Start your home-based business

Most people use their homes as a place to live and enjoy after a long day at the workplace. Many pay a mortgage to enjoy the benefits of owning a home. It is better than renting they say. But what could be better than owning a home? What about owning a home and letting it pay the mortgage. Sounds like hype, well you might be missing the true potential of your home.

The Home Sweet Home. If you feel that working out of home is odd, think again. The most powerful man on the planet works from home. President of the US lives and work out of the White House.

The typical story of entrepreneurs starting their businesses from their garages, bedrooms, a space room, back or front yards and porch is common place. Starting from home offers several advantages. The number one benefit is the low cost, you have a low cost structure and that gives you an immediate advantage over your competitors. If you are situated near your customers or suppliers or employees, that is another advantage. Sometimes workers are difficult to find, having a home based business might mean you can easily hire from your community or even sell to them. Think about the swiftness of your response to a customer close by. 

Some people start a business out of home for lifestyle reasons. I love the one minute commute; from upstairs to my downstairs office. It is the kind of life that everyone cherishes.

Or you prefer to work at home and enjoy the benefits of looking after an ill parent and be better able to juggle your personal life. Maybe you also have health challenges and this is a way to slow down but get more done (the wasted time in traffic and senseless meetings). You shun the rat race and know that even if you win the race you are still a rat!

Home alone can be a terrific way to spend more time with the family and yourself. I like being alone sometimes and it is a good opportunity to reflect and be creative. Creativity is after all the precursor to ideas and innovation.

Home Essentials. While home has its advantages, it comes with some drawbacks. If you are home with your family it could get very unproductive. The constant demands from them and the attractiveness of a snack filled refrigerator can be a distraction. Then there is the drop in neighbours and relatives. So you have to manage all these distractions. First let them know that you are working out of home and not unemployed. Try to schedule your work time around the ‘de-tractors’; when you are out or sleeping, if you can do that. Or better yet, involve your family in the business. This is a nice opportunity to get them a business education, tap into some free labour and hopefully leave this business for them or have some continuity. There is nothing like a good legacy after you are gone.

It is easy to set up a home office (if you need one). A phone (which you already have) or your cell phone is your business line but remember to train the kids not to answer the phone. Customers may think you are not a serious contender. A computer with internet access, printer/scanner and of course a filing cabinet to store your paper work. If you have a spare room at home this is an easy way to have an office.

If you have a business that needs a production environment, a designated area which can be converted from your garage can work or an adjoining room or a small extension might do. Remember that while renting a place might give you more space, the ideal thing is to use a low cost approach. A business start up is a business experiment; it may not work out or not it the way you envisioned.

Home Ideas. Now that you have your home structured to open your dream business, you might be thinking about what kind of business is suited for home?

Because we live in the information age, service businesses are very attractive and appropriate for your home. This can be consulting, events management, professional services or any service that the client might not need to see you. Most business requires that you have to see them instead, and if they ask you about your office, tell them you are between offices and take them to a coffee shop!

Selling products either manufactured at home or imported, can be sold from a small store room. If you import plant seeds (or collect them yourself) or make wines, these items need little space and your station wagon is your commercial vehicle for delivery.

Some businesses require that the work be completed at the customer’s residence. If you are a skilled plumber, electrician or technician that service air conditioners and heavy home appliances, these items are better repaired on site.

Then there are people who have hobbies that could be easily turned into a business. Tropical fishes, backyard gardens, dog rearing, tutoring and others can be into commercial home operation.

If you live near a busy road, this might be an opportunity to sell food. If you wanted to be different and experiment with geera chicken and lamb, a low cost way is to place your food stall outside your drive way and start selling. If things take off, you can convert your kitchen into a commercial one.

So, your home is not just a place to live only but it could be an untapped opportunity. So walk around your home and ask yourself, why am I paying for this White Elephant?

May you always have the mind of an entrepreneur-Sajjad