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Mechanics of Starting a Home-Based Business

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 A home-based business is a business whose primary office is in the owner’s home. 

Explains the realities of starting and operating a home business and including resources for taxes, licenses, and advertising plus computer operated business you can start and run. - $2.95

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WELCOME TO YOUR BUSINESS

 America’s work force went home and stayed there!

A home-based business is a business whose primary office is in the owner’s home. The business can be any size or any type as long as the office itself is located in a home. Increasingly, people use their homes to earn a primary income, not a secondary or supplementary income.

According to the Small Business Administration, today more than half (53 percent) of the small businesses in the US are home-based. In brute numbers, that’s more than 24 million. 

As of 2005, in  North America alone, as many as one million people enjoyed the freedom and benefits of owning their own Internet business.

Entrepreneur magazine estimates that $427 billion is generated each year by home-based businesses.

That’s bigger than General Motors, Ford, and Chrysler all put together.

How is this possible? The extremely low start-up costs, flexible hours, and the Internet are all fueling the growth of the home business segment.

Hundreds of thousands of individuals decide to start a home-based business each year, and many of them succeed. 

About 70 percent of home-based businesses will last over a three-year period, compared to 29 percent of other business ventures, according to the Home-Based Business Institute.

“Many entrepreneurs start firms from their homes and stay there,” states a November 2000 report from the Small Business Administration’s (www.SBA.gov) Office of Advocacy. “This year, nearly 20,000 entrepreneurs grossed more than $1 million operating from a home-based environment.”

A business in the home permits flexibility of working hours and lower start-up costs, and it allows family affairs to continue during business hours. 

The average home-based business requires about $10,000 in start-up costs. 

Although this may be much less than the cost of opening a business outside the home, both the start-up and operating funds should be in hand before beginning the business operation.

Modern communications help to alleviate the problem of being isolated from your vendors, clients, or customers. Internet access is almost certainly necessary for communications within the business community.

“I’m my own boss.” Sounds pretty good, doesn’t it? 

No wonder so many Americans start businesses every year. Entrepreneurship provides an ideal opportunity to take control of your career, set your own schedule and pursue long-held interests or new opportunities.

There are also disadvantages—zoning restrictions in your residential community may prohibit a home based, mail order or Internet business, it may be difficult to get materials and customers to your home or financing the business could be challenging.

Starting a business requires hard work and relentless motivation. So, before you dive into this life changing decision, make sure you are ready.