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Taking the Plunge: Starting a Home Business

Dec 23, 2007
It's more daunting than becoming a member of the Polar Bear Club. It's more frightening than the thought of your entire extended family coming to your house for Christmas dinner. It's even scarier than a root canal. Starting your own home business can be a terrifying transition in life, but it can also be the best decision you've ever made. So, get some courage together, and let's talk turkey.

All your life you've comfortably come and gone from a brick and mortar business. The nine to five, Monday through Friday grind is your weekly ritual and your comfort zone. But all your life thus far has only served one purpose; to make someone else rich. While you are slaving away in your cubicle, have you ever wondered why management always has a few days a week to spare for golf games? Have you noticed management's ever-increasing goals for productivity never really create any extra work for them? It's good to be in charge, plain and simple. When you are calling your own shots, you'll never again have to be angry about workplace injustices.

If you want to make a comfortable living for yourself and your family, move to the top of the profit pyramid. How? Find a niche to fill in the market and make it happen. Your entrepreneurial calling is only as far away as your strongest talent. Are you a great writer? Get typing, friend! Are you an amazing seamstress? Sew yourself up some profits. Determine the true passion in your life and hunt it down relentlessly. Just make sure that passion is practical and profitable. Don't leave a decent job to pursue a career as a hand model if you aren't totally convinced you've got something marketable under those mittens.

Talent isn't the only thing you'll need to get your home business going. You also must have some basic business sense. Lucky for you, nearly every business question you can think of has an answer online. Search for some good resources and start studying up on bookkeeping, budgeting and business proposals. You'll also want to talk to an accountant about the tax-deductible expenses involved in starting up your business. Any money you get back from Uncle Sam is a good thing.

Transitioning from a full-time drone to owning your own home business may be difficult. Figure out how to provide for health insurance. Be mindful of tax laws so the IRS doesn't pound down your door with an audit. Some people are more comfortable making a slow transition into their home business by going at it part-time while keeping their regular job. This is a good idea if you want to test the waters before you jump in. It also buffers start-up expenses you'll accumulate while your business catches on and builds its place in the market.

A great idea and basic business skills are a good foundation, but to really get your home business humming you'll need a heaping helping of moxie. Never underestimate the value of your own tenacity. Before you make your dreams a reality, you need to start dreaming. Think big! The size and scope of your home business, and ultimately the size of your profit margins, are directly related to your ambition. So, the more ambitious you are, the more money you stand to make. Just like any other investment, you need to take risks to see big returns. As long as your risks are calculated and well-researched, you will not regret them.
About the Author
Tom McMullen writes articles about home business. You can find more of his articles at:

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