In this day and age it is becoming increasingly difficult to maintain a decent lifestyle on one income stream alone, and in a family with children finding an extra job outside of the home is not always an option. Even if you could afford the daycare expenses, spending even more time away from the children in an already tight schedule may not be the most appealing option. This is exactly where a Home Based Business comes into its own.
Home Based Businesses are great and can be extremely profitable but without the proper knowledge and tools you can easily find yourself wasting a lot of time or money on the wrong strategies, and still not reach your goals. So what are the basic guidelines we can follow to get started in a home based business the right way, and save ourselves a lot of wasted time, money and effort ?
There are typically 3 main pillars or principles in a profitable home based business model.
Pillar #1: It must have a minimal start up cost / low cost of entry
If you need to find a significant amount of money to start your business, then this simply defeats the purpose of starting a home based business in the first place! The idea here is to create a second stream of income as quickly as possible. However, low costs of entry also make the home based business model much more accessible than traditional business models.
Pillar #2: It must be easy to set up and manage
The more complicated your home business project, no matter what it is, the more likely you are to it give up before you even make a profit. Leave that to the large corporations. A business that is easy to set up and maintain will give you the confidence and a sense of accomplishment as you go through and complete each step in the process.
Let’s face it, if you enjoyed wasting a lot of time and effort maintaining a home based business you would not be reading this article. This is about freeing you to spend more time with your family and doing the things you love, this is not about creating another taskmaster to replace your job! The first two pillars of a profitable home based business form the foundations for the third.
Pillar #3: It must have a quick Return On Investment (ROI)
You can spend months building a home based business but if no profit is generated within in a reasonable timeframe then it’s very easy to get discouraged and give up. What then is a reasonable timeframe ? We would would like to suggest something in the order of a few weeks rather than a few months. Depending on the type of home based business some people have seen a decent ROI within days and, as unbelievable as it may sound, some affiliate marketers have seen a profit as early as 15 minutes from startup!
You may be thinking to yourself that this is just too simple! However, simple does not mean easy and, in any case, simplicity is the foundation of all successful business models. As they say, the devil is in the detail. The business that you choose to start should be something you have a passion for, or interest in, and possibly even something that you already have some experience of doing. Whatever home based business you get involved in make sure that it is propped up by the 3 pillars listed in this article. Do not make the mistake of over complicating your efforts or you will very quickly be wasting a lot of time and effort.
Here’s to your home based business success.