Discussion of buying home-based businesses seems to reaching something like what Malcolm Gladwell might call a ‘tipping point’.
Ever since Franchise Direct published its study on the home-based business sector, there has been a small explosion of stories about opportunities available with a home-based businesses. Of course, it's most likely a coincidence, but it does suggest that there is a growing conventional wisdom that home-based businesses are among the best businesses on the market right now.
There are reasons why. As Fox reported, credit markets remain stagnant. Home-based opportunities, which are often more affordable, offer a great starting point to entrepreneurship while the bad times pass over.
Of all the stories on home-based businesses that we’ve read recently, the one that spoke the loudest to us was written by Kirk Bannerman on the Small Business Brief website.
Kirk’s viewpoint is essentially this: yes, you will be successful with a home-bound business, but it might not happen over night.
There are so many home business opportunities (some real, some not) that it takes real personal discipline to avoid the scattergun approach...you know, throw enough against the wall and something is bound to stick. In the early going, it is really important to resist this temptation and to stay tightly focused on a single business.
Some will argue that "I don't want to have all my eggs in one basket". To those people I say, diversification is fine, but only after you have achieved solid success with your initial business. A premature attempt at diversification will quite likely cause a loss of focus and actually slow down your success rate.
Other advice from Kirk:
- Stay focused
- Remain patient
- Don’t get discouraged
Now this is solid advice for any entrepreneur. But it’s especially worthwhile for home-based businesses. All of the statistics are showing that home-based franchises are doing well at the moment.
But after you make the investment, remember, the real work is just starting.