Guide to Finding Home-Business Opportunities

Use technology to add freedom to job life

By Tom Nutile, Principal, TN Communications Group

When choosing a home-business opportunity, ask yourself:

1. Is there a legitimate need for this product or service? Will people buy it?
2. Do I have a genuine interest in this product or service? If you don't, pick something you love to do, as it may be difficult to motivate yourself when the couch, the refrigerator and the TV set are just feet away.
3. Can I afford the startup costs involved in setting up my home office or buying equipment?

Action Steps
The best contacts and resources to help you get it done

Familiarize yourself with trade groups that offer home-business opportunities

Some home-business trade, advocacy or networking groups that offer startup tips and deals on services such as marketing and health insurance also list home-business opportunities.

I recommend: Check out the Home Office Association of America, the National Association for the Self-Employed and the Mother's Home Business Network for tips on starting and running a home business as well as business opportunities. The National Small Business Association is a helpful business advocacy group.

Be wary of Internet offers promising easy wealth

The Internet is rife with bogus home-business get-rich-quick offers. Three common scams: envelope stuffing, home-assembly and pyramid schemes. Avoid opportunities that ask for substantial up-front money before you can get started.

I recommend: Learn about common home-business Internet scams by accessing this SEC scam page. Also review Internet Fraud Watch and the Scam-Free Zone.

Research a company before you agree to work for it

Do your due diligence on a company before beginning work. See whether complaints have been lodged against it. Also check to see whether it is a legal entity.

I recommend: Find out what questions to ask to determine whether an opportunity is legitimate at Work At Home Business. Research whether there are complaints lodged against the company at your local Better Business Bureau.

Read, read, read

Learn about home-business offers and success stories by subscribing to a trade publication or reading a popular book on starting your business at home.

I recommend: Home Business Magazine dispenses advice and lists opportunities. Read the books Start Your Own Home Business in No Time and Work-at-Home Sourcebook, which includes details on more than 1,000 opportunities.

Invest in the right software

The difference between profit and loss can be small in a home business, especially at startup. Once you find the right home-business opportunity, keep track of your expenses and your orders with the proper software, from a mail-order management program to accounting software.

I recommend: Manage mail, Web and phone orders with Mail Order Manager. Handle home-business accounting with 2020 Software or Quicken. Find home-business solutions through NetSuite.

Helpful advice for making the most of this Guide

• •  Designate a particular space in your home for your office — a separate room dedicated exclusively to your business. Not only will it help you be more diligent in your approach; it also makes it easier to meet tax laws governing the deduction of the value of that space.
• •  Set regular hours for each work day, and make sure you stick to that schedule.
• •  Be particularly careful in making financial outlays for your new venture. Put off as many business purchases as you can until your customers or clients start paying you.