A Sagging Economy: A Perfect Time
to Start a Home Business!

By Barb Niehaus

The nation's economy was on a downhill slide prior to September 11th's tragic events but now we are all feeling the effects. Thousands of Americans have lost their jobs and the unemployment numbers are expected to significantly increase. We are pinching our pennies and exercising caution when it comes to large purchases. Our once-secure jobs are hanging precariously by a thread. Dot.com companies are failing at a rapid pace. Recent college grads with MBAs are finding it difficult to secure jobs.

What's the answer? Create your own financial security with a home business! I'm not advocating giving notice but now is the time to start the planning and developing of a business.

Some Do's and Don'ts to consider:

Find a market: Obviously, this would not be the time to start a travel agency or sell condo timeshares. Think *recession-proof*. What will always be needed/ in demand? What can't your future clients live without?

I recently joined a nationally known company as a part-time distributor of weight loss and health products. America is a land of overweight people that are constantly battling the bulge. We all want to look and feel our best. Billions are spent on weight loss products each year. I felt there is an overwhelming demand for the products I represent in times of sagging or bolstered economies.

Believe in what you're selling...whether it's a product or service, you have to be committed to the integrity of whatever you're selling or offering. If you don't, no one else will, either. Many businesses are born from a hobby or passion. Employ your knowledge and interest in a particular field.

Do your homework. Research the market you're targeting. Study the demographics of potential clients that you hope to capture. Know your business inside and out before you make your first call or place your grand opening ads.

Set a budget...define how much you can comfortably start with and stick with that figure. Be realistic, though. Talk to others in your field and ask them to assist you in estimating startup and operational costs. Never put more into a business than you can afford to lose.
Realize the time involved...not just the time involved in setting up your new business, but running it once it's functional and operational. A home business is not a 9-to-5 day. It's 24/7, especially in the beginning when you're frantically attempting to reach the point of turning a profit. It may take months or even a year or so before your books are in the black. Be patient.

Priorities...let's not lose sight of why many of us start our own businesses. Finances certainly are a driving factor but for the majority of us, we want to be able to spend time at home with our families while still earning an income. Family first!!

Good luck!

 

Barb Niehaus, webmaster, publisher and mom of 4, is committed to helping those who are searching for the "perfect balance between work and family".

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Visit her site at: http://www.moms-home-work.com
To find out more about Barb's part-time business: momsathome@getresponse.com