Starting a home business can be very confusing. That is why I recommend a few criteria for selecting a home business that you and your family can enjoy. In fact, these are my requirements for the "perfect" home business!
# 1 – My new home business must not require debt.
Debt makes everything happen too fast. It puts too much pressure on your new business. And it puts someone else in the driver's seat of your new business, namely your banker. Debt is the # 1 reason most businesses fail in the United States.
# 2 – My new home business must be something that can start small.
You do not want to bite off more than you can chew. If you have never had employees, you do not want to start off with 10 of them! Remember, all things need a chance to incubate before they can grow and your family business is no exception.
# 3 – My new home business must include my kids.
The whole purpose in starting a family business is to spend more time with your family. If you start a business in your garage and never involve your kids, what is the point?!?
# 4 – My new home business must have a low capital investment.
If you had a ga-zillion dollars, you would not need to start a home business, right?
# 5 – My new home business must require a low time investment.
Again, the point is to not go out and quit your day job … yet! Grow your new home business to the point that it eclipses your day job. One day you will wake up and say, "Why am I going to work? I make more money at home!"
# 6 – My new home business must generate passive income.
I can not start creating wealth until my passive income exceeds my monthly expenses. For a great discussion on this concept, read Rich Dad, Poor Dad. I want to earn money when I sleep (or while I'm on vacation!).
# 7 – My new home business must give me high reward for little risk.
Hey as long as we are dreaming, I might as well throw this one in as well. I do not want to large risks, but I do want a huge upside potential!
The only home business I know that meets all 7 of my requirements is an online business. Just think, for $ 15 a year for your domain name and $ 50 a year for your web hosting, you can own a home business on the internet. So next time you are looking at home business opportunities, consider an online business. There is no better bang for the buck!