Is Starting a Home Based Business Right For You?

9 Year Mortgage on Starting a Home Based Business

If you are seeking to balance your career and family or you just want some flexibility within your occupation, a home based business may be your answer. 9 Year Mortgage believes that a home based business may just give you that incentive to increase your income by being 100% responsible for you financial well being. If you are intrigued with the idea of being your own boss and having maximum independence within your career, then you may be the perfect candidate for a home based business. But before you quit your current job or decide to run a business while your child takes a nap, there are plenty of things you need to consider.

If you are playing with the concept of launching a home based business, then it is time you put down in words the pros and cons of your idea. To help you get started, 9 Year Mortgage has developed a list that may help you determine if running a home based business is right for you.

9 Year Mortgage Suggests Three Points to Consider When Starting a Home Based Business

The most important thing to realize is that running a business from your home must be a family decision because it effects the entire family. Where you work from is also where you eat, sleep and entertain. The home phone is also the business phone; unless you are fortunate enough to have a separate and large enough room with a separate telephone line. If the business you start will require you to meet with customers, your home also becomes the office they will come to. If this is the case, you may need your family’s help to keep the house clean at all times in case customers stop by.

Another big item 9 Year Mortgage wants you to consider is that having a home based business is not a good option for the unmotivated, procrastinators, or the easily distracted. Yes, working from home is meant to give you flexible hours, but you need to have consistent hours; Since you are home, it is easy to get distracted with household chores or children. It is necessary as the owner and operator of your home based business that you decide on a set amount of hours each day that you want to work- and stick to it!

The third point that 9 Year Mortgage wants you to consider is that running a business from home also has some security risks. Customers may be stopping by your “office” to chat or make a deal so there are two factors that you need to consider. One, you need adequate insurance in case one of your customers injures themselves on your property. Second, you are making your family and home vulnerable to virtually anyone. Make sure valuable things are in areas customers will not be visiting in your home and be aware that possible strangers, thief’s, and upset customers now know where you live- take precautions to protect your family as well.

9 Year Mortgage Encourages You to Dig a Little Deeper…

If you have come to terms that a home based business may not be as idyllic as you once pictured and still are interested in running one, there are a couple more things you should consider. 9 Year Mortgage has created a small list of Pro’s and Con’s to having a home based business. Hopefully this list will enable you to think more clearly on how a home based business will effect you and allow you to think of some more pro’s and con’s based on your own personal wants and needs.

1. You are your own boss: You call the shots and structure the business how you like it. Hours, employees, customers and success are all your decision/responsibility.
2. Work and Family Balance: You can spend more time with your family and schedule your own vacations.
3. Potential for Increased Income: All your hard work directly benefits you and your business.
4. Office is at home:  Driving and dress codes are no longer required; both of which could save you money!
5. Tax write-offs and benefits: If you have dedicated a certain area in your home for your business, you are eligible to file for a home office tax deduction. Also, you can write off any supplies bought, gas for traveling to customers locations, etc…
6.You can set up your office how it’s most comfortable for you.
7. You can take care of home responsibilities when you have down time.
8. You can take breaks when you need to: pick up kids from soccer or ballet, go to the gym, or garden.
9. Your work is something you will love to do every day.

1. You are the boss AND everything else…You now have to do accounting, advertising, marketing, selling, and handle customer complaints. You may not be completely knowledgeable in all these areas, which may generate some problems.
2. Distractions: Working at home provides for plenty of distractions. Cleaning, errands, home maintenance, and children may entice you to slough on your work obligations.
3. No set salary: There could be times when money dries up- make sure you have a savings account with up to 6 months of living expenses in it.
4. Lost Interaction with Co-Workers: You may miss the fact that there are no co-workers to keep you company, give you ideas, share your work load with or answer any of your questions.
5. No Health Insurance: You will have to pay out of pocket for all insurance programs or doctor visits.
6. There Is No One To Fill In For You: Sick days might not be possible or vacations during normal seasons.
7. With your office at home, it could cause family tension.
8. Dealing with every single task of the business may cause you to lose the passion and excitement you originally had.

9 Year Mortgage’s List of Popular and Profitable Home Based Businesses

Once you have considered these and many more personal important factors, it is time to decide what kind of business is right for you. You may be one of the lucky ones who knows what type of home based business you want to run, or you may be like the thousands who just needs extra income and a home based business is the best option for you and your family. Regardless, 9 Year Mortgage has 21 of the most popular and successful home based businesses for you to consider:

  1. Yoga Instructor: A studio is not needed, you can visit clients at their home or office. Check out Yoga Alliance for information on certification, insurance, and everything you need to know.
  2. Personal Trainer: Just like a yoga instructor, you can visit clients at their homes. You will need to be certified as a personal trainer, so visit the National Federation of Personal Trainers for more information.
  3. Web Design: Transform your web designing skills into a business from home, good web designers are in a constant demand.
  4. Consulting: If you are an expert in a specific industry like marketing or mediation, consider using your knowledge as a business.
  5. Business Coaching: Become a business coach to share your experience in management or another skill. Check out the International Coach Federation to become certified and part of a referral program.
  6. Interior Design: If you have a creative bone in your body, you should consider interior design. Visit the American Society of Interior Designers to find out about your states requirements for licensing.
  7. Remodeling: Turn your passion for carpentry or contracting into a business.
  8. Computer Repair: Are you the Go-To person for all of your friends computer problems? Start charging and turn your computer expertise into a business!
  9. Personal Shopper: It’s hard to imagine that there are those who are too busy to shop for themselves, but they definitely exist! Offer your fashionista style skills to this target market. Also, consider offering a gift-shopping service to increase your profit potential.
  10. Gift Baskets: Gift basket creation is a popular home based business. Target businesses and individuals to increase your profits.
  11. Wedding/Event Planner: If you are an organizational genius with a lot of contacts and extraordinary ideas, then consider a career as an event planner. Check out Weddings Beautiful or one of the many other sites offering certification courses.
  12. Photography: Open a small studio in your home or travel to clients homes if you are skilled with a camera.
  13. Medical Claims Billing: Find legitimate transcription training courses online at eLearners to take part in the most popular home based businesses.
  14. Senior Care Services: Help seniors who wish to stay at home with their tasks of every day living.
  15. Home Inspection: Visit the National Association of Certified Home Inspectors to get information on becoming a certified home inspector.
  16. Catering or Personal Chef: Start your own catering or personal chef business by targeting customers that relate to your cooking skills. Try offering low-carb meals or vegetarian options to broaden your customer pool. Keep in mind that you have to have a food license and a place to cook food that meets state requirements. Contact your local city or county health department for additional information.
  17. Tutoring: Are you knowledgeable in many school subjects? Then consider tutoring kids of all ages from elementary school through college.
  18. Pet Grooming: If you are an animal lover, offer to visit clients homes to bathe and groom their pets.
  19. Child Care Services: Turn your passion and love of children into a home based day care center. Remember to stay up to date on state regulations and insurance requirements.
  20. Custom Jewelery Design: Get paid to do your hobby of making jewelery. Sell your items online or on sites like Etsy.
  21. Accounting: Take advantage of the many opportunities given to certified public accountants by getting certified at the American Institute of Certified Public Accountants.

Like mentioned earlier, your options are most definitely not limited to this list, the possibilities are endless. Remember the key to a successful business is advertising! Get your name and business out to the community, businesses and individuals by advertising according to your target market. Advertising online, at local grocery stores, and schools could give you a good customer pool to start with. Remember that starting a home based business may not be cheap. You may need to pay to get certified or registered; additional insurance policies may also be needed depending on your business.

9 Year Mortgage Wraps it Up

If you are considering starting a home based business it takes a lot of thought and effort to get it going. Depending on which route you decide to take, you may end up spending more than you originally thought. Running a business from home can be convenient but it can also cause some issues at home, so make sure your family is on board and ready to support you before you take the leap. Whether you are a stay at home mom or dad hoping to bring in some extra cash, are unsatisfied at your current job, want some independence and freedom, have a killer idea for a business, or just need a second job, a home based business may be your solution. If you decide that this option will work for you, make sure you are ready for a few ups an downs; have at least six months of living expenses in your savings account in case you encounter a rough patch. Home based businesses do come with a lot of perks, and if you stay positive and are able to triumph over possible setbacks, you too can join the club of thousands of successful home based business owners.

Read another 9 Year Mortgage article entitled Should You Get a Second Job to learn about other possibilities to earn additional income.

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