How to Determine if a Home Based Business is Right for You

You have recently been laid off from your job of 5 years. You have been emailing cover letters and resumes at a hare's pace, but receiving responses at the speed of a turtle. You begin to think about other options and you remember Cousin Susie who runs who own floral designing business from home. So, you wonder what you could do at home that would be a money making business.

There are many home based business opportunities that are thriving in this economy. Some business owners were "nudged" into starting their own businesses, while others have wanted to become a business owner for awhile. There are part-time and full time businesses being run out of thousands of homes every day. How do you know this is the right idea for you?

1. Have you ever run a business before?
2. What kind of marketing experience do you have?
3. You are financially prepared to wait 6 months to a year to se revenue?
4. Are you a self-directed person who can set and maintain work schedules?
5. How much money and time do you have to invest in your own business?

Running a business is a full time job whether you are devoting full or part time to it. Be clear about what your goals, skills and assets are before making the leap. There are several resources available to help you write business plans (your roadmap to reach your destination of making money), learn how to manage a business through the Chamber of Commerce and ideas of various home based business opportunities.

Resources:

The Small Business Administration www.sba.gov
SCORE www.score.org
Entrepreneur online www.entrepreneur.com