Starting a Home Business: Have You Got What It Takes?

by Marnie Pehrson

This is an interview I conducted with Heather Martin, a writer and owner of SuccessWorks. Ms. Martin specializes in consulting 'would-be' home business owners to help them determine the right business for their needs and talents.

Q: Do you think that anyone can operate a successful home business?
No. I think that is one of the myths about starting a business. Just as some people don't fit the mold of a "real" 9-5 job, others don't fit the self- bossing mold.

Q: What are some characteristics or traits that the most successful home business owner's possess?
1. Tolerance for risk. Self-bossers put up with risk every day. Outside of the financial risk - which is considerable - there is also the psychological risk. Many people will tell you when you're starting a business that it can't be done - and the typical self-bosser will have days where they feel it can't! The successful self-bosser weighs this information and does what they want to do - no matter how "risky" it is.

2. Sense of humor. You NEED it. A typical business owner has so many ups and downs - sometimes in the same day - that you need to be able to "laugh it off" and get back to business.

3. Support. You can't create in a vacuum. You need to have advisors, friends and peers to talk to and rely upon. My worse business days have been made better by a hug and a show of support!

Q: What do you think of moonlighting in a home business before quitting your job?
It's a good idea for the people that can do it. It gives you an opportunity to "try out" your business, get it going, and make it successful before you take the full-time self-bosser plunge. There's also the money angle, too. If you moonlight, you will have a stable income coming in - and that stability can be important during the first 6-12 months of business. But, a person can't moonlight forever - and it is VERY helpful to have tangible goals of when they are going to quit their "outside" job to concentrate on their own venture. Some people just can't moonlight. Moonlighting commits someone to working 8 hours a day (in their outside job) and another 3-4 part time. That can create a huge amount of stress - both in the individual and the family. Some families/people can work with that - but it can tear others apart.

Q: Of the clients you've dealt with, what situations or "perils" of a home business do you think they are the most unprepared for?
Family reaction. It's almost like having a child. There is this "thing" that is taking up time, energy and money. Suddenly, family patterns are switched - and mom or dad doesn't have time to do the things they used to do. The other family members can get resentful - and this negative energy is EXTREMELY stressful. I stress weekly family meetings to talk about the business and how people feel about it - it seems that if the communication is there, the resentment and stress levels even out. Cash flow. Sure, people read that it can take 6-12 months before you can make a profit - but people don't really BELIEVE that. It's hard to see your well-earned money go down the tubes for a new "something," when you would really like to take an owner draw. Marketing. Self-bossers constantly have to market. If you're not prepared, or if you put out some halfhearted attempts to try and get business, the business will suffer. It's best to have a specific marketing plan, goals and the time set aside to put them in practice.

Q. At what point is it wise to delegate - i.e. use outside sources, hire temporary or permanent help, retain outside professionals, etc?
When it costs you too much to do it yourself. If you don't have time to learn about the tax laws - hire a CPA. If you hate creating sales copy, hire a copywriter. Self-bossers need to keep their "eye on the ball" and do the things their best at and are getting paid to do. When you start to deviate from that because you don't want to spend the money to hire someone - you're actually LOSING money and taking away from your paying work. Some professionals will barter services - and this is a good route for people that are time and cash poor. The bookkeeper can retain the marketing expert - and the marketing expert can get their books done by a professional. I strongly encourage this - and it's a great way to network!

About the Author
References ANY book by Paul and Sarah Edwards Honey, I Want to Start My Own Business by Azriela Jaffe 101 Best Home-Based Businesses for Women by P.Y. Huff Making A Living Without a Job - Barbara Winter IVillage - www.ivillage.com Business@Home - http://www.gohome.com Heather Martin is a writer and owner of SuccessWorks, a home business-consulting firm. She has been self-employed since 1989 and consults with future self-bossers to help them discover their own home business path. Marnie Pehrson is an author, creator of IdeaMarketers, LocateACoach, BuildEbooks and more. She helps talented professionals deliver their messages to the online world. She also helps people earn money from home using the phone and the Internet. For more information on her projects, visit http://www.pwgroup.com.