Minimum investment
Operating from a spare bedroom or a garage, a business can be run with a
minimum of investment and exited with a minimum of obligations and risks.
Maximized communication technologies
The Internet, computer and communications technologies now offer home based
entrepreneurs the same tools for communications, accounting and marketing as
are employed by multi-national competitors. Web-based businesses are especially
appropriate for home based operations. Here is a basic
list of communications tools that most home businesses will require.
Start small and grow by compounding
You can begin in a very small way, starting with one order at a time and grow
by the power of compounding. For example, your first six months sales may
produce only $1,000 per month. But if you can continue growing by 20% during
each ongoing six month period, in five years your annual sales will be over
$370,000.
A potential built-in organizational
structure
While home based businesses are not just for families, a family will become
closer by spending time together, sharing problems, designing challenging
projects and sharing work and school lives. King Solomon put it this way:
"Two can accomplish more than twice as much as one. If one fails, the
other pulls him up; but if a man falls when he is alone, he's in trouble. One
standing can be attacked and defeated, but two can stand back-to-back and
conquer; three is even better, for a triple-brained cord is not easily
broken".
The "all-in-the-family"
approach to a home based business offers some other powerful competitive
advantages:
- Common goals pull the family together.
- You can utilize individual and collective family
skills.
- If you are still working at a job, family members can
work during hours you're on the regular job.
- It could be a better solution to "working
spouses": why not work as a team at home?
- The kids learn the benefits of entrepreneurship.
- The business is set up with pre-established lines of
authority and responsibility.
- Both spouses can exercise individual business
capabilities.
- When all else fails (including your job) a family
working together is the best survival unit.
Open to all ages
A home based business is open to all ages and walks of life, from high school
students to the growing population of retirees for whom involuntary idleness is
increasingly a problem. And since there is over-whelming data to demonstrate
that activity promotes longevity, for many retired people working in a home
business becomes the solution in curing debilitating unproductively. Also, the
wisdom and experience of maturity dovetails with the structured prudence
required to successfully operate a business without risking substantial assets.
A productive activity for the out of
work
Unemployed workers can gain the satisfaction of being productive by putting
their skills to work in a home based business that helps defray living expenses
while they search for work. The search becomes the "job" and the
business becomes their moonlight activity which can include family members. A
family working together during difficult times will create bonds that will last
for lifetimes.
