subject: How To Select The Best Home Based Business [print this page] How To Select The Best Home Based Business
The decision to launch a home based business can stem from a desire to control your own work environment or arise due to necessity. Perhaps your home is too remote to allow for an easy commute, or perhaps you want to be home for your family. You may also need to work unusual hours or limit your work to the hours your children are attending school. Regardless of the reasons behind their decision, almost everyone will initially wonder what the best home based business might be. While there is no single business that is perfect for all, virtually anyone who wishes can find a suitable opportunity.
Those seeking to begin working from home should evaluate their situation and potential work environment. How many hours per day or per week can you devote to work? Can you work any hours, or are there certain times or days you will be unavailable? Do you have a quiet area from which to work? Do you have reliable transportation to make outside sales calls or deliveries? By answering these questions, you can identify any potential conflicts with the type of business you are considering. For example, if you can only work during late-night hours, you might wish to reconsider a business that would involve numerous calls to local businesses.
Take your personality into account when selecting a business. If you prefer solitude, consider a web-based opportunity that does not require you to spend a lot of time on the phone with others. If the opposite is true and you thrive on personal contact, consider a business that involves calling on potential customers in person or by phone.
Determine your comfort level with monetary risk. While there are home based opportunities that do not require much money, others are much more expensive to launch. Keep in mind that your forecasts could be inaccurate, both in terms of profit and in the length of time to realize a profit. Circumstances beyond your control could also lead to the loss of your investment. Scale down your start-up to a level that will not cause you undue stress. One possibility is to continue working at your job while running your business on a part-time basis until you feel safe.
Be sure to contact your local zoning commission to ensure you will not be in violation of any ordinances. You also need to find out whether you need any special licenses or permits for your business. For instance, if your sales are taxable, you should register with your state's tax commission to obtain the permit needed for collecting and remitting taxes.
Regardless of what you eventually decide is the best home based business for you, be prepared to do your bookkeeping. You will need to keep accurate records of all sales and expenses, both for tax purposes and to determine your business' profitability. Such record keeping is not difficult, and there are many low-cost software programs to assist you. However, you must make time to enter the data and compile the reports you need to make sound business decisions.
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