Start your own business. Be your own boss. Work your own hours. It’s the American dream.  

These are some key reasons why home-based enterprises are one of the fastest-growing business models in today’s marketplace. But there are several overwhelming challenges in navigating the tumultuous business start-up waters—approximately 10% of startups fail within the first year. 

Fortunately, many people have not only bravely attempted but spectacularly thrived in running home businesses, and they can point you in the right direction. And some of the greatest success stories originated in the franchising world. 

Why Should I Start My Own Business? 

For those asking themselves, “Why should I start my own business?”, a helpful initial step is to confirm if the advantages of running your own business are worth your time, money, and energy. The most popular and overarching benefits of owning your own business include being your own boss, employing your skills and character, pursuing your dreams, building a legacy, and tapping into unlimited growth opportunities that are only inhibited by your ambition, dedication, and creativity. 

More specifically, if you’re interested in answering the question of “Should I start a home-based business?” The day-to-day advantages of owning a home-based business can include the above, plus the convenience of choosing your work environment, time savings from not commuting to work, improving your work/life balance, increasing your schedule flexibility and independence, and working with the people you want to work with. 

How Do I Start My Own Business from Home? 

There are two primary challenges entrepreneurs face when starting a home-based enterprise. The first is acquiring the right knowledge, which involves everything from knowing what business opportunities are available, knowing how to get operations structured, and knowing how to launch your business. It also involves how to effectively and efficiently run your home-based business on a daily level as well as knowing how to scale and grow your enterprise to the next level. 

The second great challenge entrepreneurs face is securing the right resources to start, maintain, and scale operations. These resources include everything from money (how to raise it, keep it, and invest it in the best places), personnel, equipment, legal and compliance matters, alliances, and networking opportunities.  

These considerations can make or break your home business: 

Business Plans 

If you don’t know where you’re going, you’ll never get there. Knowing where you're going in business starts with a comprehensive, clear business plan to help you get from A to B and then work your way to C and beyond. Breaking your business down into manageable parts and procedures and setting realistic and measurable goals will help you determine where to put resources, how to establish principles and processes, when to take certain courses of action, and why you’re choosing this priority over that one. 

Marketing 

It’s not enough to select a great product or service, develop an excellent business plan, and effectively launch a business. If you can’t clearly communicate what you do and how they can access your company, you’ll never reach your customers. Marketing lets potential customers know that you can offer a solution for their needs and allows you to determine ways of reaching your audience, how frequently you want to reach them, and with the message that can move them to action. The internet has made it possible to reach an enormous number of people, and most online marketing services are free if not extremely inexpensive, like social media, local advertising, and networking. 

Consider Franchising As A Home-Based Business Option 

If you want to be the best, it only makes sense that you consult with and imitate the best for strategic and operational assistance. Neighborly®, the world’s leader in home services franchise development, can teach you the basics of starting, running, and growing your franchise into a highly successful business. Having “been there and done that” successfully since 1981, they are an excellent resource for franchise opportunities. 

Should You Start Your Own Business? 

A journey of a thousand miles begins with a single step and the best first step you can take in knowing if franchising is right for you is to take an assessment from a company that specializes in franchise development. Taking this Neighborly quiz will inform you of successful franchising businesses available to you and help you determine if your character, skills, and vision fall in line with the franchising model.