Starting a Home business

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Sorry, I don't have any answers for you. I am just curious.

Re: Starting a Home business


Look into Franchising. A very high percentage of new businesses fail, but an equally high percentage of new franchises succeed.

Entrepreneur's Source

I worked in the IT industry for over 20 years, most recently for Oracle Corp as a Sr. Manager and Network Systems Designer. I left Oracle in Sept. 2004 and have just started a home based franchise which I learned about from the Entrepreneur's Source.

One of my neighbors works for Entrepreneur's Source and agreed to put me through their evaluation process for matching franchises, and I found one I liked.

I'm am now the owner of the Handyman Matters Franchise for Southern New Hampshire. The franchisor is here: www.handymanmatters.com

When choosing a franchise I highly recommend really doing your due diligence by talking to many franchisee's as well as the franchisor. Picking the wrong franchise can be a nightmare, but picking the right one can change your life.

I took several months investigating this franchise from top to bottom (franchises are required to provide you with full financial disclosure), and it's working out extremely well so far.

Good luck.

Thank you Rosborne... I will have to look into that.

I have been doing lots of research but haven't come up with something I really like or that catches my eye and attention.

Thanks again.

Do you want to stay in your current field or are you looking for a whole new direction? Do you need to make the same kind of money you are making now or could you live on less? If you are planning to start a new full time business you need three years of living expenses in the bank plus enough capital to start and run the business for three years. Do you have a source for health insurance- like a well employed spouse? I worked in high tech for years and now I'm a garden designer and plant grower. I basically work out of my backyard. Poorer, but happier.

These are exactly the types of questions which The Entrepreneur's Source uses in thier profiling process. Once you have completed the profile, they match it up against a database of Franchises which meet certain criteria (initial cost, startup time, ROI, brick&mortar, general business function, etc).

Green Witch, do you own a franchise, or did you start your own business? Did it take three years to begin to return a profit, or did you start to see some income earlier than that?

Green Witch- I'm not sure that I want to stay in the same field. I love what I do but I've thought about doing something with cooking. I love to cook and bake...
My husband and I just bought a house so the income would have to be at least the same or just a little less. We have money saved up but not for three years. We've talked about him staying employed while I start a business part time and then if we see that it's heading in a good direction then I'd do it full time.

Great questions by the way.. My dad has a business he manufactures wood shutters... and he had to start in our garage, now he has a shop and up to 8 employees. I look up to him and am inspired by him. He came to this country over 30 yrs ago and is a US citizen now, but he had nothing when he got here, he didn't even speak the language now he lives the "american dream".

Work, work, and more work but he loves it and that's what counts.

There are certain businesses that you can start without a whole shitload of money though. I know that if you buy a delivery route (bread, vending, etc.,) you can start making money almost right from the get-go.

I started my own business with my SO 8 years ago. I went to a franchise show sometime before that and I didn't see any advantage in it for me. Mostly it was fast food type stuff like Subway or selling cleaning supplies. I'm not a good rule follower and they seemed to have a lot of rules. I also have a good business background with a flurry of accountants and lawyers within my own family, so I wasn't looking for much outside help.

My business was classic in the money department: First year: lost money, 2nd year: broke even, 3rd year: showed a profit. We had venture capital - no mortgage and no kids - all played a role in our success. I don't think we could have lasted the three years if we had substantial overhead like rent or full time employees. Of course, some businesses make money faster than others. Some make less. I think most businesses fail because people do not have the capital to hold out for the long haul. It takes a long time for people to find out about you (advertising is expensive) and a long time to establish a loyal customer base. The loyal customers keep you afloat while other people discover you and the business grows.

We went our first 5 years without health insurance, if we had kids I would not have risked it. This is one of the toughest aspects of starting a new business. There is no safety net if you get sick in this country.

It helps a lot to do what you love, just knowing you want to be your own boss is not enough. You need a clear vision aka: a business plan. You have to have a special skill that is in demand and you can't compete with the Big Guys that can do it just as well, but have a bigger advertising budget.

You also have to willing to work 24/7 if necessary (and in the begining it will be). I thought I worked a lot of hours in my city job - I worked twice as much when we started the business and we still put in a lot of hours to this day. The other thing is no matter what kind of business it is- be prepared for paperwork on top of paperwork. It is endless. You become a one person corporation and you are everyone from the "mailroom clerk" to the "CEO".

Being your own boss has it's rewards, but it also demands a big price and that's just if you are successful.

We were all typing at the same time.

Chrispita - since you know you would like to do something with cooking or baking, I would suggest you find a business you would like to model your business on and go work for them. You will get a paycheck and experince without the risk.

I know a woman who does nothing but bake bread in a wood fired clay oven and sells her product to restaurants, deli's, and health food stores. She's not rich, but she supports herself. Plus low startup costs.

Unfortunately I don't have "real" training in cooking or baking. It's all self taught, I don't think I could make the kind of money I make now if I go work for the place I'd like to model.

It's tough when you have the home, kids and everything else.. I might just have to wait a while.

With kids and a mortgage you probably will have to wait to make the big change. But you could start with a slow transition. See if there is a cooking school or chef program at a college near you. You could take a class in the evening or on the weekends. Think about becoming a sou chef instead of The Chef or specialize in learning pastry or cheese making. You don't have to drop everything and hang out the shingle, do it in little bits and you will be ready when the time is right. If you are thinking of a catering type business you might even be able to do a little part time with a local caterer, they often need some extra hands for big events and you don't have to commit to anything long term. Take time to learn the business with the comfort of a steady paycheck. Or start a small side business, like catering children's birthday parties. It will save you from making mistakes down the road.
Good luck and follow that bliss...