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Home Business Possibilities 9
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Reprinted with permission from Janet Attard* Copyright 2004. All rights reserved.
I have a good idea, but I'm afraid I’ll lose money if it doesn't work. Is there any way to avoid the risk?
No. If you want to be in business for yourself you are going to have to take some risks. But, be sure they are calculated risks. In other words, do all your homework, find out as much as you can about the industry, the customers, the competition, and what it takes to make—or break—the business you want to start. Then decide if you can live with the risk. If you can't, you may have to settle for a different type of business or for working as someone's employee until the time comes when you can afford to take the risk.
Can I work for myself a few hours a week without starting a business?
There are people who call their businesses a hobby for years. However, there are several problems with doing that:
If you aren't reporting the income, you are operating illegally and could find yourself sued for tax evasion or fraud sometime down the road by the federal and state government.
If you are not reporting your income, you may be missing out on important tax deductions and leaving yourself open to penalties (for not paying self-employment tax on business income) if you are ever audited and found to be running a business instead of pursuing a hobby.
Should you need a business loan to expand your "hobby," you won't have the financial information bankers or other investors are going to want to see before loaning you money.
I'm not sure I want to start my own business. Are there any jobs that would let me work at home?
More and more companies are experimenting with hiring people to work at home or allowing existing employees to do part or all of their work at home. According to figures from Cyber Dialogue, Inc., there were 16 million telecommuters in the United States in 1999. These people communicate with the main office over the telephone lines, and often deliver work (via computer or fax) over the telephone lines as well.
These jobs aren't easy to find, but if you bang on enough doors, you may be able to turn up something to your liking, particularly if you have computer skills and a computer available to you. If you are employed in an occupation that doesn't require your presence in the office, consider whether your current employer might allow you to work at home part or all of the time, If you can show the employer the advantages of fewer interruptions, increased productivity, and better-quality work— he or she may agree to the arrangement, or at least to test the concept.
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