Posts Tagged ‘entrepreneurship’
Finding a Legitimate Home Business
Statistically speaking, its not a good idea to start a business. Depending on which study you read, approximately 65% of new businesses fail within the first year, and another 6% dont make it past their third year. So, do we entrepreneurs have much hope?
There are many obvious reasons one would want to go into business for themselves: * No cap on income * Set your own hours (more time for fun and family) * Work to make yourself rich rather than someone else * Do something you feel passionate about * Control of your own time and finances
And, those dreams of a better life are enough to make millions of people a year try their hand at running their own business. I myself have tried several. I had marginal success with most and found that I was working more hours than it was worth. Perhaps if I had tried a little longer, it would have panned out, but the risk of putting more money and time into something that may not work made me bow out within the first two years.
So, what are your best options? If you are a creative mind you can think of a niche in the market that hasnt been tapped, and find a place and the finances to succeed. If you dont have any original ideas or great amounts of money, a home business might be an option for you. Lets look at the statistics for home businesses in this country.
*The number of home businesses lasting over a three year period is about 70% -much better than other business ventures. * The average income earned by home business owners is $63,000 a year. Not bad considering the average household income in America is $47,0000. * 20% of home businesses, according to Money magazine, had a yearly gross income of $100,000-$500,000 * 89% of people with household incomes over $80,000 have a home office.
If you decide to venture into a home based business that rewards you for bringing others on board, you will be glad to know that an estimated 9 million people will earn some sort of income from home. Every 11 seconds someone starts a home based business. With internet capabilities, it is easier than ever to market to the masses. And what about the economy? Our poor economy has actually helped the home based business industry because people are searching for income avenues and job security.
As for the environment, it is estimated that this year workers staying off the roads will reduce CO2 emissions by at least 18 million kg.
So, how does one go about finding a legitimate home business? Chances are, someone you know has already talked to you about one. The online information highway is full of them, but who can you trust? Here are a few guidelines:
* You must find a company whose products you believe in. * Although Im not against MLMs, direct selling of products with a decent commission appeals to me. * Find out if there are any third party endorsements of the company. Dont just take someones work for it. * Consider the start up costs as compared to how long it will take you to earn a significant income. Some companies offer very low start up costs but you have to work for months or even years before it starts to really generate income. * Investigate hidden costs (advertising, monthly dues, having to buy a certain amount of product yourself) * How much time are you REALLY going to have to put in to make your income goal? Ask some new people, not the seasoned 6 figure earners who are hiring their dirty work out. * Be leery of companies that want you to talk to your family and friends about your new business to generate potential customers. This almost never works. People today are bombarded with new opportunities, and its hard for most people to talk to others they know without coming across as a user.
This being said, there are many great opportunities available if you do your due diligence. Home businesses are the wave of the future, and can help solve many of our problems. Just study before you leap. From one big thinker to another, I truly wish you success!