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Is This The Right Time To Start Your Own Business?

Is This The Right Time To Start Your Own Business?

Many people dream of quitting their jobs to start their home business.They dream of setting their own hours,working at their own pace,and building their own business opportunities and success instead of fattening their boss`s   wallet.They may want to work from home to be with their children,an elderly parent who needs care or supervision,or just to enjoy a slower pace of life.

But often they lack an understanding of what is required to start a home business and what it will really be like to work from home _without a steady paycheck  and benefits.Here are some things to consider to determine whether this is the right time to start your own business.

Financial Situation.

 Consider how much money you have in savings to pay household and business bills during the initial stages of your business.Statistically,most businesses dont  make a profit  for the first five years.Consider whether you have a spouse  with a job to help  pay the bills during the slow times  or whether you are the sole provider.Finally consider the cost of health insurance and medical expenses as they are  currently(which may be partly paid by your  employer) and as they would be if you were self employed  with your own home business.Can you afford to start your own business?Most experts recommend having enough money in savings to pay all expenses for one year at minimum.

The Time Factor.

Consider how much time  you will actually have to devote to pursuing business opportunities and handling the every day aspects of the business.While the work day may seem to drag at your current job,working at home is a whole different ball game.You need to set hours for your business and others for household duties like mowing the grass,doing laundry,and taking the kids to the park_or your days may be very hectic trying to combine everything.Truly consider the time you will realistically have available each day to work your business.Then reduce that by about 25percent because,with  the  interruptions you will probably encounter ,thats probably more realistic.

Personal Habits.

Starting and working a home business is like opening any other business.You need time to devote to everything that must be done_and initially(may be always),you will be doing everything yourself.If you are disorganized or procrastinate,you are going to be challenged.If you have difficulty communicating with others (like potential clientsor peers for networking),you will have a hard time pursuing business opportunities and working with others in similar businesses who may be able to help you.Consider your personality and how it would fit into running your own business .Are you a risk taker ?Owning a business involvess an element of risk_especially financial_so how comfortable will you be when  you know everything you own is on the line if your business fails?

Support Networks

If you have a family,it is important to consider how they feel about you starting your own business.If they support you,you will have an easier time negotiating the challenges and pitfalls of owning and running your own business.If not ,life will be very tough at your house if you go ahead  and do it anyway.

Similarly ,it is important to have the support of other home business owners so you can network to pool resources,find  out where  to get the best deals on office supplies or advertising ,share marketing tips,etc.Working from home can be very isolating,and having a strong support of peers helps immensely.        

 

 

 





Is This The Right Time To Start Your Own Business - To learn more about this author, visit jennifer mwesiga's Website.

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Staging Diva
Debra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website

John Power
John Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website

Jeff Foster
WebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas.  We specialize in internet consulting & internet marketing
- Visit Jeff Foster's Website

Stephanie Robey
Stephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals.

She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com   Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences.  Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University.

Read Steph's Blog
Meet Steph and Dave
Sign up for our Free 7-Day BootCamp: Self Employed & Rich
- Visit Stephanie Robey's Website

Joe Dager
Joe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website

Linda Richardson
Linda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website

David Barr
David Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website

Anne Barr
Anne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website


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jennifer mwesiga
(Visit jennifer's Website) Iam a wife and a mother of 2 children,they are my joy and pride.I reside in Hertfordshire UK,I enjoy spending time with family now.After reading Rich dad poor dad by ROBERT KIYOSAKI,I just changed the way I think about making money,serious you dont really understand every morning people are on the road to work,still they complain every day that they are broke,they are just used to the idea of working for money rather than chosing their money to work for them.I was just sick and tired of working for other people and make them rich,now Iam minding my own business. http://www.jmonlinema rketing.com?t=evancm.

jennifer mwesiga is a Silver author on EvanCarmichael.com
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