to start a home business anyway?
Work experience alone is not an automatic qualifier. You'll also have to take a deep, honest look into yourself to identify your purpose for wanting to make this leap. What's your motivation? Why is that important to you? How would others benefit from it? Are you sufficiently convinced and passionate about the reason that drives you? 2. Are you cut out to be a home business owner?
Not everyone is a natural for developing and managing a home business. It involves much more than following a job description. For starters it requires vision, creativity, tenacity, discipline, planning, organization, courage and money. It helps if you are a self-starter, and at the end of the day, you get to take credit for any success as well as blame for any failure.
3. What are the advantages?
Apart from tax considerations and the freedom to spend more quality time with friends and family, what other advantages do you see accruing from such a venture? You'll have to make sacrifices, overcome difficulties, and your stress level will jump up a point or two, so what other potential payoffs would make a home business viable to you?
4. Do you have a market in mind?
Determining what and who to sell is probably the trickiest part. You'll have to do some market research to identify a need you could supply at a reasonable price and turn a fair profit. And to improve your chance for success, your choice should involve something you are passionate about. That passion will fuel your drive, boost your optimism and take the drudgery out of the work you do.
5. What skills and experience do you have?
In addition to doing something you love, you'll want to examine your skills, knowledge and experience to see how they could help you advance your ambitions. If you love to cook but are short on patience, it might be better to sell recipies than to teach others how to cook.
6. What is the income potential?
The answer to this will rely in large part on the size of the market you pick and the demand for the product or service you offer. The rest will be up to you and how effectively your promotional strategies are at converting sales. If you have a sound plan and make sensible preparations you could make an extraordinary income.
Other things to consider
As you can see there are several elements to be considered long before you can hang a sign that says: Open for Business. Get ideas, suggestions and guidance form others you know who are running businesses of their own. Pick their brains. They'll be happy to share their experiences, help you weigh the risks and offer encouragement.
In the final analysis though, only you can decide if a home business is right for you.
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