IntroductionI recently received a call from a client. I use the word client loosely because in actuality she is someone I help as a volunteer counselor through a local Small Business Administration (SBA) office.Kelly (I’ll call her Kelly for this entry) is everything that an entrepreneur should be. She is passionate about her business idea (a restaurant serving Caribbean food), willing to work hard to turn her restaurant into a money making and community supporting endeavor.I met with Kelly to help her write a business plan and to go over the steps in starting a business. She is a single mom with a six month old beautiful girl and a clear vision of where she wants to go.I mention Kelly because I think it is important for all of us to have the same level of passion toward our business dreams. It is why I often counsel clients to identify something that you love to do regardless if you have a long line of people wanting to buy your products/services. We all want to make money and we can…but it is important to feel passionate about what you are doing.There is a changing demographic in the economy with the growth of the home-based business. Home-Based Businesses are a thriving segment of the economy. The Small Business Administration cites that over 53% of ALL firms are Home-Based Businesses and provide 10 percent of the total receipts of the economy….. or about $314 billion in 1992.For those of you are considering a change in career choice or a way of augmenting your income – a home-based business is one solution. For Kelly, her plans involve renting a space to create her restaurant which involves signing a year’s lease. My advice to her was to delay on the lease and to start selling at local farmer’s market to establish her brand, her revenue stream and to gear up for higher volume sales that are typical of a restaurant setting. I would classify Kelly as having a home-based business at this time as she goes through these important growth stages. Adapting this approach allows her to mitigate her risks and to control her growth.I recognize that this is not a typical application of the home-based business model but it represents the freedom and flexibility that the structure can offer. Traditional types of home-based businesses can range from service-oriented child care businesses to product-oriented craft outlets. Other examples include: farming, catering, specialty mail-order, home horticulture, and computer software consulting, woodworking and bed and breakfast establishments. In Maine there are over 39,000 home-based businesses which demonstrate the wonderful growth of this economic sector. I had a client who did wonderful wood working as a means of reliving stress from his government job and another client who does taxidermy out of his house as a hobby/business. Both of these gentlemen had passion about their craft, both had full time jobs but both were able to create viable small home-based businesses that allowed them to augment their income while practicing their art.There is no one reason why people are attracted to home-based business. For Kelly she wants financial freedom, an expression of cultural pride through her Caribbean cooking and the opportunity to fulfill a dream that her daughter will witness and be proud of. Other reasons for considering a home-based business include:• experiencing the personal satisfaction of making your own decisions• expressing your own ideas• financial independence• being your own boss – or as I like to say being in control of your destinyKelly is a single Mom which is a common demographic for those starting a home-based business. With the ecommerce company that I owned my employees tended to be older who wanted the freedom that a non- traditional job afforded them.I tell my clients there is no greater joy than owning your own business. It is the ultimate expression of creativity. At the same time I’ve never worked harder than when I was running my own company. Don’t be afraid to venture forth in pursuing your business ideas but make sure you have the passion to keep you committed to the endeavor.
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