Starting a home based business from nothing

Anyone who has worked an hourly job can only begin to imagine the immense freedom and relief that would come with being your own boss. The idea is not as farfetched as it may seem—hundreds of people are starting their own home based businesses, making their own hours and getting passionate about what they do. Anyone can get into the home business game, whether they have any ideas of their own or not.

One way to establish a home based business is to seek a franchise that interests you. With a franchise, your initial investment in the business is relatively low. You pay a startup fee to the franchisor, as well as ongoing royalties, and gain use of the franchise’s name, business plan, and support. With this type of home based business, you are essentially given a proven formula for success and an already well-known name with which to work. All that is left for you to do is put the business into motion with some time and effort. If this is your first time delving into business ownership, buying a franchise is probably the safest way to go. You are likely to learn quite a bit from the franchisor, as well as picking up secrets of the trade during the course of your business’s operation.

However, if you would prefer to strike out on your own and already have a bright, original idea for a home based business, there are still many ways to hedge your bets and improve your chances of success. First, you should have a plan. Don’t jump in and start investing money in materials before you have a clear idea of the logistics. If you can, find somebody with experience who can drop you some pointers on how to get started and how to avoid costly rookie mistakes. Don’t know any successful entrepreneurs? Don’t sweat it. There is an incredible resource online, known as SCORE, that provides access to thousands of other small business owners, vendors, government agencies, and trade associations.

In starting your first home business, perhaps the most important thing to remember is to make sure you have enough money in the bank to get by. Set aside sufficient funds to keep your bills paid for a least half a year into your business venture. Keep your family and your assets safe by planning ahead and you will avoid a lot of heartache if your home based business does not work out.