Every 12 seconds in the United States, someone, somewhere starts a home-based business, so what are you waiting for?
Well, that’s really not what you want to hear. If you’re giving the matter deep thought (as you should), you’re probably:
- Reading everything you can about the perils of becoming a business owner
- Undergoing diagnostic tests with plenty of questions to assess whether you have what it takes
- Gleaning hopeful advice from tales of entrepreneurs who have “succeeded” (and everyone defines this term differently)
- Downplaying the horrors from cautionary tales of entrepreneurs who have “crashed and burned out” (and most people define this term similarly)
Keep Reading – if Opening a Renovation Business Is at the Top of Your List
Without trying to make light of this serious, truly life-altering decision, the reality is: everything you’re reading will probably confirm your deep-down inclination. To some extent, we all have confirmation bias – the tendency to emphasize information that confirms our opinion and downplay information that contradicts it.
So if you’re leaning toward starting a home-based business – and the home renovation industry is your first choice – by all means, keep reading. Or at least keep reading this guest blog. From my perspective, the time has never been better to start five home-based businesses in particular. I rely on two sources to make my point:
- Statistics from the U.S. Small Business Administration
- Reams of evidence from the annals of a metropolitan chamber of commerce with several hundred active members and thousands more who have come and gone – but have left robust legacies for the rest of us to interpret as hopefully as we wish
The Stats Exude Promise for People Starting a Business
You probably have seen the gloomy statistics – that about 50 percent of new businesses fail in the first five years and about eight in 10 ultimately fail. A positive person would say that 50 percent of new businesses also succeed in the pivotal first five years while 20 percent go the distance.
You don’t have to stand on tip-toes to infuse one statistic with optimism: 70 percent of home-based businesses succeed within three years, which means they fare better than other businesses. In addition:
- Of the 28 million small businesses in America, more than half (52 percent) are home-based.
- Nearly 45 percent of home-based businesses are started for less than $5,000.
- Nearly 70 percent of all entrepreneurs start their business at home.
5 Businesses Stand Out from the Rest
It should go without saying that entrepreneurs who parlay their professional skill set to a home-based business stand the greatest chance of flourishing, both personally and financially. Five businesses in particular stand out – provided that you expand the basic umbrella description to include all possibilities:
- Writing is a highly specialized craft that should be left to professionals with a keen grasp of grammar and style. But it’s a rare business professional whose world hasn’t collided with a marketing team – and who can transfer that practical knowledge to a home-based business.
- Virtual assistant. Here, the adjective can create confusion. And that’s too bad, because our chamber team has seen “virtual adjuncts” to a business take on everything from straightforward correspondence and bookkeeping to more complex accounting and tax preparation.
- Day care. Don’t think that a home-based day care business will tie you to home 10 hours a day, five days a week – unless you want it to. Remember that one of the perks of starting a business is that you get to set the boundaries – and the hours. Plenty of parents work part time, second shifts and weekends while others hire day care providers so they can attend school and even do their shopping – in other words, for a limited number of hours per week.
- A background in education helps but isn’t necessary to provide the review and practice that so many students need after school hours – and in all subjects. In addition to the basics like math and English, more students are seeking “tutoring” in the arts, including music and painting.
- You might think the remodeling industry hinges on the health of the economy. So did we, until we learned that it’s actually impervious to it. When home sales are soaring, people invest in remodeling to ensure their homes sell fast. And when people buy a home, they tend to make investments the first two years. On the other hand, when the housing market is tepid or languishing, people tend to stay put and invest in their existing home. So if you’re thinking about business, you’re virtually insulated from bumps in the economy. Seal the edges by seeking out a remodeling company that offers training and development. The best companies do.
By the time you’ve read this, 50 home-based businesses have been launched across America. If you decide that starting a remodeling business is right for you, yours could be next.