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Home Based Business: Is It Right For You?

Brian Rooney

December 11, 2007

Have you been considering whether a home based business might be a good idea for you? Are you intrigued by the shows you see on television, the articles you read online, or that former co-worker that branched out on their own to start their own home based business?

You're not alone. Recent studies show that home based businesses are growing at an amazing rate. In fact, home based business may very well become the wave of the future. The growth rate for home based businesses is estimated to be around 10% per year and may even be higher.

Of course, the big question that most every home based business owner starts out with is:

How Do I Know If A Home Based Business is right for me?

Building a successful home based business is not something to be taken lightly or jumped in to quickly without careful consideration.

There is a big difference between being an employee and owning your own business.

Employees are typically told when to be at work. Home based business owners must set their own schedules.

Employees are typically told exactly what to do each day. Home based business owners must manage their own time.

Employees can be fired, relocated, or repositioned at any time. Home based busines owners create and determine their own success compensation.

Employees typically must accept the pay scale that is offered. Home based business owners can simply generate more business to support higher salaries.

Employees must coordinate and get approval for vacation time. Home based business owners can set their own vacation schedule and time-frame.

Employees can usually blame a co-worker, peer, or manager for some level of failure to perform. Home based business owners must accept full responsibility for all successes and failures of their business.

Frankly, if you are the kind of person that... ... can manage their time well, ... is at least moderately self-disclined. ... can accept responsibility for results. ... enjoys the freedom to create and live their own life. A home based business may be perfect for you.

Still, according to a study conducted by the University of Chicago between 1972 and 2000, a full 86 percent of people interviewed stated that they were satisfied with their jobs. Forty-eight percent of that same group went so far as to say they were "very satisified".

How can you tell if a home based business might be a good idea for you?

You know it's time to consider a home based business when... You absolutely hate going in to the office every day. If you find yourself literally dreading going in to the office, loathing the commute, and missing time with your family, a home based business may be a good idea.

You feel the company's values don't match your own. Maybe you have a conflict with the level of service, quality of products, or the basic philosophy and "feel" of the company you work for. As a home based business owner, you set the values, the tone, the mission, and the quality of service.

The atmosphere in your office is emotionally abusive. If you find yourself feeling belittled, unapreciated, made to feel inferior, and given no opportunity to vent or address your frustrations, it is possible that you are in an unhealthy and dysfunctional work environment. As a home based business owner, you can leave that sort of abusive behavior behind.

You're just bored. The work you do should be challenging and invigorating. The ideal job or business allows you to use your skills and strengths to not just earn a check but to contribute value and feel fulfilled.

Opportunities for Advancement are limited. If you know you will be in the same position you are currently in 10 years from now and you've had this same job since you were hired, it may be time to look into starting your own home based business.

Your work affects your health. Do you "feel" your work in the form of headaches, fatigue, back pain, insomnia, or other stress-related symptoms? Building any business can be challenging but the rewards of building your own home based business will typically far outweigh the stresses involved.

The company you work for is unstable. A company that is constantly downsizing, changing management, or experiencing high work-force turnover may be a company that is in trouble. They may not be able to offer you employment in the long run. The time to take matters in to your own hands may be now. There are many kinds of home based businesses available that range from the solo operator that launches a new product or service, to franchises, online affiliate opportunities, direct sales, and more. The possibilities are truly unlimited.

Consider the type of work you would most enjoy. Can you turn that in to a business that can be run from home?

Maybe you enjoy working online and an Internet based opportunity may be what you are looking for.

Perhaps you are a real "people person" and you enjoy talking to people and helping them solve problems. Perhaps some sort of consultant business or service may be just what the doctor ordered.

Maybe the work itself isn't your focus. Maybe you like to set up systems that create recurring income on a weekly or monthly basis. The freedom that is available when your income is flowing to you from multiple streams is something that must be experienced to be believed.

Take the time to carefully consider what you would like your life to look like 5 years or 10 years from now. Does your current job present the opportunity to make that happen? If not, and you are ready to take your future in to your own hands, it may be time to look in to starting your own home based business.

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