Have you ever looked at your paycheck from your 9 to 5 only to realize you’ve got more month left than you do money? That paycheck is already spent with upcoming bills before your money is even deposited into your bank account. That’s typically the case for people that are living paycheck to paycheck. The thing is, that doesn’t have to be your reality. Many people are employed professionals, several of which are college graduates. A number that is equally high is the percentage of people that have a part-time business in addition to their full-time career even after graduating from college. Not everybody has a need to generate income in addition to their 9 to 5. For some people, this may be a thought that hasn’t become a reality for various reasons. While you’re still working your 9 to 5, create you another source of income that will pay you residually. One way to do this could be to launch a Home Based Business. Should you decide to go this route, there are certain questions you should ask yourself before embarking on the journey. In this post, I’m going to share what you need to know upfront before starting a Home Based Business.
1. What is my purpose for needing additional income?
Getting clear about why you need additional income is key. Is it because you are living paycheck to paycheck? Is it because you want to build your emergency fund? Is it because you want to go on a big vacation? Is it for your kid’s college fund? The list of reasons you want additional income can be endless.
2. Do I have the initial funds available to invest?
Believe it or not, many people have a hard time with the concept of “it takes money to make money”. Well, it’s true! No matter what type of business you want to invest in, you will have upfront startup costs. An average business investment can cost you anywhere from $100 to start (depending on the type of business model you choose), upward into thousands and sometimes millions of dollars, especially if it’s a brick and mortar business. So it’s always important to first identify whether or not you have the money to invest in your business. This is important in sharing what you need to know upfront before starting a Home Based Business.
3. How much time will my business require of me?
Only you know how much time you have available to build a business, whether it be an hour per week or 25 hours per week. If you are already a full-time employee, there is a limit to how many hours you can work your business per week. The thing to always remember is if you treat your business like a business it will pay you as such.
Identify your goals for your business along with the amount of time you have available to build it. Then create your business hours and stay committed to those hours. If you know that on Thursday evenings you have business hours from 5-9 PM, then ladies, you will have to say “no” to ladies’ night and fellas, you will have to say “no” to hanging with the fellas after work on Thursdays.
It can be tough to do at first, especially if you normally meet up with your friends on certain days of the week. So whether your business hours consist of one hour per week, or 25 hours per week, stay committed to whatever schedule you set. Once you understand what you need to know upfront before starting a Home Based Business, that will help you determine if you are willing to dedicate the time it takes.
4. What problems am I solving?
With every problem usually comes a solution. If there is no solution, then there is opportunity. One of the first questions you want to ask yourself is “what problem(s) will my business solve?” If you can’t answer this question, then it will be challenging for you to advertise or market your business to your potential customers. Being able to answer this question makes it easier when you have identified solutions to their problems.
5. Do I like helping others?
If your answer to this is “no” then starting a business might not be the right avenue for you. Running a business in itself, means helping others is something you will have to do. It’s one of those things that’s non-negotiable in business. Your business in itself will help others just by the product/service you will provide. The biggest reward is that being able to help others is something that money can’t buy.
6. Do I have a desire to succeed long-term in my business or is it just a temporary hustle?
Do you have long term goals for your business or are they all short term? If it’s just a temporary hustle to bring you extra income for a few weeks, then you’ll want to be very selective of the type of business you choose to invest in. A business takes hard work, commitment, and most of all consistency.
Is your upfront investment worth what it will take to get your business off the ground if you only plan to do it for 6 months? Even more importantly, is the reward you will get from your business worth you thinking more long term instead? Whatever the case, when you know your true desire for your business that will help before you start.
7. Do I have a “no excuses, do whatever it takes,” attitude?
Are you someone that always makes excuses for why certain things can’t be done or why you can’t meet your goals? When it comes to building a business, you’ve got to be willing to not only give it all you’ve got, but also do whatever it takes to succeed.
8. Am I coachable?
This skill goes a long way. Mentors, Coaches, Teachers, etc., have gifts that equip them for the marketplace and how they can help others grow in their zones of genius. You must be willing to learn from others that have already paved the way for you. They’ve already learned many of the hard lessons so that you don’t have to, so there is no need to reinvent the wheel. For some people, it’s not as easy to allow someone to coach them in business, however, this goes along with you doing “whatever it takes” to thrive in your business and being coachable is no exception.
9. Am I self-motivated?
To have any real success as a business owner, you must be self-motivated. It’s easy to skip certain tasks that may seem simple at the time, but can have a big impact on certain goals that may move your business forward. No one is going to force you to start working on your business at a certain time every day. Neither will anyone hold you accountable when certain things don’t get done. You won’t have anyone at your bedside every day telling you it’s time to get up and get your day started. Only you will have the power to do this. The question is, “how bad do you want it?”
10. If the business doesn’t work out, how hard would it be to do something else instead?
It’s simple. Your possibilities are endless. If you truly give it all you’ve got, including remaining consistent, and staying committed for a certain period of time, even if it doesn’t work out for you, being able to do something else is always an option. Now that you understand what you need to know upfront before starting a Home Based Business, you should now be able to make an informed decision.
Do you want to start your Home Based Business today but don’t know where to start? Find out more about what I do here to see if it would be a good fit for you.
If you found value in this post, share the love by sharing this post. Are you ready to start your own journey as an Entrepreneur but not sure if it’s right for you? I’ve put together a free guide for you. You can grab my Home Based Business Decision Guide here. I guarantee you’ll walk away with an answer after reading through the guide!
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