3 Points to Consider Before Launching Your Home-based Business

When I began my home-based resume writing business almost five years ago, I had some idea of what was involved. Some years back I ran a small boutique: I sold beads, tiny little glass, metal, plastic and wooden beads. I worked in my store six days a week, and then spent at least an hour every Sunday placing orders to replenish stock. That experience did away with foolish notions of “more time to myself,” and I knew that I had the wherewithal to commit to self-employment when I began my home-based resume service.

If you are tossing this idea around, here are some of the aspects of running a home-based business that you should take into account. 

  1. Get ready for bad hair days: you must wear many hats. I am the decision maker and receptionist, and am accountable for landing sales and for tracking accounts payable and receivable. I develop new handouts, reports, samples, articles, and update these regularly with new information; cold call prospective industry contacts and “schmooze” even though I am a dedicated introvert; deal with customer concerns, complaints, and thank goodness, their joy and thanks! The only task I don’t handle is computer glitches (I leave those for my I.T. guy, my husband!).
  2. Forget about goofing off just ‘cause you need a break. A micro business is highly dependent on reputation for quality and service. For the first few years, you will be spending time augmenting your skills with on-line courses and self-study to ensure that your reputation for quality  grows, and you will spend lots of time researching, developing and implementing customer service measures and strategies that help you stand out from the crowd. You will get the odd half-day here and there, and grab it while you can, but don’t count on quarterly trips to warmer climes as you’ll have neither the time nor the revenues.
  3. Hold off on that new pair of shoes: all your funds go into the business. Guys, I’ve no idea what you spend your money on, but girls tend to love new shoes! As your business earns a few extra dollars, you will need to reinvest in courses, reference books, technologies (Creating a website, video, teleconferencing…), memberships, conference attendance and so on. Those business pundits who say you won’t turn much of a profit for the first few years are absolutely right.

 One of my outreach initiatives is to speak to local private college students (Trios, Medix, Liaison), and I recall one fellow sharing that he decided to take the I.T. Network course so that he could enjoy better working hours. I had to hold onto my words of wisdom. Don’t make the mistake of thinking that you are smarter than the rest.

Some may think “I will organize my time better and will make sure that I can take time off.” And I encourage all to take those gifts of time when no client has called for days, to go to the farmers’ market, take a drive in the country, or visit dear old mom. But I know from experience that the discomfort (fear and panic!) you feel when the phone isn’t ringing will have you scrambling to create new alliances, research and implement new marketing ideas, and build your business.

It is time-consuming to play every role, perplexing to figure out how to reach new clients, difficult to absorb unknown skills like marketing and sales, and every working minute demands your focused attention … so why do we become entrepreneurs? Because there is something about holding the power to evaluate the alternatives, make each decision, change it mid-stream if you so wish, and mold and direct your own business that is intoxicatingly exhilarating!

If you have self-discipline and talent, are passionate for the work you will be doing, and have a vision to deliver your services from a home-base, by all means, join the ranks of the Canadian entrepreneur!