The transition to self-employment is not an easy one, especially when you are the bread-winner or when you or your family are dependent on your current income.
Other factors can hold you back, such as the fear of being responsible for finding work and keeping a business alive. That’s a legitimate risk. It’s one of the biggest risks of having your own business.
Then of course there are other fears, worries, and doubts that might hold you back, the big one being finances. These are some of the reasons people stay in jobs, stay unhappy, and are not fulfilling their life’s dreams. So how can you change that?
The best way to start a business is by lessening your risks. What does that mean exactly? Well, there are many different answers depending on what type of business you start. Let me give you an example.
BIG MISTAKE:Joe wants to open a restaurant. He’s out there looking at places to rent but he doesn’t have the money to cover rent, equipment, food, staff wages, possible slow weeks, etc. So he starts looking for investors. Joe’s so excited he can’t see the risks at all. He could end up over $100,000 in the hole, and how would he ever pay it back?
SOLUTION:Start small. Joe could start a catering business from home by catering for parties etc. He could do a bit of low cost advertising, and start building a good reputation and business.
5
www.home-based-business-advice.com
He would have no overheads, and wouldn’t have to buy the food until he had orders, and could probably eliminate the need for a lot of staff in the beginning. Also, by doing this in his spare time and evenings, Joe does not have to give up his job until his business has grown substantially. He can even employ someone from his house to take over a couple of days a week while he’s at work to fulfill any orders he has during the week, still keeping his costs low.
Once his income has increased and Joe becomes known as the guy to call for great food and service, then Joe stands a better chance out there with the big fish. He can open a small restaurant and catering business, and as his business grows he can move to bigger premises and employ more staff.
Now Joe is one example. There are indeed many businesses that start small and gradually make the transition to full-time home business. I started my own medical transcription business the same way ten years ago. www.medical-transcription-at-home.com I have a friend who made the transition to cleaning business from real estate agent, and ended up employing over 25 people.
Choose a business that will allow you to work in your sparetime and keep your job, and you have eliminated the risks. This is not possible in all circumstances, but for the small business person, it’s the ideal way to go. If this is not possible, make sure you set aside enough income to live on while you get your business established.
There’s going to be some sacrifice in the short term, such as working extra hours in the week building your business. But those kind of sacrifices will still allow you to sleep at night and not put you in the poor house, thereby increasing your chances of success!
Some businesses that are possible this way are:Handy-man to Full Time Repair and Home Maintenance Service.
6
www.home-based-business-advice.com All kinds of Home Party Businesses, there are hundreds of them to choose from.
These can also be turned into full time businesses:
Insurance Broker, Bookkeeper, Seamstress, Party Planner, Typist, Secretarial Work, Medical Transcription, Photographer, Copywriter, Proofreader, Tutor, Pet Groomer, Pet Sitting Service, Home Inspections, Mortgage Broker, Painter, Florist, Crafters, Graphic Designer, Jewelry Maker, Mechanic etc. There are many many more.
Find something you are interested in and think about how you can turn it into a profitable business – the easy way!A lot of people do some "side work, or extra work" at first to gain customers or to save up some extra cash to start a business or pay for inventory. I know one mechanic who did some evening and weekend work so he could save enough money to buy his own tools and work out of his garage at home, for himself. Now that garage has grown into two workshops in his back yard and he employs another mechanic to help him out.
I have two friends who do the home parties. One lady sells Mary Kay and the other lady sells candles. Both are quite successful. The lady who sells the candles has only been doing so for just over eighteen months and her income exceeds $50,000 per year. Once you have the vision of working from home, you will find a way to make it happen.
7
www.home-based-business-advice.com