Whether it is the recession, a shaky economy, or just the need to stay at home and look after the children, many folks are now looking at home based business ideas as a means of generating income. Self-employment is not all roses; responsibilities are all yours. This can be dramatically freeing for some and for others a means to their undoing. Expect to work more and for less until your business gets going.
2 Most Common Home Business’s
Starting a Daycare – this is a common one for moms who need a home business that enables them to look after their own children too. You will need legal forms, contracts, iron clad policy’s, and a love of kids. Of course you will also need a space capable of handling the traffic. The most important thing to consider is your clientele; you can not and will not be able to please everyone. If you cater to affluent families your prices should reflect this, which means low-income families are out and visa versa.
Starting a Preschool – Another popular favorite amongst moms. A preschool has a few key advantages over a daycare: much more steady income and no toddlers/diapers. Daycare clients come and go on a need basis where as preschool customers typically sign a multi-month contract.
Both of the above examples require a fair amount of legal documents to pull off. Either look for a qualified lawyer to handle these things or use any of the start-up kits available online (they come with pre-made legal forms and other essential resources).
A Few Other Home Business Ideas
Secretarial Business – many large businesses outsource their secretarial labor force as a means of cutting costs and overhead. A good deal of this work is data entry; to make good money you should be able to type approximately 90 words a minute or more. The startup costs for this are simple – MS office, Internet connection and a computer.
Recycling – This is an Eco friendly business that is in a hot topic market. Check with your local government to see what types of “green” grants and loans are available. If you intend to operate this out of your home, consider carefully what it is you intend to recycle.
Social Media Manager – This is a very hot emerging profession. Essentially you handle all manner of social media (Twitter, Facebook etc) for organizations, corporations, or individuals. If you spend a lot of time with social media then this could be a dream job.
When starting your own business it is often a challenge for both available capital and working space. Generally it can take up to one full working year to start seeing significant returns; including recovering your startup investment (prepare for this if possible). Budgetary constraints in the home will have a direct and positive impact on your home based business. Any budget you create for a specific business should also incorporate your family budget for the first 6-12 months, as this will help ensure one does not run over the other.
The freedom of self-employment and control of your own destiny are dreams shared by many, sadly not all come true. Unique challenges, hard choices, sacrifices and big rewards await all who tread down the path of starting a business from the home. If you lack organization and motivation then this is not for you. If you lack skills, they can be learned. If ever you despair remember this – hard work beats talent every time.