Master's of business administration

Home-Based Business, The Wild Frontier

Description:

The illusion of the home-based business is that it's the wild frontier. No rules, no laws, and starting up is as easy as putting out a shingle - which today amounts to putting up a website and waiting for hits.

Content:

The illusion of the home-based business is that it's the wild frontier. No rules, no laws, and starting up is as easy as putting out a shingle – which today amounts to putting up a website and waiting for hits. But this just isn't the case. In fact, reality is quite the opposite.

Another issue that some people face when starting a home-based business is that for the first time in their lives, they have no boss. That is to say, they are their own boss. This poses a challenge for many (if not most) people, because there is no one to force them to organize, categorize, schedule and file. It's too easy to just forge ahead without a plan or an organizational system – things that will become invaluable to you when filing the stacks of paperwork that will be necessary to maintaining your business and track its success.

In fact, every regulation and rule that applies to a business in a storefront or a highrise office building applies to you in your living room. Obviously, this applies to income for tax purposes, but it also applies to things that you may never have thought of. Your computer, for example, when being used for your home-based business, becomes the property of your business. If you hire people (depending on how many) even if they work out of your home or theirs, you will be subject to government employment regulations. If you hire someone and allow them to "telecommute" or work from home, you will be responsible for their workspace, even if it isn't on your property, and if they're injured in their own home while on the job, you'll be liable for that too!

Now, I'm not saying these things to scare you. These are just things that you should keep in mind when starting up a home based business. But remember that there are plenty of fun and satisfying aspects to starting a business as well, so don't let any worries outweigh the enjoyment and excitement of starting your own home-based business. Just move forward with a little caution and a lot of forethought.

Proceed With Caution, and in the world of the small, home-based internet business, these words cannot possibly be over-stated. The fact is, more that 90% of all home-based businesses fail – not in the first year, but before they ever really get off the ground. This failure rate isn't due to a lack of hard work or a lack of funds – it's due to a lack of organization and planning. In short, the trend toward failure is due to entrepreneurs with high hopes putting the cart before the horse, and acting without forethought or caution.
The Cart Before the Horse

So, why the old idiom, "The Cart Before the Horse?" Well, in the first rush of eager energy to begin, new entrepreneurs will often buy supplies or develop elements of their company before they are absolutely necessary, or even needed. It's like a band that picks the titles of songs before they even have instruments. It's natural to think ahead, but committing to those ideas out of sequence could prove disastrous.

Learning more about a home based business won't only help you to plan the future of your business, but may also prompt new ideas or even better ways of approaching the setup of your home-based startup.

Author: Phil de Fontenay

About Author:

Phil de Fontenay runs a successful online information business, Rapid Response Information. For more information on Home Based Business Click Here

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