Home Based Business Facts

by WorkFromHome on May 8, 2011

Home based business owners are perceived many different ways. Some think that home business owners are among the most hard-working and elite individuals, while others think they are starving entrepreneurs with constant struggles. It is important to debunk many of the myths that are commonly associated with home business owners. Here are some lesser-known facts about home-based business owners.

1.) Home business owners work more than 35 to 40 hours per week.

Many people think that home business owners earn a full-time income on a part-time work schedule. This could not be farther from the truth. In actuality, home business owners spend countless hours working each week to earn their full-time income. They are solely responsible for marketing their business or service, handling customer interactions and client relations, and most also exclusively handle the accounting aspect of the business. Being solely responsible for all of these individual jobs ensures that one is working many hours each week, to secure the success and growth of their business operation.

2.) Home business owners spend a great deal of time and money to get their business off the ground.

You have to spend money to make money. This is very true of any successful business model, and especially true of home-based businesses. Start-up costs are one of the biggest factors in determining whether a home business will be a success. Costs for marketing materials, websites, business supplies, and inventory can be exponential. Saving money for several months or years prior to establishing a new home business is critical. The saved capital can be used for business start-up and hiring the proper financial professionals to assist in seeing the vision through to its launch.

Many home based business owners prefer to spend large amounts of time setting up their business, in lieu of money. Good writers use article marketing to promote their website or business. They also take advantage of free business cards and free classified sites and forums, to get their name out there. Some will even barter, or exchange, their services for free to local businesses or merchants that may be interested in establishing a future relationship with the home-based business owner. The many hours spent promoting and networking online and in the community usually translate into large profits, but with a large initial investment of time as the cost.

3.) Home-based business owners dress to impress.

Many individuals think that home-based business owners spend their day surfing the web and eating in their pyjamas all day. This could not be farther from the truth. Home business professionals understand the importance of treating their business as any other. This includes adhering to a tight schedule and meeting important deadlines throughout the day. Many home business owners schedule meetings with local vendors, clients, and financial advisors, in addition to potential new clients. A wardrobe full of career separates is essential to a home business owner. Even on days when they are working from their home office, home business owners understand and appreciate how dressing for success boosts production, increases self-esteem, and produces positive business results.

4.) Home business owners are not poor, uneducated, desperate for opportunity, or technologically-disadvantaged.

These preceding are some of the most common words associated with home business owners. Most home entrepreneurs are very rich, either in knowledge and research, financially, or both. They perform vital research which includes gathering and closely documenting marketing strategies and material pertinent to their trade. Many home business owners decide to open their own business after working for a large, structured company as a manager, corporate consultant, or chief executive officer, taking with them the knowledge gathered from these positions to relay to their own business model.

A very small percentage of home business owners are desperate for any opportunity. Some will take on smaller projects or clients initially, but with the intent to build a bigger and better client base or opportunity. Home business owners see every interaction as a possible opportunity to grow their business; this includes taking on low income projects or opportunities that may increase their overall exposure, or provide supplemental income, while working to obtain larger clients.

Home business owners are extremely tech savvy and organised. Many components of their business model include hosting web conferences, maintaining website back-office operations and updates, and keeping up with the latest advancements in their trade’s technologies. Home-based business owners are also primarily interested in increasing their profit margins. Many of these profit increases stem from integrating the newest technologies into their businesses. Newer technological products tend to be faster, are sometimes easier to operate, and more efficient than their predecessors. The end result is a simplification of mundane processes, an increase in technological knowledge, and a larger bottom line.

5.) Home business owners have mastered the art of effective communication.

Most small businesses rely on word-of-mouth advertising. A professional home business owner must always put their best face and voice forward, where ever they go in the community and in their online presence. Every interaction creates the potential to secure future business opportunities. As a result, home business owners have often mastered the art of small talk and effective communication. They understand the importance that listening plays in the role of conversation. Listening and remembering facts about clients and familiar faces in the community allows a home business owner to interact on a more personal level, which initiates trust and respect in the eyes of a potential client. Home business owners understand how the power of small talk and empathy can create new, faithful customers that will generate residual income for many years.

A successful home-based business owner is intuitive, smart, efficient, and has an innate ability to multitask and interact on a personal, professional, and tactful level with every person they meet. They are focused, driven, and willing to commit time, money, energy, and effort to ensure the success of their home business. Contrary to popular belief, home business owners have a longer, more demanding work week than those in more traditional jobs.

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