This Is Not For Everyone, But It Might Be Perfect For You!

If having a successful home business is your goal, be sure that you possess the habits and traits that insure success. Not everyone is destined to be successful.

Home-based entrepreneurs continue to increase in number. Maybe the commuting has become too time-consuming or expensive. The recession of 2008 also drove many to find new employment.

At present, over half of all businesses in the United States are successful home businesses. These may be part-time or full-time businesses. And they employ approximately 50 percent of the private sector workers.

It is very important to realize that not everyone is capable of working from home. It is imperative to Know Thy Self, that is, to know your strengths and be cognizant of any tendencies that could be considered weaknesses.

Requirements and Concerns!

If you are disciplined and committed to having a successful home business, you are likely to do well. Keep in mind, that many small businesses fail because the owner lacked those two important qualities.

But even that is not enough. It is important to be as realistic as possible when considering the positives (and the negatives) of a home-based business. Too many people dream about being their own boss and having lots of extra time to do things. They may forget to add in lots of forethought and tenacity so that failure is not possible.

The primary concern of any customer-based business is acquiring and keeping new clientele. It will take time to build the business, so be sure there is a cash reserve to live on.

Of course, if you lack the enthusiasm that you must have, you may struggle getting out of bed in the morning to face the excitement of running your own business. Or if you lack organization skills or enjoy the steadiness of a paycheck every two weeks, owning a successful home business is not for you.

Another concern for any business is getting paid for the work that you've completed. Also, you may need to purchase health insurance and business insurance as a homeowner's policy is not likely to cover your business.

The final concern that I will mention is: Will your business allow vacations? Do you have a backup to cover for you while you're gone?

Successful Home Business List!

These are home-based businesses that I have used in recent years:

  • House cleaning
  • Boat repair and servicing
  • Expert witness service
  • Home inspection or appraisal
  • Upholstery
  • Music lessons
  • Photographer
  • Carpet cleaning

The list of other home business is almost endless. But, I will mention a few more:

  • Accountant & Tax Preparer
  • Debt collection
  • Child care
  • Tutoring
  • Dog walking & Pet Sitting
  • Bed and Breakfast
  • Wedding Planner
  • Bicycle Repair
  • Computer & Electronic repair
  • Dog breeder
  • Consultant
  • Interior decorator
  • Personal trainer
  • Property management

This Is A Business!

The purpose of any business is to generate revenue. So, the emphasis must be on marketing and keeping overhead low. Remember, it is not how much money that you take in; it is how much you are able to keep.

It is also necessary to be productive. That may be a challenge in a home-based business as there are likely to be numerous interruptions - unless you limit or eliminate them. You are at work. So, friends and family must understand that.

One of the keys to being productive is to schedule the challenging tasks when you are likely to be more productive. That could be mornings for some people. The main thing is to have a sustainable routine or schedule with a start time and an end time.

Plus, your attitude about the seriousness of your work day is the key to sustainability.

Tax Deductions In A Successful Home Business!

  • Supplies
  • Internet expenses
  • Telephone (separate landline)
  • Depreciating office space
  • Utilities (attributable to  business use)
  • Real Estate taxes (attributable to  business use)
  • Repairs and maintenance (attributable to  business use)
  • Mortgage interest (attributable to  business use)

However, Social Security and Medicare costs will double as you are now an employer and an employee.

Final Thoughts On A Successful Home Business!

There will be lessons learned as your business develops. But, if you have a vision and a strategy, your business will thrive.

I can assure you of this: If your business is not making money, you will not be happy!

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