Work from Home: a veritable cornucopia of self-employment opportunities exists, and for the unwary and unprepared, an equal number of pitfalls exist. There is so much hype about going solo, and there are also get-rich-quick schemes, pyramid schemes, scams, get-paid-to-surf or take surveys etc. to be avoided.
Don't quit your day job without doing your homework. Before considering any drastic moves, realize that it is going to require hard work and commitment. There is no such thing as easy money. Plan properly in the first place. Accept that you are going to make mistakes - nobody is perfect and nobody knows everything there is to know up front. Be prepared to learn from your mistakes and move forward. Don't expect instant results, instant fame, or instant fortune. There is nothing instant about starting your own business.
This means making sure you have money to fall back on during the lean or quiet times and having enough to start up with in the first place. If in doubt, get financial advice first - see a financial planner who can help you get things right from the beginning. Set goals and make sure they are realistic. Keep your focus on your goals and maintain a positive, "can do" attitude. When you have done your research and settled on a business, make sure you know the regulations governing your home based business. Do you need any approvals? A business license? Do you need a special permit to work out of your home? Check with your local authorities. Do you need to inform the IRS of your change in circumstances? Do you need to register your business?
Do some market research - is there a market for your product/service? Will it be profitable for you? What about the competition? How do you plan to stack up against the competition? Can you compete? How are your skill levels and knowledge or work-experience? Do you know enough to start your own business and be successful? Your skills and abilities will also determine what type of business would be most suitable for you. Doing something you love is the ideal, because you are more likely to work harder but still enjoy yourself so it doesn't really seem like work.
Do you really have what it takes to be self-employed? Are you the entrepreneurial type? Do you enjoy risk taking? Does it bother you that you don't know how much money you will have month to month? Do you realize that self-employed people often have a more difficult time trying to arrange bank finance? Remember you will also have to cover your own healthcare costs. And you will be working alone. Some people go stir-crazy just thinking about working alone!
Finally, are you self-motivated? Can you make yourself stay in your home office and work even though the sun is shining and there's a great movie on TV you haven't seen? Remember, you will be your own Boss now and your own employee. Various, independent surveys have found that the skills most lacking in new self-employed businesses involve sales, marketing, financial management, and record keeping (book-keeping). How will you cover these things? Can you afford to pay somebody else to look after these? Do you know enough about these areas to handle them yourself, or are you prepared to learn?
Perhaps the most important assets are self-confidence and ambition. Without these, you may be doomed from the start, but with them, you will be able to overcome your obstacles, climb your mountains, and enjoy the view from the top!
Until next week... have a good one!
Terri Levine
http://www.coachinstitute.com
http://www.terrilevine.com
