For many, a home based internet business is their salvation. With recent global economic hardship, lots of mums and dads are turning their eyes to the internet to save them from financial ruin. And little wonder with all those fairy tale stories of millionaires in the making that get about.But to stand any chance of success with an internet home based business, it is vital you understand not only the benefits and advantages but also the disadvantages in order to decide if this really is an option for your.So let’s take a look, shall we?Benefits of a home based business
Low set up costs compared to a bricks and mortar business
There is only a small financial risk
No limit to your income
No travel or commute expense
You can work in your pyjamas
Flexible work hours are great
Need I say it – no boss to answer to
Great for stay at home mums
No discrimination between sexes or age, education or background
You can start slowly and build up over time
Disadvantages of a home based business
You may feel isolated
You might feel like you never leave home
You might have trouble achieving balance in your home life/work life
You could work very long hours
You might not get paid regularly
You may be constantly interrupted by friends and family
You may struggle with motivation from time to time
There can be a loss of privacy for you and your family
Your family might not take your work seriously at first
It will be difficult to take holidays initially
There are a number of options to consider when choosing your model of home based business.Here are just a few:
Buy an existing business
Buy into a franchise
Join a network marketing company
Learn affiliate marketing
Create an eBay store
When trying to decide what you will sell, you need to do some serious brainstorming.The key question to ask yourself is: will my idea work?First you need to establish that there is indeed demand for your idea.Success questions to ask:
Who will be my target market?
How big is my target market?
Who are my competitors?
What makes my business different or indeed better than others?
How do I know visitors will buy off me?
How much time do I have available to put into the business?
Now you k now where you are headed, it is important to be sure you are suited to your venture. To get a better idea, take a serious look at yourself and do this keen inventory:Do I have these success traits:
Able to think laterally
Have positive mental attitude
Have courage and confidence
Prepared to take some risk
Self motivated
Have good judgement of opportunities and people
Show leadership qualities
Have good health
Training in small business
Able to make decisions
Self disciplined
Good organisational abilities
Once you have worked your way through these questions you might be ready to take a first step. Be warned though, when you find your favoured home based business, there will be times you feel overwhelmed. This is perfectly normal, so don’t be tempted to give up.Remember, a home based business might seem like an easy option but it is not necessarily so. The going always gets tough before success comes knocking. Just follow the road you choose, persist and in time you will arrive at your destination.