Millions of people each year are choosing to explore the possibilities of having a home based business. Why? What’s the attraction?
Well I think it’s fair to say that most people are looking for a legitimate home based business because they are either sick and tired of where they are at in their lives or worried about what will be in store in their future.
In my case, I had built successful “traditional” businesses, but I was really sick of the stress those business brought to my life. On the face of it, being financially successful should have meant that I was loving life. The reality behind the scenes was that I had to deal with the stress of sometimes crooked and chiseling vendors, sometimes crooked and chiseling customers, having to know and implement all the tax and other Government codes and rules, employees, contracts, constant travel, massive overheads, legal issues and on and on.
Now I had some fantastic customers, vendors and employees and I have no regrets, but I knew I needed something that would generate the same income I had become used to without the stress.
The home business industry seemed the logical path. The rhetoric was fabulous. Simple to do, no overhead, virtually zero investment, and the holy grail of residual income – income that will keep coming whether you work or not once you’ve built it.
So I think the same things that attracted me are what attracts so many others to the industry, though perhaps from a different angle. People being sick of their jobs, their boss, worried about their pensions, have massive student loans and no real job, wanting to retire with dignity.
So the same rhetoric is extremely appealing. Work from home on your own schedule, simply sharing the idea with others and building huge residual income.
So does the reality match the rhetoric? Well for the vast majority of people starting a home based business it does not. I do think that for people looking for a business of their own, the home business industry does offer the most practical means of having a business because it is extremely low cost and relatively simple. However there are many factors that have to be in place and there are many things that people need to know and implement to maximize their odds of succeeding by accomplishing large residual income.
There are many ways to build a portfolio of residual income assets. You can accomplish those while being an employee too. Having a home based business doesn’t make someone more entrepreneurial than the employee who works overtimes to afford the rental properties he or she is buying for residual income, for example.
The upsides of a home based business is that you can create huge income – residual income – without significant overhead, without massive stress and relatively on your own terms, but it is not easy and there are pitfalls. There is a reason a few make the most money. If you are looking for a home based business, hopefully the content of this site will help you at least avoid some of the pitfalls and hopefully provide information that at least allows you to look with your eyes truly open.
All the Best,
Andrew Smith.