Finding a perfect home based business that fits your personality and expectations can, at times, be one of the most challenging things first time entrepreneurs usually face when setting up a home business. Often times, the only means of determining if you have found the perfect home based business is by reading or listening to testimonies from people who have already been in the business for a while.
Even when you go a step further by asking questions and researching about the business, you may still be faced with the problem of reconciling your findings with your personality, while trying to figure out whether or not you have found the perfect home based business. If you haven’t been lucky enough to scale this particular hurdle, below are 10 signs of a perfect home based business you should watch out for, if you are about to set up your home based business.
1. Minimal Purchase of Goods
The perfect home based business does not require you to purchase large quantities goods at a time, especially if your type of home based business involves selling physical products. The perfect home based business should be one that involves minimal purchase of products on a monthly or at least fortnightly.
2. Low Storage Requirements
The perfect home based business does not require a large storage space for you to store all your products, especially if you are just about to start up the business. Imagine having to spend a huge chunk of your startup capital in paying for a large warehouse or storage facility in God-knows-where. The perfect home based business should allow you to reduce your overhead cost as well by need little or no storage.
3. Low Overhead Costs
The perfect home based business is one that enjoys low overhead. You don’t need a costly location with large amounts of electricity, legal service or expensive advertising. When it comes to the perfect home based business, there is little or no overhead as just about everything that has to do with running or setting up the business can be done from the comfort of your home.
4. Small Cash Outlays and Cash Billings
Another sign you need to watch out for when it comes to the perfect home based business is cash outlays and cash billings. The perfect home business does not necessitate large cash outlays in purchasing huge equipment. Simply put, it doesn’t tie up your funds by forcing you to buy expensive equipments before starting. Also, the perfect home based business should be able to enjoy simple cash billing methods by using different modes of receiving payment such as accepting e-payments, credit cards, etc .
5. Simple Business Plan
A working business plan is definitely amongst the most important aspects of any business and the perfect home based business should allow you to have a modest but highly productive business plan. You do not need a highly complex or sophisticated business plan before you can turn your business into a success. A simply, yet highly effective home based business strategy is all you need to make it happen. You can use the Mini Business Plan Template to write your business plan.
Related: Planning a Home Business
6. Enough free time to attend to your personal needs
The perfect home-based business should be able to leave you with enough free time to cater for your personal or private life. Simply put, it doesn’t need you to work 24 hours a day and 7 days a week. Even though your business life and private life are somewhat connected, the perfect home based business is that which should give you enough time and freedom to live both lives successfully. One doesn’t have to suffer because of the other.
Related: 6 Great Tips for Working from Home
7. Minimal Labor Requirements
The perfect home based business should need as little labor as possible. You definitely do not need to overburden your budget by employing time worker when you can easily outsource their functions to individuals with the relevant skills or experience to get the job done. In the perfect home business, you can be the boss, the accountant, the store/stock keeper, the cleaner and many others all at the same time. Even if you are hard pressed to hire additional hands for your home based business, at least one or two should suffice.
8. Emotional Satisfaction
Asides from being able to churn out profits continually or permit you to have ample time to attend to the needs of your personal life, the perfect home based business should be able to satisfy you emotionally as well. The greatest joy you can derive from any business is doing what you love best, while still earning money out of it. So if you love cooking and your home based business has to do with catering or you love imparting knowledge into people and you decided to set up a home tutoring service, then you may have found the perfect home based business for yourself.
9. Freedom from Policies and Regulations
The perfect home based business should, to a greater extent, be free from all kinds of government and industrial policies and regulations. One of the aims of setting up a home based business, asides from making profit is to keep it simple and uncomplicated. So if your home business is tied to regulations and policies which leave you no breathing space or room for expansion, then you may need to rethink your business strategy.
One of the remarkable things about having a home business is being able to work wherever you find yourself. As such, the perfect home-based business is one which should also be easily movable or transferable. The fact that you have relocated or moved to another state does not stop you from making money wherever you are through your home based business. You can work from virtually anywhere in the world once you have a home based business with this quality.