By Richard A. Henderson, Publisher of Home Business Magazine
Service businesses make up a profitable and major segment of the home-based industry. Most home-based service businesses can be run part-time or full-time. They include business service businesses, personal service businesses, and consulting service businesses. With so many types of opportunities in each of these categories, there is something for everyone. Consider.
A home-based service business can be performed for either a person or a business. That decision is a matter for you, the business owner, to determine, based upon your preferences, capabilities, and time. This is important. It is hard to make a home-based service business work if you don’t like it.
The start-up and operating costs for a home-based services business are substantially lower than that required for home-based franchises. The amount of investment varies with the quality of the training and support provided by the business offering the opportunity. Lower levels of investment get only basic information on how to start and operate a particular business. Higher levels of investment often come with specialized training programs, on-site and ongoing support, and even licensing.
Investing in any business is a decision that carries risk. Minimize that risk by performing the necessary research to check out a home-based service business before you make an investment of time and money:
- What are the start-up and operational costs and can you afford them?
- Does it match the type customers you want to do business with?
- Does it match your skills, lifestyle, home base, and location?
- Does the service business offer training and support?
- Is your cash flow in good shape? How long will it take for cash flow to exceed expenses?
- Look at the market. Is there saturation of the market in your area? ●Evaluate the competition. Is there enough demand to support a new service business?
Before making that final decision on starting a home-based service business, talk to your friends and business acquaintances and brainstorm. Think through the decision and its implementation. Also keep talking to the service business sellers to answer further questions. And before you do sign any contract, review it with a lawyer.
Now is the time to “Cash-In.” The only way to succeed is to “do.” Your hard work and research ensure success in starting and operating a home-based service business. HBM
