With the development of various technologies and with low start up costs, it is becoming easier today for Business owners to start a Home Based Business. It is estimated that in USA alone there are over 40 million Home Based Businesses. Home Based Businesses represent 63% of all Small Businesses. Furthermore over 75% of the businesses are operated on a part-time basis.
Some of the reason generally attributed for starting a Home Based Business are; the fulfillment of the dream, the need for yet another income or even to have a back up income in case of losing the present secure job. A reason that is more general is that a lot of people like to own and operate a Home Based Business and wish to experience the thrill and enthusiasm of operating a business from home either full-time or part-time. The majority of those who come under the last category are often under the misunderstanding that it needs very little work to operate a business from your home.
If you have a good idea of starting a Home Based Business, it is advisable that you should begin by running it on the part-time basis while carrying on to work on your full-time job. There are many very compelling-known reasons for implementing this part-time business strategy. I will enumerate the most important ones below.
1. Regardless of your passion and dedication to achieve your Home Based Business, your attempt could end up in failing for various reasons. In such an event you could fall back again on your full-time job always. Talking about failure can be disconcerting for some but you have to be prepared for any eventuality.
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2. By starting as a part-time business, your investment both in finance and time will normally be small thus reducing the risk involved. 3. While in the process of building your Home Based Business, you have to settle your regular debts still. It’s the full-time job that will help you tide over this situation especially through the early months of your part-time business. If you start making money early in your business, then build up a reserve finance to start your full-time home based business. 4. The very thought of your having a normal full-time job with a reliable income will give you the self-confidence to take an affordable amount of risk in your part-time home based business.
This will never be possible otherwise. 5. The existence of the full-time job means that you will not be under unwanted pressure to execute in your pat-time business for your success. You can learn business skills, acquire business knowledge, and grow gradually at your own pace. 6. By securing to your full-time job you can continue steadily to enjoy the benefits of medical health insurance, leave, and other benefits till you establish yourself in your part-time business.
7. In the event of sustaining loses in your business through the first couple of years; these could be written off when submitting your taxation statements. 8. It is much easier to obtain bank loans, credit cards facilities and other financial benefits for your business when you are in employment. You will want to take benefit of this and grow your home-based business when you are in employment. Kanaga Siva has a wealth of experience in Marketing and also owns a Home Based Business.