Thursday, March 11, 2010

Money in Your Own Sweet Home

Posted by pucca at 3:46 PM

     Is it possible to earn millions at your own backyard? Initially it would be a no, but the truth is, it is possible. The better answer for the above question is, NOT AT FIRST.



     Great things start from small beginnings. Believe it or not, many of the prominent names in the business world today started out operating inside their very own homes.


     The Binalot Fiesta Foods, a fast-food business owned by Rommel Juan started out in their own home kitchen. Together with a friend and his brother, they would cook food in their kitchen, wrap them in banana leaves and would later on deliver them to friend who lived and work in Makati City Philippines. At present, there are over 30 Binalot stores all over Metro Manila and the brand became synonymous with good Filipino fast-food.



     Happy David of the Get Happy line of accessories started out making her creations at home. Friends in college loved them and began buying and ordering from her. Today, Get Happy items can be found in upscale establishments in leading department stores here in Manila, Philippines.



     In short, a business success does not depend on where it all started. It depends on you. Excelling in a specific business depends on your idea, how you executed and made the idea into reality, and how determined you are in making this idea a success.



     Like every start-up venture, a home-based business has its pros and cons.



Advantages



1. Minimal or zero overhead – This is the most obvious advantage of businesses conducted at home. When you work at home, you do not pay for rent, electricity, water and other necessities. It is most advisable to contribute a small amount to the household expenses once your business starts earning.



2. Less time on the road – Though sometimes, home-based business still requires traveling (i.e. deliveries), you no longer have to deal with traffic, car problems or the number coding scheme. Thanks to the fax machine, the internet and cellular phones, communication with your clients and customers is now a breeze.



3. An extra helping hand – You can always ask a family member for an extra hand with minimal cost or no cost at all.



4. More time with the family – Home-based businesses are ideal for mothers or parents who wants to be financially independent but at the same time, capable of taking care of the needs of the family.



Disadvantages



1. Getting motivated – Home-based business is sometimes frustrating. This is especially true for those who are just starting out, or for those who are already making money from it. There are too many distractions around. Dog barks while you are on the phone with a client, children playing or asking for attention on times when you need to concentrate, your favorite television show or a nap on your favorite sofa. Self-discipline and making a schedule is the key. Set a time for work and relaxation, inform people in the house about it, and stick to it.



2. Labor does not come easy – Admit it, your family will not always be there when you need an extra hand. Kids go to school and our partner goes to work. Considering hiring an assistant especially when your business is starting to rise is acceptable. But this will definitely bring additional cost.







     In conclusion, home-based business is profitable and feasible. With the right attitude, success is not far from reality. We just need to exert an extra level of commitment to yourself and your work. Setting goals for yourself and the business is also advisable. These keeps you focus, motivated and driven to achieve an even higher goals.







 

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