by R.L Hanlon

Created on: December 31, 2007

Along with the popular human dream and desire of owning your own home, running a successful home business would come a close second.
The financial freedom, the feeling of beginning a new venture (fingers crossed it'll be successful) and the hope of it making you money while you dictate your own hours seems desirable to anybody.

The problem is that statistics are clearly against the success of home business, stating that more than 50% of home based businesses fail within the first three years of operation.

So to avoid becoming part of the above statistics, ask yourself the questions below to determine if you're ready to leap into the unknown.

1) Leaping Before you Look

You have found the perfect business that looks attractive, suits your needs and you're excited and ready to begin. Before you do this you need to ask yourself some of the questions below. Although you may be excited at the new prospect you've found, you mustn't quit your day job unless you have done your research.
I know it promises immediate results, instant thousands for minimal start up costs, but is this really true?

2) Little Knowledge of your Product

Do you have any idea what you are selling, producing or recommending to others for use? If you have little knowledge of your product, terminology used and what its benefits are, how are you going to sell it successfully?

I home based job prospect should offer training and support, whether they are on or off site you should have the ability to gain knowledge of your industry.

If you're using skills you have to begin a home business, for example teaching piano or accountancy, are you familiar with new methods and laws? Do you know how to teach, especially effective ways to teach children?

3) No Planning

Have you put forth a business plan? You must sit down and write down a business plan that allows for growth and future success for your business. A business plan also keeps you motivated and focused.

Have you planned for any possible failure or sickness that may occur in your life or within your business? You must have back up plans in place.

4) No Other Income

Before you run to your current Employer and hand in your resignation, have you considered how you and your family are going to live in the first months of your business? When you are first starting out, building your business and building your customers cash flow may be slow. If you are the sole provider for your family and you have no cash flow, what are you to do then?

5) Have You Tested The Waters?

Have

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