by R.L Hanlon

Created on: December 30, 2007

You have a great idea and desire to start your own home-based business. You've tested the waters and have found you have a possible business venture that has the potential to become successful. Deciding to quit your job where the pay is regular and guaranteed to build your own business, can be an extremely daunting task. But what have you got to lose? You'll never know unless you try it right?

Having a home-based business is not for everyone. There are many questions you need to consider before you take that leap in becoming self-employed. Here are a few questions you must ask yourself for you do take that leap.

1) Support

Although you'll never know if you're going to be successful unless you try, you need to have a good support system surrounding you. Does your spouse or partner support your idea? Are they taking your future business idea seriously, not thinking its just you going through a mid life crisis?
You must have the full support of your family, without them your business will not be successful.

2) Responsibility

Running your own business means you are the one wholly responsible for all your decisions and actions. Are you motivated enough to consistently apply your energy and time to your business? You are your own boss; you have no one else to answer to or no one else to lay blame for any mistakes.

A successful home business still needs a lot of work and hours poured into it to ensure its success. Just because you can get up and make a coffee in the kitchen, or take time-out to run to the local store, doesn't mean you can slack off.

Are you ready for this responsibility?

3) Regular and Satisfactory Income

At times you may be the only person in your home that is capable of working? Have you got a business plan in place and enough customers to provide regular income? What happens when your main customer cannot provide you with work for several months? You must have back up plans and work that is continuous in order for your business to thrive.

You family needs to survive too, so you must be able to provide for their needs.

4) Planning

Have you studied your market and competitors? Is your product or business something that is a current trend or current desire? Trends ebb and flow with new technology, new ideas and greater demands. Make sure your business has the ability to continue to grow or has a constant demand for service.

Put in place a practical business plan, this will help you and your business stay on track.

5) Financial Backing

Your home business must be

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