There are many different reasons for starting your own home-based business but when you look carefully at the long list of reasons you find that they all fall into one of 4 broad categories.
1. Assets. Anyone starting their own business will possess a variety of different assets which they can bring to their new venture. For example, you may have experience of working in a particular field or have acquired a large circle of friends or business contacts over the years.
Basing a new business on one or more of your assets is by far and a way the most popular reason for starting any home-based business and applies in the case of about half of all new business ventures. However, basing a business on your assets is also the reason why so many new businesses do not do very well and often fail within a matter of weeks or months. The problem is that, while assets can be extremely helpful in getting you up and running, they rarely fire your imagination or spark your emotions, both of which are necessary to make any new business venture succeed.
2. Talent. Most of us have some sort of talent or skill at which we excel and if you can tap into this skill and create a business around it then not only will you find that people are willing to pay you to share your talent with them but you will have great fun doing so. About one in six businesses these days are founded on the basis of talent and and this can be a very rewarding route to follow, both financially and emotionally.
3. Passion. About a quarter of all new start-ups are based upon passion and such businesses are also generally successful in both financial and emotional terms. As long as you are passionate about a particular subject then you will not find it difficult to put in whatever work is necessary to get your business up and running and will not be put off by any obstacles which you might encounter along the way.
4. Mission. Although this is the least popular reason for starting a home-based business, a business which is started because you are 'on a mission' will often lead to considerable satisfaction from making a difference to the lives of people or to the world around you. In many cases a mission-based business can also bring financial reward along with it but often the personal rewards will outweigh and be far more important to you if you are starting a business on this basis.
So, what is the best way to decide upon a route to follow?
Without any doubt, if you have a particular skill or talent and are passionate about something then this should be your first port of call. If you can build a business around something in which you have a skill and are passionate about then you will find that your task will be both enjoyable and, more often than not, financially rewarding.
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