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Working from Home - Will it Work for Me?

By Ginny Stubbs

These days, more and more people are looking to start their own businesses and work from home. Increased travel times, the desire for 'lifestyle' and control over their financial futures are factors that are leading people to look at alternatives to traditional work environments.

So, how do you know if you're cut out to start a business and work from home? The first thing to think about is the reason why you want to work from home. Any successful venture will require dedication, effort, energy, time, and perhaps most importantly, the ability to navigate obstacles. If your 'why' is not strong enough, it's unlikely you will overcome these challenges. What all successful people have in common is a huge 'why' -- something that drives them to do things they might not otherwise do, to work harder than they might otherwise work, and to overcome the inevitable challenges that will arise.

Next, you should consider the type of business you would like to engage in. Is there a market for your business? What will your business involve financially, time-wise and emotionally? You might enjoy scrap-booking, but is there a market for that? You might already be a photographer, but are you prepared for the long days and dealing with fussy clients? Be sure to investigate your proposed industry very thoroughly before making the leap. How competitive is it? How expensive is it to get started? Are there any regulations/legal requirements? Are there any resources already out there for you? Most state government websites have information for small businesses and home businesses. In addition you can search for a coordinating group for your industry that may be able to give you advice. If you join a franchise or a network marketing company, it is likely that there are already systems in place for you.

The third element to consider is your starting capital. How much will you need to set yourself up? This can range from a few hundred dollars to hundred of thousands of dollars, depending on your industry. It is unrealistic to expect to start a business with no capital and not to plan for ongoing running costs. If you're starting your business part-time around an existing full-time job, this can be eased somewhat -- work out how much you can divert from your current earnings. If your new business venture is full-time, you need to have a plan to finance the start-up period. Make sure you know how long it will take to build a customer/client base. You need to be able to sustain your monthly outgoings during this period.

In most cases, it's a fallacy to think that working for yourself in a home business will be 'easier' than working for a boss in an office. It might be more flexible, the work itself might be more enjoyable, but the reality is that you will probably work harder than you ever did at your 'job' and you will have to think 'outside the square' a lot more often! You will likely find you are a harder boss than the hardest boss you ever worked for.

There's satisfaction in that though. To reach the end of the day and know that you are accountable to yourself, to know that you are putting your expertise to work for your own gain, and you are building YOUR financial future are very rewarding.

After a varied career history including wedding photography, Information Technology and Remedial Therapy, Ginny Stubbs is now a successful Business Owner and Mentor with the 60 Minute Money Organisation, working from home full time. Full details of the 60 Minute Money Home Business opportunity can be found at Ginny's website website.

Categories: Just for me, Money & Work,

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