In 2009, 18.4 million Americans worked at home, an increase from 16.5 million the previous year. A little over half of all small U.S. businesses are based out of people’s homes, according to the latest Census Bureau data available.
But before would be self-employed moguls get started, they need to look realistically at what they’re hoping to accomplish, Bruce Bachenheimer, a professor of management and Director of Entrepreneurship at Pace University (pictured), advised Fran Golden of the New York Daily News
“Do you have a real strategy? A lot of people in this bad economy see home-based as a way to be employed, fill a gap on the resume or whatever,” Bachenheimer said. “But it’s not as easy as it appears.”
To start a home-based business, Professor Bachenheimer gave New York Daily News readers the following EXPERT ADVICE:
- SET REALISTIC GOALS: To launch a business does take capital, time and money, and always twice as much as you think.
- FIND A MENTOR: Talk to people who have started home-based businesses, join entrepreneur and small business groups, and get feedback about start-ups. Smart entrepeneurs surround themselves with even smarter experts.
- THINK SALES: A lot of people have a romantic vision that working at home means making your own hours and making money. But the reality is, no matter what you’re offering , you need someone to buy it. Entrepreneurs are optimistic by nature, but don’t confuse passion and stubborness. You need someone to actually open up their wallet and want.
- BE HONEST WITH YOURSELF. Not everyone is cut out to be an entrepreneur. The best are risk-takers confident in themselves and their ideas.