Working full time for a business, whether you are single, married, or have kids, can be very difficult. It can involve long hours, often punishing stress levels and, for all the hard work and endeavor, the possibility of disappointment when you check your bank balance. And that’s to say nothing of the barriers that have held women in the workplace back for generations. Is it any wonder why, in an age where so many of us are digitally empowered, that we should want more for ourselves?
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Has the prospect of starting up your own business from home occurred to you more than once?
But, for every reason why you should start your own business, doing what you love and exercising your creativity, it seems that there are a handful of barriers in your way. Let’s take a look at how we can remove those barriers.
Would people really be interested in buying the things I make or the service I provide?
Ah, barrier number one. We doubt the economic viability of our business ideas – so we don’t even try.
Well, in all honesty, you’ll never know unless you carry out your market research. Don’t just ask your friends and family if they think it’s a good idea. You know what they’ll say. Think about your target audience. Who are they? Where do they hang out online? What social platforms do they use? What online stores do they use? This is where you should be looking to get to know your audience better and gauge quantifiable interest for the products or services you’ll be offering.
How can I secure business funding?
No matter what you intend to do in business, it’s possible that you’ll need some funding to get it off the ground. And approaching banks, if your current credit rating isn’t the best, may make your stomach want to turn somersaults. But first of all, there are many business funding opportunities outside of banks.
Secondly, while your personal finances may be a factor, the strength of your business plan and cash flow projections are the most important things lenders look for. If they can see that you’ve done your homework, they may be willing to overlook your less than stellar credit rating.
What’s more, there are a number of debt relief options that can help you to get your personal debts under control and have you completely debt-free within 5 years. As with anything else, you never know unless you try.
But how do I feed my family while my business establishes itself?
Of course it’s unlikely that your business will become a runaway success overnight. You need to take time to get to know your audience, understand their needs, and create products or services that meet those needs. But who says you have to quit your day job while you do these things.
As long as you’re not using company time or resources, (and as long as you declare all of your income), you can stay at your day job for as long as it takes until your business can support you and your family.