Before you start any kind of business you’re probably going to think about what the odds are that your business is going to be successful. Nobody wants to invest time and money into a business if it’s just going to fail. So when I talk to people about starting their own home based business often the first question that they ask is. What are the chances of me failing and not making any money at all? Or even worse, what are the chances of me losing money in a home based business?
I can tell you from personal experience that the rate of failure in a home based business is about the same as the failure of a traditional brick and mortar business. The main difference is that since the cost to get started in a home based business is much much less than a traditional business… A) more people get stared in some sort of home based business vs. a traditional business and B) people are generally far less invested in a home based business and therefore don’t take it as seriously as they need to to succeed.
Let’s talk about B for a second. I firmly believe that the low cost of start up in a home based business is the biggest blessing and curse there is. It’s great because people who don’t have a lot of money to invest in a business can start their own working business for less than $1000 (usually) and it gives almost anyone the chance to make something of themselves. It’s bad for that very same reason. People tend to work less hard and take the business less seriously because it was so cheap and easy to get started in.
Out of all the people who want to work from home. The people who are successful are the people who treat their home based business like a REAL business (because that is exactly what it is) and the people who fail are the ones who treat it like a hobby or a little get rich quick scheme. (which it defiantly is NOT!)
So if you are willing to take your home based business seriously, and work it just like you would a real or “traditional” business your chances of failure are very, very slim.
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