If you are considering starting off with self-employment on a home-based business (it’s getting common), there there is an interesting post made by Tom Lindstrom on the Home Business Archive blog:
On a personal note, self employment for those with family is fraught with another set of problems. A steady paycheck keeps a family well supported and many money worries at bay, while self employment may be more akin to times of feast or famine. Are your family members willing to help you achieve your dream of being self employed?
The post is not aimed to discourage anyone — it is more to give you a feel of the typical challenges he has seen. The biggest challenge we can point towards is that there is no more a guaranteed income source. You will have to put your best efforts, and the income may not not come.
Some more thoughts from our experience of seeing various entrepreneurs:
- If you have a family to support, then you should have at least 6-12 months of living/operating expenses in your bank. Plan to have little or no income in the first 3-4 months. That is a very real scenario
- If you are offering services, don’t waste time on prospects who are not interested. Time is very important, and its better to reach as many prospects as you can, and let the interested ones reply back.
- If you are offering products on your website, then promote that site through a few blogs, press releases, and reputable article sites. Feel free to contact us if you feel stuck. No, there’s no fee for such help!
- If you have any property or inventory, that should also be insured. Also ensure that everyone in the family has comprehensive health/medical insurance. Nothing can probably hit your new business harder than sudden large outflows of cash arising from uninsured expenses/damages.