No business venture is risk free, but really, nothing in life is risk free. Even those things that you’ve come to believe will always be provided is becoming uncertain, like a job. Things are very different than they were 5 years ago, and there are very few safe options when it comes to business. Lets examine how you can make it safer, with the same upside potential, in a home-based business.
Low Start Up
A huge risk right now is starting up a business in this economic environment that requires a large start up.
Not only does that commit your hard earned money and your precious time, but it often requires a business loan. As many business owners know, getting a loan right now for any significant amount is extremely unlikely and if you are starting one for the first time you have a better chance of getting a personal bailout over Fannie Mae than getting a loan.
Your ability to get into business with a lower start up, many in 3 figures, ensures you are keeping the investment risk low and provides you with an opportunity to start out on your own accord and not based on the leniency of your local bank.
This is extremely important as it overcomes two major stumbling blocks facing budding entrepreneurs.
Low Overhead
Once you do get started in business, then you need to asses your month-to-month expenditures that are required to keep it open.
Starting a traditional bricks and mortar business not only requires higher capital to start, but it typically requires rental payments, and higher inventory to keep the space stocked.
In a home based business, the cost of your “store” is already worked into your personal budget, and inventory is not as burdensome due to the logistics of the business.
Not only that, but the very rent (or mortgage) you pay can be used for its tax advantages as well. So not only have you eliminated that additional expense, but now you can claim it as well!
No Heavy Assets
Quite often, when you start up a traditional business you become tied down to assets like the building you own or rent. This can create a “ball and chain” effect and tends to chew up your personal freedom and ability to maneuver with restricted cash flow due to much of it tied up in the building cost and recurring expenses.
In a home-based business, you don’t have that to worry about. You can come and go from your office as you please, and not worry about any additional expenses outside of those you already have in the family budget.
Quick and Nimble
A small home-based business can move quickly and adapt on a dime if necessary. A one to two person team can make decisions quickly, and change the direction of the business in a heartbeat.
This is not so easy for traditional business, where physical buildings, employees, inventory, and a number of other administrative implications can make changing direction a slow grind.
This is one of the primary reasons small business leads a weathered economy out of the storm.
Network Marketing
For reasons already defined, a network marketing business can be one of the safest bets you can make in todays economy.
You can take out the high investment risk and often the need for a loan and you can operate it out of your existing home or apartment and capitalize on tax advantages. Also, you can liquidate your business quickly if you find its not becoming profitable.
Not only that, but you also can choose your “business in a box” and get started immediately without time, money, and effort being put into the research and development process, as well as all the administrative headaches you would normally incur.
The only risk you really incur is in the stability of the company itself, but that’s a small risk given the very low amount of resources and money you need to put into it. The majority of the risk has been put on the owner of that network marketing company.
The fact is, network marketing thrives in times like these for reasons including, but not limited to, those above. Where else can you operate a successful home based business and spend more time with your family knowing that the risk is minimal, and that the upside is unlimited if you really want to go after it.
I’ve made the choice to work with a network marketing company that uses coffee and the health and wellness industry as the foundation of is product line. Combining the recession resistant business of coffee, with a low risk business opportunity like network marketing allows me to sleep at night knowing I’m earning a professional income (with no imposed ceiling) with no more risk than trying to keep my boss happy at my job so he will keep me around.
So know there are options, and if you haven’t explored network marketing yet, you owe yourself to at least look into it and make a well-educated decision.
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