Owning a home based business is the dream of many people who feel trapped in the rat race, ground down by the daily grind, exhausted with long commutes, and cornered in corporate cubicles. For many, the idea of starting their own work from home internet business means they might be able to have a chance to live life on their terms and gain control of their life and be able implement their ideas.
Beginning your entrepreneurial pursuits from a home office does have some unique benefits. First, the overhead can be next to nothing if you can operate out of a spare room or the garage. With a decent computer and a high speed internet connection you have access to virtually the very same business tools that large corporations use, and many of these tools are free or very low cost, especially at the level you will need them while you are getting started.
Even the government has recognized the importance to the economy of the home based business revolution, and they have allowed for many significant tax advantages to those who work from home, including being able to deduct a portion of their rent of mortgage to cover the part of their home they use as their business headquarters.
When people are starting their new work from home opportunity, there are two primary routes for getting started. The first route, and most recommended, is to start your new venture as a sideline to your regular job, working in the needed activities in your evenings and weekends. This allows you to enjoy a continuation of the income you are accustomed to while at the same time being able to get through the learning curve (and there always is one) without the pressure of having to meet you monthly obligations from income generated by you fledgling business.
This also allows you to reinvest your business income at first which would help you to continue to grow your business at a point when others may be pulling back to meet those monthly expenses. At the same time, if things don’t go as you had hoped you can easily stop your home business endeavors until you have a chance to either find a different business opportunity or until you can learn what needs to be done better, but in the meanwhile you still have the salary and benefits of your job.
The second route for starting your home based business is to go all-in and leave behind the job. For some people, this is the only option that is acceptable to them, either because of impatience or because they desire to be fully committed to their new enterprise. In this situation, it is highly recommended that you have enough capital set aside to get you through several months of both living expenses and business overhead. The worst thing you can do it to be overzealous in your attempt to start your new business and have to end it before it really got started because of shortsightedness and bad planning, both strategically and financially.
Some of the key elements that should be firmly in place before resigning to start your new business, at a bare minimum, are: an understanding of basic bookkeeping and accounting, basic skills to build a simple website for your new business, carefully writing your business plan, and, of course, deciding upon the type of business venture you are going to start.
While it can be a real rush of excitement when you are in the midst of kicking off your new home based business, it is important to keep the dedication to your business and treat it like a bona fide enterprise, and not allow it to languish and fall into the category of just a hobby.